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The Ontario Securities Commission

OSC Bulletin

December 17, 2010

Volume 33, Issue 50

(2010), 33 OSCB

The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the

Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)

The Ontario Securities Commission Published under the authority of the Commission by:Cadillac Fairview Tower Carswell, a Thomson Reuters businessSuite 1903, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4

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December 17, 2010 (2010) 33 OSCB

Table of Contents

Chapter 1 Notices / News Releases ....................11645 1.1 Notices ........................................................116451.1.1 Current Proceedings before the Ontario Securities Commission ....................116451.1.2 Notice of Amendments to the Securities Act and the Commodity Futures Act ................................11652 1.1.3 OSC Staff Notice 11-742 (Revised) – Securities Advisory Committee.................11653 1.1.4 Alpha ATS LP – Notice of Completion of Staff Review of Proposed Changes..........116551.1.5 OSC Staff Notice 52-719 – Going Concern Disclosure Review .........................11656 1.1.6 Alpha ATS LP – Notice of Completion of Staff Review of Proposed Changes..........116571.1.7 Notice of Commission Approval of List of Exchanges .........................................116581.1.8 Notice of Ministerial Approval of Exchange of Letters with the China Insurance Regulatory Commission...............11661 1.2 Notices of Hearing......................................11662 1.2.1 Shaun Gerard McErlean and Securus Capital Inc. .....................................11662 1.2.2 David M. O’Brien – ss. 37, 127, 127.1.....................................11667 1.2.3 Helen Kuszper and Paul Kuszper – ss. 127, 127.1...........................................116711.2.4 Shallow Oil & Gas Inc. et al. – ss. 37, 127................................................116781.3 News Releases ...........................................116781.3.1 OSC Review Shows Issuers Must Improve Disclosure of Going Concern Risks ..............................................116781.4 Notices from the Office of the Secretary ..........................................116791.4.1 Mega-C Power Corporation et al. .................116791.4.2 Robert Joseph Vanier (a.k.a. Carl Joseph Gagnon) ...................................116801.4.3 Shaun Gerard McErlean and Securus Capital Inc. .....................................11680 1.4.4 David M. O’Brien .........................................116811.4.5 Helen Kuszper and Paul Kuszper ................116811.4.6 Paladin Capital Markets Inc. et al. ................11682 1.4.7 Shallow Oil & Gas Inc. et al. ........................116821.4.8 Sunil Tulsiani et al. .......................................11683

Chapter 2 Decisions, Orders and Rulings ..........11685 2.1 Decisions ....................................................116852.1.1 Theratechnologies Inc. ................................11685 2.1.2 Red Back Mining Inc. – s. 1(10) ...................116882.1.3 Drive Products Income Fund and 2256479 Ontario Inc. ...................................116892.1.4 Bank of Montreal .........................................116932.1.5 Consumers’ Waterheater Income Fund and Consumers’ Waterheater Operating Trust .............................................................11699 2.1.6 Boralex Power Income Fund ........................11706

2.1.7 Hartford Investments Canada Corp. and CI Financial Corp. ................................. 11707 2.1.8 Intact Investment General Partner Inc. ....... 11710 2.1.9 Intact Financial Corporation ......................... 117122.1.10 Legacy Oil + Gas Inc. .................................. 117142.2 Orders ......................................................... 117162.2.1 Rogers Communications Inc. – s. 104(2)(c) .............................................. 11716 2.2.2 Mega-C Power Corporation et al. – s. 127 ............................................... 11719 2.2.3 Paladin Capital Markets Inc. et al. – ss. 127(1), 127(7), 127(8) ................ 117212.2.4 EnerCare Inc. and EnerCare Solutions Inc. – s. 1(11)(b) .......................................... 117222.2.5 Adira Energy Ltd. – s. 1(11)(b)..................... 117242.2.6 Sunil Tulsiani et al........................................ 11727 2.2.7 Trapeze Asset Management Inc. et al. – s. 144 ............................................... 11727 2.2.8 IGM Financial Inc. – s. 104(2)(c).................. 11730 2.3 Rulings............................................................(nil)

Chapter 3 Reasons: Decisions, Orders and Rulings ................................................ 117333.1 OSC Decisions, Orders and Rulings........ 11733 3.1.1 Robert Joseph Vanier (a.k.a. Carl Joseph Gagnon)................................... 117333.2 Court Decisions, Order and Rulings ............(nil)

Chapter 4 Cease Trading Orders ........................ 117394.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders....................... 11739 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ........... 11739 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................. 11739

Chapter 5 Rules and Policies ..................................(nil)

Chapter 6 Request for Comments ..........................(nil)

Chapter 7 Insider Reporting................................ 11741

Chapter 8 Notice of Exempt Financings............. 11855 Reports of Trades Submitted on Forms 45-106F1 and 45-501F1............ 11855

Chapter 9 Legislation........................................... 118639.1.1 Bill 135, Helping Ontario Families and Managing Responsibly Act, 2010 ................ 11863

Chapter 11 IPOs, New Issues and Secondary Financings........................................... 11867

Chapter 12 Registrations....................................... 11879 12.1.1 Registrants................................................... 11879

Table of Contents

December 17, 2010 (2010) 33 OSCB

Chapter 13 SROs, Marketplaces and Clearing Agencies...............................11881

13.1 SROs............................................................... (nil) 13.2 Marketplaces...............................................1188113.2.1 Alpha ATS LP Notice – Summary of Comments for Alpha Self Trade Management ................................................11881 13.2.2 Alpha ATS LP – Notice of Proposed Changes and Request for Feedback............11883 13.3 Clearing Agencies ......................................... (nil)

Chapter 25 Other Information................................11903 25.1 Consents .....................................................1190325.1.1 SL Resources Inc. – s. 4(b) ..........................11903

Index ..........................................................................11909

December 17, 2010 (2010) 33 OSCB 11645

Chapter 1

Notices / News Releases

1.1 Notices

1.1.1 Current Proceedings Before The Ontario Securities Commission

December 17, 2010

CURRENT PROCEEDINGS

BEFORE

ONTARIO SECURITIES COMMISSION

- - - - - - - - - - - - - - - - - - - - - - - - -

Unless otherwise indicated in the date column, all hearings will take place at the following location:

The Harry S. Bray Hearing Room Ontario Securities Commission Cadillac Fairview Tower Suite 1700, Box 55 20 Queen Street West Toronto, Ontario M5H 3S8

Telephone: 416-597-0681 Telecopier: 416-593-8348

CDS TDX 76

Late Mail depository on the 19th Floor until 6:00 p.m.

- - - - - - - - - - - - - - - - - - - - - - - - -

THE COMMISSIONERS

Howard I. Wetston, Chair — HIW James E. A. Turner, Vice Chair — JEAT Lawrence E. Ritchie, Vice Chair — LER Sinan O. Akdeniz — SOA James D. Carnwath — JDC Mary G. Condon — MGC Margot C. Howard — MCH Kevin J. Kelly — KJK Paulette L. Kennedy — PLK Vern Krishna __ VK Patrick J. LeSage — PJL Carol S. Perry — CSP Charles Wesley Moore (Wes) Scott — CWMS

SCHEDULED OSC HEARINGS

December 20, 2010

10:00 a.m.

Ameron Oil and Gas Ltd., MX-IV Ltd., Gaye Knowles, Giorgio Knowles, Anthony Howorth, Vadim Tsatskin, Mark Grinshpun, Oded Pasternak, and Allan Walker

s. 37, 127 and 127.1

M. Boswell in attendance for Staff

Panel: MGC

December 20, 2010

10:30 a.m.

David M. O’Brien

s. 37, 127 and 127.1


Panel: MGC

January 7, 2011

9:30 a.m.

North American Financial Group Inc., North American Capital Inc., Alexander Flavio Arconti, and Luigino Arconti

s. 127

M. Britton in attendance for Staff

Panel: CSP

January 7, 2011

2:30 p.m.

York Rio Resources Inc., Brilliante Brasilcan Resources Corp., Victor York, Robert Runic, George Schwartz, Peter Robinson, Adam Sherman, Ryan Demchuk, Matthew Oliver, Gordon Valde and Scott Bassingdale

s. 127

H. Craig in attendance for Staff

Panel: CSP


December 17, 2010 (2010) 33 OSCB 11646

January 10, January 12-21, 2011

10:00 a.m.

Carlton Ivanhoe Lewis, Mark Anthony Scott, Sedwick Hill, Leverage Pro Inc., Prosporex Investment Club Inc., Prosporex Investments Inc., Prosporex Ltd., Prosporex Inc., Prosporex Forex SPV Trust, Networth Financial Group Inc., and Networth Marketing Solutions

s. 127 and 127.1

H. Daley in attendance for Staff

Panel: JDC/MCH

January 10, January 12-21, January 26 –February 1, 2011

10:00 a.m.

Maple Leaf Investment Fund Corp., Joe Henry Chau (aka: Henry Joe Chau, Shung Kai Chow and Henry Shung Kai Chow), Tulsiani Investments Inc., Sunil Tulsiani and Ravinder Tulsiani

s. 127

A. Perschy/C. Rossi in attendance for Staff

Panel: [TBA]/PLK

January 11, 2011

2:30 p.m.

Paul Azeff, Korin Bobrow, Mitchell Finkelstein, Howard Jeffrey Miller and Man Kin Cheng (a.k.a. Francis Cheng)

s. 127

T. Center/D. Campbell in attendance for Staff

Panel: JEAT

January 14, 2011

11:00 a.m.

Paladin Capital Markets Inc., John David Culp and Claudio Fernando Maya

s. 127

C. Price in attendance for Staff

Panel: CSP

January 17-21, 2011

10:00 a.m.

Merax Resource Management Ltd. carrying on business as Crown Capital Partners, Richard Mellon and Alex Elin

s. 127


Panel: PJL/SA

January 24, 2011

10:00 a.m.

Shaun Gerard McErlean and Securus Capital Inc.

s. 127


Panel: TBA

January 25, 2011

2:00 p.m.

Ciccone Group, Medra Corporation, 990509 Ontario Inc., Tadd Financial Inc., Cachet Wealth Management Inc., Vince Ciccone, Darryl Brubacher, Andrew J. Martin., Steve Haney, Klaudiusz Malinowski and Ben Giangrosso

s. 127

P. Foy in attendance for Staff

Panel: CSP

January 25, 2011

3:00 p.m.

Majestic Supply Co. Inc., Suncastle Developments Corporation, Herbert Adams, Steve Bishop, Mary Kricfalusi, Kevin Loman and CBK Enterprises Inc.

s. 37, 127 and 127.1

D. Ferris in attendance for Staff

Panel: CSP

January 26, 2011

10:00 a.m.

Rezwealth Financial Services Inc., Pamela Ramoutar, Chris Ramoutar, Justin Ramoutar, Tiffin Financial Corporation, Daniel Tiffin, 2150129 Ontario Inc. and Sylvan Blackett

s. 127(1) and (5)

A. Heydon in attendance for Staff

Panel: CSP

January 26, 2011

11:00 a.m.

Global Consulting and Financial Services, Crown Capital Management Corporation, Canadian Private Audit Service, Executive Asset Management, Michael Chomica, Peter Kuti, Jan Chomica, and Lorne Banks

s. 127


Panel: CSP


December 17, 2010 (2010) 33 OSCB 11647

January 26, 2011

12:00 p.m.

QuantFX Asset Management Inc., Vadim Tsatskin, Lucien Shtromvaser and Rostislav Zemlinsky

s. 127


Panel: CSP

January 27, 2011

2:00 p.m.

Irwin Boock, Stanton Defreitas, Jason Wong, Saudia Allie, Alena Dubinsky, Alex Khodjiaints Select American Transfer Co., Leasesmart, Inc., Advanced Growing Systems, Inc., International Energy Ltd., Nutrione Corporation, PocketopCorporation, Asia Telecom Ltd., Pharm Control Ltd., Cambridge Resources Corporation, Compushare Transfer Corporation, Federated Purchaser, Inc., TCC Industries, Inc., First National Entertainment Corporation, WGI Holdings, Inc. and Enerbrite Technologies Group

s. 127 and 127.1


Panel: MGC

January 27, 2011

2:30 p.m.

Helen Kuszper and Paul Kuszper

s. 127 and 127.1

U. Sheikh in attendance for Staff

Panel: MGC

January 31 –February 7, February 9-18, February 23, 2011

10:00 a.m.

Anthony Ianno and Saverio Manzo

s. 127 and 127.1

A. Clark in attendance for Staff

Panel: TBA

January 31, February 1-7, February 9-11, 2011

10:00 a.m.

Nest Acquisitions and Mergers, IMG International Inc., Caroline Myriam Frayssignes, David Pelcowitz, Michael Smith, and Robert Patrick Zuk

s. 37, 127 and 127.1


Panel: TBA

February 8, 2011

2:30 p.m.

Ameron Oil and Gas Ltd. and MX-IV, Ltd.

s. 127


Panel: TBA

February 11, 2011

10:00 a.m.

Shallow Oil & Gas Inc., Eric O’Brien, Abel Da Silva, Gurdip Singh Gahunia aka Michael Gahunia and Abraham Herbert Grossman aka Allen Grossman

s. 127(7) and 127(8)


Panel: TBA

February 14-18, February 23-March 1, 2011

10:00 a.m.

Nelson Financial Group Ltd., Nelson Investment Group Ltd., Marc D. Boutet, Stephanie Lockman Sobol, Paul Manuel Torres, H.W. Peter Knoll

s. 127

P. Foy in attendance for Staff

Panel: TBA

February 25, 2011

10:00 a.m.

Hillcorp International Services, Hillcorp Wealth Management, Suncorp Holdings, 1621852 Ontario Limited, Steven John Hill, and Danny De Melo

s. 127

A. Clark in attendance for Staff

Panel: TBA

March 1-7,March 9-11,March 21 and March 23-31, 2011

10:00 a.m.

Paul Donald

s. 127


Panel: TBA


December 17, 2010 (2010) 33 OSCB 11648

March 7, 2011

10:00 a.m.

Firestar Capital Management Corp., Kamposse Financial Corp., Firestar Investment Management Group, Michael Ciavarella and Michael Mitton

s. 127


Panel: TBA

March 21 and March 23-31, 2011

May 2 and May 4-16, 2011

10:00 a.m.

York Rio Resources Inc., Brilliante Brasilcan Resources Corp., Victor York, Robert Runic, George Schwartz, Peter Robinson, Adam Sherman, Ryan Demchuk, Matthew Oliver, Gordon Valde and Scott Bassingdale

s. 127


Panel: TBA

March 30, 2011

10:00 a.m.

Oversea Chinese Fund Limited Partnership, Weizhen Tang and Associates Inc., Weizhen Tang Corp., and Weizhen Tang

s. 127 and 127.1


Panel: TBA

April 4 and April 6-7, 2011

April 11-18 and April 20, 2011

10:00 a.m.

Uranium308 Resources Inc., Michael Friedman, George Schwartz, Peter Robinson, and Shafi Khan

s. 127


Panel: TBA

April 4 and April 6-15, 2011

10:00 a.m.

L. Jeffrey Pogachar, Paola Lombardi, Alan S. Price, New Life Capital Corp., New Life Capital Investments Inc., New Life Capital Advantage Inc., New Life Capital Strategies Inc., 1660690 Ontario Ltd., 2126375 Ontario Inc., 2108375 Ontario Inc., 2126533 Ontario Inc., 2152042 Ontario Inc., 2100228 Ontario Inc., and 2173817 Ontario Inc.

s. 127


Panel: TBA

April 5, 2011

2:30 p.m.

Lehman Brothers & Associates Corp., Greg Marks, Kent Emerson Lounds and Gregory William Higgins

s. 127


Panel: TBA

April 11-18, April 20-21 and April 26-29, 2011

10:00 a.m.

Axcess Automation LLC, Axcess Fund Management, LLC, Axcess Fund, L.P., Gordon Alan Driver, David Rutledge, 6845941 Canada Inc. carrying on business as Anesis Investments, Steven M. Taylor, Berkshire Management Services Inc. carrying on business as International Communication Strategies, 1303066 Ontario Ltd. carrying on business as ACG Graphic Communications, Montecassino Management Corporation, Reynold Mainse, World Class Communications Inc. and Ronald Mainse

s. 127

Y. Chisholm in attendance for Staff

Panel: TBA

April 26-27, 2011

10:00 a.m.

Biovail Corporation, Eugene N. Melnyk, Brian H. Crombie, John R. Miszuk and Kenneth G. Howling

s. 127(1) and 127.1

J. Superina, A. Clark in attendance for Staff

Panel: JEAT/PLK/MGC


December 17, 2010 (2010) 33 OSCB 11649

May 2, May 4-16, 2011

10:00 a.m.

Innovative Gifting Inc., Terence Lushington, Z2A Corp., and Christine Hewitt

s. 127


Panel: TBA

May 24-30, 2011

10:00 a.m.

Sunil Tulsiani, Tulsiani Investments Inc., Private Investment Club Inc., and Gulfland Holdings LLC

s. 127

J. Feasby/C. Rossi in attendance for Staff

Panel: TBA

June 6-8, 2011

10:00 a.m.

Lehman Brothers & Associates Corp., Greg Marks, Kent Emerson Lounds and Gregory William Higgins

s. 127


Panel: TBA

September 12-19 and September 21-30, 2011

10:00 a.m.

FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun

s. 127


Panel: TBA

TBA Yama Abdullah Yaqeen

s. 8(2)

J. Superina in attendance for Staff

Panel: TBA

TBA Microsourceonline Inc., Michael Peter Anzelmo, Vito Curalli, Jaime S. Lobo, Sumit Majumdar and Jeffrey David Mandell

s. 127

J. Waechter in attendance for Staff

Panel: TBA

TBA Frank Dunn, Douglas Beatty, Michael Gollogly

s. 127

K. Daniels in attendance for Staff

Panel: TBA

TBA MRS Sciences Inc. (formerly Morningside Capital Corp.), Americo DeRosa, Ronald Sherman, Edward Emmons and Ivan Cavric

s. 127 and 127(1)


Panel: TBA

TBA Goldpoint Resources Corporation, Lino Novielli, Brian Moloney, Evanna Tomeli, Robert Black, Richard Wylie and Jack Anderson

s. 127(1) and 127(5)


Panel: TBA

TBA Goldbridge Financial Inc., Wesley Wayne Weber and Shawn C. Lesperance

s. 127

C. Johnson in attendance for Staff

Panel: TBA

TBA Borealis International Inc., Synergy Group (2000) Inc., Integrated Business Concepts Inc., Canavista Corporate Services Inc., Canavista Financial Center Inc., Shane Smith, Andrew Lloyd, Paul Lloyd, Vince Villanti, Larry Haliday, Jean Breau, Joy Statham, David Prentice, Len Zielke, John Stephan, Ray Murphy, Alexander Poole, Derek Grigor and Earl Switenky

s. 127 and 127.1

Y. Chisholm in attendance for Staff

Panel: TBA


December 17, 2010 (2010) 33 OSCB 11650

TBA Gold-Quest International, 1725587 Ontario Inc. carrying on business as Health and Harmoney, Harmoney Club Inc., Donald Iain Buchanan, Lisa Buchanan and Sandra Gale

s. 127


Panel: TBA

TBA Lyndz Pharmaceuticals Inc., James Marketing Ltd., Michael Eatch and Rickey McKenzie

s. 127(1) and (5)

J. Feasby in attendance for Staff

Panel: TBA

TBA M P Global Financial Ltd., and Joe Feng Deng

s. 127 (1)


Panel: TBA

TBA Shane Suman and Monie Rahman

s. 127 and 127(1)


Panel: JEAT/PLK

TBA Gold-Quest International, Health and Harmoney, Iain Buchanan and Lisa Buchanan

s. 127


Panel: JEAT/CSP/SA

TBA Global Energy Group, Ltd., New Gold Limited Partnerships, Christina Harper, Vadim Tsatskin, Michael Schaumer, Elliot Feder, Oded Pasternak, Alan Silverstein, Herbert Groberman, Allan Walker, Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce Cohen and Andrew Shiff

s. 37, 127 and 127.1


Panel: TBA

TBA TBS New Media Ltd., TBS New Media PLC, CNF Food Corp., CNF Candy Corp., Ari Jonathan Firestone and Mark Green

s. 127


Panel: TBA

TBA Brilliante Brasilcan Resources Corp., York Rio Resources Inc., Brian W. Aidelman, Jason Georgiadis, Richard Taylor and Victor York

s. 127


Panel: TBA

TBA Howard Jeffrey Miller and Man Kin Cheng (a.k.a. Francis Cheng)

s. 127

T. Center in attendance for Staff

Panel: TBA

TBA Juniper Fund Management Corporation, Juniper Income Fund, Juniper Equity Growth Fund and Roy Brown (a.k.a. Roy Brown-Rodrigues)

s. 127 and 127.1


Panel: TBA


December 17, 2010 (2010) 33 OSCB 11651

TBA Abel Da Silva

s. 127


Panel: TBA

TBA Richvale Resource Corp., Marvin Winick, Howard Blumenfeld, John Colonna, Pasquale Schiavone, and Shafi Khan

s. 127(7) and 127(8)


Panel: TBA

TBA Global Energy Group, Ltd. and New Gold Limited Partnerships

s. 127


Panel: TBA

TBA Christina Harper, Howard Rash, Michael Schaumer, Elliot Feder, Vadim Tsatskin, Oded Pasternak, Alan Silverstein, Herbert Groberman, Allan Walker, Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce Cohen and Andrew Shiff

s. 127


Panel: TBA

TBA Sextant Capital Management Inc., Sextant Capital GP Inc., Otto Spork, Robert Levack and Natalie Spork

s. 127

T. Center in attendance for Staff

Panel: TBA

ADJOURNED SINE DIE

Global Privacy Management Trust and Robert Cranston

Livent Inc., Garth H. Drabinsky, Myron I. Gottlieb, Gordon Eckstein, Robert Topol

Portus Alternative Asset Management Inc., Portus Asset Management Inc., Boaz Manor, Michael Mendelson, Michael Labanowich and John Ogg

Maitland Capital Ltd., Allen Grossman, Hanouch Ulfan, Leonard Waddingham, Ron Garner, Gord Valde, Marianne Hyacinthe, Diana Cassidy, Ron Catone, Steven Lanys, Roger McKenzie, Tom Mezinski, William Rouse and Jason Snow

LandBankers International MX, S. A. De C.V.; Sierra Madre Holdings MX, S. A. De C.V.; L&B LandBanking Trust S. A. De C.V.; Brian J. Wolf Zacarias; Roger Fernando Ayuso Loyo, Alan Hemingway, Kelly Friesen, Sonja A. McAdam, Ed Moore, Kim Moore, Jason Rogers and Dave Urrutia

Hollinger Inc., Conrad M. Black, F. David Radler, John A. Boultbee and Peter Y. Atkinson


December 17, 2010 (2010) 33 OSCB 11652

1.1.2 Notice of Amendments to the Securities Act and the Commodity Futures Act

NOTICE OF AMENDMENTS TO THE SECURITIES ACT AND

THE COMMODITY FUTURES ACT

On December 8, 2010, the Government’s Bill 135 (Helping Ontario Families and Managing Responsibly Act, 2010)received Royal Assent. Amendments to the Securities Act and the Commodity Futures Act were included in Bill 135.

An explanation of these amendments is provided in Chapter 9.

Questions may be referred to:

Simon Thompson Senior Legal Counsel (416) 593-8261 [email protected]


December 17, 2010 (2010) 33 OSCB 11653

1.1.3 OSC Staff Notice 11-742 (Revised) – Securities Advisory Committee

REVISED ONTARIO SECURITIES COMMISSION STAFF NOTICE 11-742

SECURITIES ADVISORY COMMITTEE

In a Notice published in the OSC Bulletin on September 24, 2010, the Commission invited applications for positions on the Securities Advisory Committee ("SAC"). SAC provides advice to the Commission and staff on a variety of matters including legislative and policy initiatives and important capital markets trends and brings various issues to the attention of the Commission and staff.

The members of SAC have staggered terms. Seven of the members will complete their terms in December 2010. The Commission would like to take this opportunity to thank the members of SAC, listed below, who have served on the Committee with great dedication over the last two years. Their advice and guidance on a range of issues has been very valuable to the Commission.

• John Ciardullo Stikeman Elliott LLP

• Pamela Hughes Blake, Cassels & Graydon LLP

• Charlie MacCready Heenan Blaikie LLP

• Vincent Mercier Davies Ward Phillips & Vineberg LLP

• Thomas Smee Royal Bank of Canada

• Jenny Chu Steinberg Gowling Lafleur Henderson LLP

• Jennifer Wainwright Aird & Berlis LLP

The remaining members of SAC will continue through January 2012.

• Georges Dubé Fasken Martineau DuMoulin LLP

• Glen R. Johnson Torys LLP

• Tracey Kernahan Ogilvy Renault LLP

• Jeff Davis Ontario Teachers’ Pension Plan

• Rob Lando Osler, Hoskin & Harcourt LLP (New York)

The Commission was very impressed with the number of highly qualified practitioners who applied for positions on SAC. Unfortunately, there were far more applicants than there were positions available and selection from among the group was very difficult. The Commission would like to thank everyone who applied, for their interest in serving on SAC.

The Commission is pleased to publish the names of those individuals who will be participating on SAC for the next two/three years.

The new members who will join in January 2011 for a three-year term are:

• Grant McGlaughlin Goodmans LLP

• Tina M. Woodside Gowling Lafleur Henderson LLP

• Robert Wortzman Wildeboer Dellelce LLP

• Heather Zordel Cassels Brock & Blackwell LLP


December 17, 2010 (2010) 33 OSCB 11654

The new members who will join in January 2011 for a two-year term are:

• Robert N. Black Davis LLP

• C. Steven Cohen Burnet, Duckworth & Palmer LLP

• Peter Hong Davies Ward Phillips & Vineberg LLP

• James McVicar Heenan Blaikie LLP

The Commission will publish a notice in Fall 2011 inviting applications for the next group of new SAC members, who will commence their terms in February 2012.

Reference: Krista Martin Gorelle Acting General Counsel Tel: (416) 593-3689 Fax: (416) 593-3681 [email protected]

December 17, 2010


December 17, 2010 (2010) 33 OSCB 11655

1.1.4 Alpha ATS LP – Notice of Completion of Staff Review of Proposed Changes

ALPHA ATS LP NOTICE OF COMPLETION OF STAFF REVIEW OF PROPOSED CHANGES

SELF TRADE MANAGEMENT

Alpha ATS LP has announced its plans to implement changes to its Form 21-101F2 to offer the Self Trade Management feature (proposed changes). A notice describing the proposed changes was published in accordance with OSC Staff Notice 21-703 - Transparency of the Operations of Stock Exchanges and Alternative Trading Systems on July 30, 2010 in the OSC Bulletin. Pursuant to OSC Staff Notice 21-703, market participants were also invited by OSC staff to provide feedback on the proposed changes. Three comment letters were received. A summary of the comments and responses prepared by Alpha ATS LP may be found in Chapter 13 of this Bulletin.

OSC staff have completed their review of the proposed changes and have no further comment. Alpha ATS LP is expected to publish a notice indicating the intended implementation date of the proposed changes.


December 17, 2010 (2010) 33 OSCB 11656

1.1.5 OSC Staff Notice 52-719 – Going Concern Disclosure Review

OSC Staff Notice 52-719 – Going Concern Disclosure Review is reproduced on the following internally numbered pages. Bulletin pagination resumes at the end of the Staff Notice.

OSC STAFF NOTICE 52-719 Going Concern Disclosure Review

2

Introduction

Staff of the Ontario Securities Commission conducted a review to assess the timeliness and adequacy of disclosures in financial statements and management’s discussion and analysis related to the going concern assumption. The purpose of this Notice is to summarize our findings and to provide guidance to issuers on going concern disclosures to assist them in improving the disclosures and in providing robust information to investors. Smaller issuers and start-up operations often face more going concern uncertainties, and may therefore find this Notice of particular interest.

The going concern assumption is a fundamental principle in the preparation of financial statements. Under the going concern assumption it is presumed that an issuer will continue in operation and that there will be no need to liquidate or cease operating. Going concern disclosures are important to investors as they provide warnings about significant risks that the issuer is facing and may help investors avoid or minimize negative consequences when making investment decisions. It is important that the assessment issuers make with respect to the going concern assumption is rigorous and that the corresponding disclosure provides a balanced and transparent view of material uncertainties that may cast significant doubt on the issuer’s ability to continue as a going concern.

Canadian Generally Accepted Accounting Principles (CGAAP) require management to assess the issuer’s ability to continue as a going concern. If management’s assessment identifies material uncertainties related to events or conditions that may cast significant doubt upon the entity's ability to continue as a going concern (for ease of reference, we will refer to these uncertainties in this Notice as a going concern risk), the financial statements should disclose such risk. Disclosure in the management’s discussion and analysis (MD&A) should complement and expand upon the financial statement disclosure to provide a complete discussion of the uncertainties and the effect that they have on the issuers’ operations, liquidity and capital.

Overall, we found that there is need for improvement in both the timeliness and robustness of the going concern disclosures, particularly in the MD&A. As a result of our review, certain issuers were required to make prospective improvements in their disclosure, and in some cases were required to file material change reports. Disclosure of going concern risks will continue to be an area of focus in our continuous disclosure and prospectus reviews, and issuers should be aware that we will require refilings of documents where appropriate.

Importance of going concern disclosure to investors

Going concern disclosures are important to investors as they provide warnings about significant risks that the issuer is facing and may help investors avoid or minimize negative consequences when making investment decisions. Each of an issuer’s management, audit committee and auditors has a part to play in ensuring that investors are provided with timely and accurate information related to going concern risks.

Management’s responsibility

The assessment of an issuer’s ability to continue as a going concern is the responsibility of its management. Management should satisfy themselves that it is reasonable for them to conclude that it is appropriate to prepare the financial statements on a going concern basis. If a material going concern risk exists, management should ensure that adequate disclosures are included in the issuer’s continuous disclosure filings so that these filings fairly present the issuers financial condition, results of operations and cash flows.

Audit committee’s responsibility

The audit committee of an issuer must review the issuer’s financial statements, MD&A and earnings press releases before the information is publicly disclosed. An audit committee should ensure that management has made an appropriate assessment of the issuer’s ability to continue as a going concern and has made the necessary disclosures in its continuous disclosure filings. An audit committee must also be satisfied that adequate procedures are in place for the review of the issuer’s other financial information disclosure.

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Findings

We reviewed a total of 105 issuers. These issuers comprised the following three main groups:

1. issuers with indications of financial difficulty that had no going concern disclosure (28); 2. issuers with indications of financial difficulty that had some going concern disclosure (48); and 3. issuers that had recently ceased operations (29).

1. Issuers with indications of financial difficulty that had no going concern disclosure

For the group of 28 issuers that had indicators suggesting financial difficulty where no going concern risk was disclosed, our review focused on the appropriateness of management’s assessment to determine if a going concern risk should have been disclosed. Overall we were satisfied with management’s assessment. The issuers reviewed provided sufficient evidence supporting management’s belief that there were no material uncertainties creating a going concern risk. Generally, management’s assessment of the issuer’s ability to continue as a going concern included consideration of unusual or one-time charges, forecasts, and improvements in operations or changes in circumstances. A follow up review of these issuers found that all continue to operate, with only one issuer now disclosing a going concern risk in its financial statements.

Evidence supporting management’s assessment

If events or conditions have been identified that may cast significant doubt on the entity's ability to continue as a going concern (such as the incidence of serious financial difficulty), sufficient appropriate evidence is required to demonstrate that a material uncertainty does not exist so that additional disclosures are not required. The following are two examples of situations where additional going concern disclosure was not required.

Examples:

Non-recurring charges

An issuer incurred a significant net loss in its most recent financial year. The issuer cited an unusual event – foreign currency restrictions in one of the primary markets in which the issuer operates – as the primary cause of the loss. The government restrictions had since been lifted and were not expected to recur in the foreseeable future. Absent such restrictions, the issuer was expected to return to profitability. This supported management’s assessment that disclosure of a going concern risk was not necessary.

Amended financing arrangements and improvement in operations

An issuer had a significant working capital deficiency as a result of a violation of certain debt covenants. Subsequent to the year end, the issuer entered into an amended financing agreement with amended terms such that the risk of covenant violation was substantially reduced. In addition, the issuer obtained a new customer contract, and a revised forecast incorporating this new contract showed significant improvement in the issuer’s results. This supported management’s assessment that disclosure of a going concern risk was not necessary.

2. Issuers with going concern disclosure

For the group of 48 issuers with indications of financial difficulty where there was some going concern disclosure, we focused our review on assessing the quality and sufficiency of the going concern disclosure in both the financial statements and MD&A.

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Impact of transition to IFRS

The disclosure requirements for going concern under CGAAP are fully converged with the requirements in paragraph 25 of International Accounting Standards 1 Presentation of Financial Statements (IAS 1). The IFRS Interpretations Committee (the Committee) recently considered the need for further guidance on the going concern disclosure requirements in IAS 1. While the Committee decided not to add the issue to its agenda as they believe IAS 1 provides sufficient guidance, the Committee indicated that for the going concern disclosure required by IAS 1 to be useful, that disclosure must also identify that the uncertainties may cast significant doubt upon the entity’s ability to continue as a going concern.

Auditors’ responsibility

We remind auditors of their responsibilities under Canadian generally accepted auditing standards to obtain sufficient appropriate audit evidence about the appropriateness of management's use of the going concern assumption in the preparation and presentation of the financial statements and to conclude whether there is a material uncertainty about the entity's ability to continue as a going concern. We also remind auditors that if a material uncertainty exists, they are responsible for determining whether the financial statements adequately disclose and describe the going concern risk, and, therefore, that the issuer may be unable to realize its assets and discharge its liabilities in the normal course of business. Beginning for audits of financial statements for periods ending on or after December 14, 2010, an auditor’s report is required to include a paragraph that highlights the existence of the material going concern risk even when adequate disclosure is made in the financial statements.

Financial statement going concern disclosure

CGAAP requires financial statements to disclose thematerial uncertainties related to events or conditions identified by management’s assessmentthat may cast significant doubt upon an issuer’s ability to continue as a going concern. In assessing whether the going concern assumption is appropriate, management should take into account all available information about the future, which is at least, but is not limited to, twelve months from the balance sheet date1.

Overall, we found that issuers disclosed material uncertainties in the notes to their financial statements. However, 41% did not explicitly state that the disclosed uncertainties may cast significant doubt upon the entity’s ability to continue as a going concern. This omission is significant because, absent such linking disclosure, the going concern risk is not highlighted for readers to assess the likelihood and impact of the uncertainties disclosed on the issuers’ financial condition. During our review, we often found it difficult, based on the entity’s public disclosures alone, to differentiate uncertainties that cast significant doubt on an entity’s ability to continue as a going concern from uncertainties that do not cast such doubt, and had to request additional information from the issuer for clarification. Investors do not have the ability to request this additional information and rely on the public disclosure record to make investment decisions. That is why clear robust disclosure is important. In order for the going concern disclosures to be useful to investors, the going concern disclosures should explicitly identify that the disclosed uncertainties may cast significant doubt upon the entity’s ability to continue as a going concern.

Below is an example of a financial statement disclosure that does not explicitly link the disclosed uncertainties to the fact that they may cast significant doubt upon the entity’s ability to continue as a going concern:

At year-end the Company had cash of $1,000,000 and a working capital deficiency of $2,000,000. The Company’s ability to continue operations and fund its expenditures is dependent on management’s ability to secure additional financing. Management is actively pursuing such additional sources of financing, and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future.

1 See CICA Handbook Section 1400 General Standards of Financial Statement Presentation, paragraphs 1400.08A and 1400.08B.

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The example below provides the link between the uncertainties and going concern that would be meaningful to investors:

The financial statements were prepared on a going concern basis. The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

The Company has incurred significant operating losses and negative cash flows from operations in recent years, and has a working capital deficiency. Whether and when the Company can attain profitability and positive cash flows is uncertain. These uncertainties cast significant doubt upon the Company’s ability to continue as a going concern.

The Company will need to raise capital in order to fund its operations. This need may be adversely impacted by: a lack of normally available financing, the ongoing lawsuit, an accelerating loss of customers, and falling sales per customer. To address its financing requirements, the Company will seek financing through joint venture agreements, debt and equity financings, asset sales, and rights offerings to existing shareholders. The outcome of these matters cannot be predicted at this time.

MD&A going concern disclosure

MD&A should clearly communicate, through the eyes of management, an issuer’s financial condition and future prospects. Various disclosure requirements for MD&A are applicable to an issuer with a going concern risk2.

Generally, we found that issuers’ discussion in MD&A related to their going concern risk needed improvement. 17% of the MD&A reviewed contained no discussion of going concern risk, and 61% of the going concern disclosures that were included were generic or incomplete.

Most commonly, we noted deficiencies in the following areas of disclosure:

• the risks and uncertainties resulting from the doubt that an issuer would be able to continue as a going concern;

• the impact of the going concern risk on the issuer’s financial condition; and

• the impact of the going concern risk on the issuer’s liquidity requirements, including mitigating factors and plans.

A complete MD&A discussion of going concern risk should address:

• the financial position (as shown on the balance sheet) and other factors that may affect the issuer’s liquidity, capital resources and solvency;

• trends or expected fluctuations in liquidity, taking into account demands, commitments, events or uncertainties;

2 See Form 51-102F1 – MD&A, Part 1(a), sections 1.2, 1.4(g), 1.6, and 1.7.

Disclosure of going concern riskin the MD&A

61%22%

17%

Generic or incomplete disclosure (61%)Complete disclosure (22%)No disclosure (17%)

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• risks or uncertainties that management reasonably believes will materially affect the issuer’s future performance, including the possibility of discontinuance of operations;

• mitigating factors, and management’s evaluation of the impact of such factors on the issuer’s going concern risk; and

• management’s plans to mitigate the events and uncertainties, and management’s evaluation of the effectiveness and likelihood of successful implementation of these plans.

Below is an example of an incomplete MD&A disclosure.

The Company is focusing on developing its technology and building its business. The Company has started to generate sales but has incurred significant losses to date. The Company’s ability to continue is dependent on its ability to obtain sufficient funding to sustain operations, promote its products and achieve profitable operations.

Below is an example of a more robust MD&A discussion that addresses an issuer’s going concern risk.

The Company has financed its operations through debt and equity issuances. During the period, sales funded 60% of operating costs (40% in the prior period).

The Company has a working capital deficiency of $9,000,000 and an accumulated deficit of $40,000,000. After adjusting working capital for the current related party debt of $10,000,000, the Company expects it will have sufficient liquidity to finance its operations for no more than twelve months. The working capital deficiency limits the Company’s ability to fund capital expenditures and operations. The Company is in breach of the minimum working capital and earnings covenants of its credit agreement, which resulted in the lender having the right to demand full repayment.

As a result there is significant doubt about the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent on completing a short-term financing to make a $1,000,000 payment to the Company’s lender, raising sufficient working capital to maintain operations, reducing operating expenses, and increasing revenues. Subsequent to the year end, the Company has engaged a financial advisor to assist in seeking short-term financing to maintain operations and to work towards a long-term financial restructuring. The Company has also initiated an internal restructuring to sell redundant assets and reduce operating expenses. These plans are expected to be completed within nine months, and are expected to generate sufficient liquidity to finance operations until the launch of the Company’s New Product. While management believes that the likelihood of completing these plans is high given the economic recovery and the rebound of the industry, a new financing has not yet been completed and there is no assurance that it will be. Without this financing the Company may be forced to cease operations.

3. Issuers that had recently ceased operations

For the 29 issuers that had ceased operations (i.e., filed for bankruptcy, entered receivership, became dormant) we reviewed the disclosure filed before they ceased operations to assess whether the financial statements and MD&A adequately disclosed their going concern risk. A significant number of these issuers did not draw attention to their going concern risk in the disclosure leading up to their ceasing operations. In some cases, the disclosure was boilerplate and did not clearly communicate the severity of the risk; in others, the disclosure was absent.

The following is a summary of the findings from a review of the continuous disclosure filings made by these issuers in

Timely disclosure of material change

Securities legislation generally requires a reporting issuer to issue and file a news release and a material change report on a timely basis where a material change occurs in the affairs of the reporting issuer. Sufficient disclosure must be provided to enable a reader to appreciate the significance and impact of the material change. Issuers are reminded to consider whether the occurrence of a going concern risk constitutes a material change.

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the period immediately before they ceased operations:

• 28% had no financial statement disclosure related to their going concern risk. An additional 20% had incomplete disclosure and did not explain that there was significant doubt about the issuer’s ability to continue as a going concern.

• 21% had no MD&A discussion related to their going concern risk. An additional 52% provided incomplete or generic disclosure.

Given that CGAAP requires management to take into account all available information about the future, which is at least, but not limited to, twelve months from the balance sheet date, in assessing whether the going concern assumption is appropriate, it is important for issuers to consider all available information and assess the need for going concern disclosure on a timely basis. In addition to the financial statements and MD&A requirements, issuers should assess whether they have met their timely disclosure obligation under securities law, including the disclosure of a material fact and the reporting of a material change. We may require refiling of documents or may take additional actions in situations where issuers have not met their disclosure requirements or reporting obligations.

Going Concerns and Prospectus Offerings: Additional Concerns

Further attention to an issuer’s going concern risk is necessary when the issuer undertakes to distribute securities under a prospectus.

Subsection 61(2)(c) of the Securities Act (Ontario) prohibits the Director from issuing a receipt for a prospectus if it appears that the proceeds from the prospectus offering, along with the issuer’s other resources, will be insufficient to accomplish the purpose of the issue stated in its prospectus. A principal purpose of this provision is to protect the integrity of the capital markets, which would be harmed if an issuer ceased operations on account of insufficient funds shortly after completing a public securities offering.

The proceeds raised under a prospectus may be insufficient if they are raised:

• for a specific purpose but do not address the issuer’s short-term liquidity requirements,

• through a best efforts offering without a minimum subscription, or a minimum subscription that does not appear to be sufficient to satisfy the issuer’s short-term liquidity requirements, or

• through a shelf prospectus offering that can be drawn down in small increments that may not be sufficient to satisfy the issuer’s short-term liquidity requirements.

A prospectus should clearly disclose an issuer’s going concern risk to allow its readers to make an informed investment decision. The Director may not issue a receipt for a prospectus if it appears that the prospectus inadequately discloses an issuer’s going concern risk. Additional requirements aimed at the disclosure of going concern risk may be found in both NI 41-101 General Prospectus Requirements and NI 44-101 Short Form Prospectus Distributions.

Section 21.1 of Form 41-101F1 Information Required in a Prospectus and section 17.1 of 44-101F1 ShortForm Prospectus require disclosure of risk factors relating to an issuer and its business, such as cash flow and liquidity problems. The accompanying instructions require the risks to be disclosed in order of seriousness. An issuer with a going concern risk should disclose this risk in the prospectus. This disclosure should explain the uncertainties that may create a going concern risk and how the issuer is addressing it.

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In many circumstances an issuer with a going concern risk should also include the disclosure required by section 8.7 of Form 41-101F1 for junior issuers. This section requires disclosure of:

• the period of time the proceeds raised under the prospectus are expected to fund operations,

• the estimated total operating costs necessary for the issuer to achieve its stated business objectives during that period of time, and

• the estimated amount of other material capital expenditures during that period of time.

Similarly, section 4.3 of Companion Policy 41-101CP and section 4.4 of Companion Policy 44-101CP explain that an issuer with negative operating cash flow in its most recently completed financial year for which financial statements have been included in the prospectus should:

• prominently disclose that fact in the use of proceeds section of the prospectus,

• disclose whether, and if so, to what extent, it will use the proceeds of the distribution to fund any anticipated negative operating cash flow in future periods, and

• disclose negative operating cash flow as a risk factor.

Below is an example of a Use of Proceeds disclosure that adequately addresses the two above disclosure requirements.

USE OF PROCEEDS

At period end, the Company had negative operating cash flow of $1,500,000 and a working capital deficit of $1,000,000. The net proceeds of the Offering will be used by the Company as follows:

Proceeds of the Offering

Working capital (future negative operating cash flows) $2,000,000 Product development 1,000,000 General corporate purposes 200,000Total $3,200,000

The Company will use the proceeds to: (i) ensure adequate working capital to fund operations for the next 9 months; and (ii) complete the development phase of its product over the next 6 months.

If the product is successfully developed, the Company expects it will require an additional $2,000,000 to acquire regulatory approvals and implement a marketing plan.

Material fact disclosure requirements

In addition to considering whether the occurrence of a going concern risk constitutes a material change, reporting issuers are reminded to also consider whether the presence of a going concern risk constitutes a material fact. If this is the case, to the extent that the issuer wishes to make a prospectus offering prior to general disclosure of this information, the issuer will be required to disclose the information in the prospectus in order to be able to certify that the prospectus contains full, true and plain disclosure of all material facts. Issuers should also note that persons in a “special relationship” with the reporting issuer with knowledge of a material fact will generally be prohibited from trading in securities of the issuer prior to disclosure of this information.

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Future Action

Our reviews identified areas where going concern disclosures need improvement. While the economic environment for issuers has begun to improve, many issuers still face a going concern risk and will need to provide clear disclosure about this risk. We will continue to focus on going concern risk disclosure as part of our continuous disclosure and prospectus reviews, and require issuers to enhance their disclosure prospectively or to refile their continuous disclosure documents, depending on the severity of the deficiency.

Questions

Questions may be referred to:

Lisa EnrightManager, Corporate Finance E-mail: [email protected] : 416-593-3686

Charlmane WongSenior Accountant, Corporate Finance E-mail : [email protected] : 416-593-8151


December 17, 2010 (2010) 33 OSCB 11657

1.1.6 Alpha ATS LP – Notice of Completion of Staff Review of Proposed Changes

ALPHA ATS LP

NOTICE OF COMPLETION OF STAFF REVIEW OF PROPOSED CHANGES

On July 16, 2010, Alpha ATS LP announced proposed changes to its Form 21-101F2 that would result in the implementation of its proposed IntraSpread facility – a set of new order types that would allow its subscribers to seek order matches within theirfirm without pre-trade transparency, while providing for guaranteed price improvement for active orders.

A notice describing the proposed IntraSpread facility was published for comment on July 16, 20101 in accordance with OSC Staff Notice 21-703 – Transparency of the Operations of Stock Exchanges and Alternative Trading Systems. Thirteen comment letters were received. A summary of the comments and a response prepared by Alpha ATS LP may be found in Chapter 13 of this Bulletin.

OSC staff have completed their review of the proposed changes.

OSC staff acknowledge that there is current precedent for a marketplace to offer internalize-only order types or features, that are similar to the order types and features contemplated in the proposed IntraSpread facility.2 We note that the first time that these order types or features were formally offered or proposed to be offered by a marketplace following the introduction of NI 21-101was in 2005. Since that time, the Canadian market has evolved dramatically, giving rise to new issues and concerns and providing for greater perspective. As the market has evolved, so have staff’s views on various matters, including internalize-only order types and features.

In addition, the process under which an ATS now publishes for comment certain proposed operational changes has only recently been implemented. This process did not exist at the time that any other ATS proposed to offer internalize-only order types or features. In connection with our review of the proposed IntraSpread facility, which included consideration of the public comments received, we have had an opportunity to reconsider our position on these order types and features in the context of the fair access requirements set out in NI 21-101.3

It is our view that a marketplace that offers order types that allow for an order to be systematically restricted from interacting with the orders of other participants is operating in a manner that is inconsistent with the fair access requirements set out in NI 21-101.

Consequently, we have discussed our views with Alpha ATS LP and they do not intend to implement the IntraSpread facility as was proposed. Alpha ATS LP has amended its proposal and the proposal is being published for comment at the same time as this notice. We have also spoken with the marketplace currently offering a similar internalize-only order type, with the objectiveof facilitating the discontinuance of the use of this order type by February 1, 2011. The marketplace will issue a notice withfurther details on this matter.

Questions may be addressed to:

Kent Bailey Ontario Securities Commission (416) 595-8945 [email protected]

Jonathan Sylvestre Ontario Securities Commission (416) 593-2378 [email protected]

Tracey Stern Ontario Securities Commission (416) 593-8167 [email protected]

1 Published at (2010) 33 OSCB 6629. 2 An internalize-only order type or feature offered by a marketplace allows a marketplace participant to enter orders on that marketplace

which will only execute against orders from the same marketplace participant – i.e., the interaction of the orders is restricted to same-firm order flow.

3 Paragraphs 5.1(b) and 6.13(b) of NI 21-101 (together, the fair access provisions) establish access requirements for both recognized exchanges and quotation and trade reporting systems (QTRSs), and alternative trading systems (ATSs). The fair access provisions state that exchanges, QTRSs, and ATSs: “shall not unreasonably prohibit, condition, or limit access by a person or company to services offered by it.”


December 17, 2010 (2010) 33 OSCB 11658

1.1.7 Notice of Commission Approval of List of Exchanges

NOTICE OF COMMISSION APPROVAL OF

AN AMENDED LIST OF EXCHANGES, LEAD REGULATORS AND EXEMPTING REGULATORS IN RELATION TO THE MEMORANDUM OF UNDERSTANDING RESPECTING THE OVERSIGHT OF EXCHANGES

AND QUOTATION AND TRADE REPORTING SYSTEMS

The Memorandum of Understanding respecting the Oversight of Exchanges and Quotation and Trade Reporting Systems (MOU) sets out the responsibilities of a lead regulator when conducting its oversight of an exchange or quotation and trade reporting system (QTRS) and the rights of an exempting regulator. The List of Exchanges, Lead Regulators and Exempting Regulators in relation to the Memorandum of Understanding respecting the Oversight of Exchanges and Quotation and Trade Reporting Systems (List of Exchanges) identifies each lead and exempting regulator for every exchange subject to the MOU. It is intended that the List of Exchanges be amended to reflect any changes concerning the status of recognition or exemption of exchanges and QTRSs and subsequently published by all regulators subject to the MOU.

The Autorité des marchés financiers has exempted ICE Futures Canada Inc. from recognition as an exchange and therefore has been added as an exempting regulator of ICE Futures Canada Inc. to the List of Exchanges. The amended List of Exchanges dated as of January 1, 2011 has been approved by the Commission. The amended List of Exchanges is found at Appendix A of this Notice and a marked version indicating the amendments is found at Appendix B.

December 17, 2010


December 17, 2010 (2010) 33 OSCB 11659

Appendix A

List of Exchanges, Lead Regulators and Exempting Regulators in relation to the

Memorandum of Understanding respecting the Oversight of Exchanges and Quotation and Trade Reporting Systems As of January 1, 2011

Exchange – QTRS Lead Regulator(s) Exempting Regulator(s)

Bourse de Montréal Inc. • Autorité des marchés financiers • Ontario Securities Commission

CNSX Markets Inc. • Ontario Securities Commission • Alberta Securities Commission • Autorité des marchés financiers • British Columbia Securities Commission • Manitoba Securities Commission

ICE Futures Canada Inc. • Manitoba Securities Commission • Autorité des marchés financiers

Natural Gas Exchange Inc. • Alberta Securities Commission • Autorité des marchés financiers • Manitoba Securities Commission • Ontario Securities Commission

TSX Inc. • Ontario Securities Commission • Alberta Securities Commission • Autorité des marchés financiers • British Columbia Securities Commission

TSX Venture Exchange Inc. • Alberta Securities Commission • British Columbia Securities Commission

• Autorité des marchés financiers • Manitoba Securities Commission • Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11660

Appendix B

List of Exchanges, Lead Regulators and Exempting Regulators in relation to the

Memorandum of Understanding respecting the Oversight of Exchanges and Quotation and Trade Reporting Systems As of January 1, 20102011

Exchange – QTRS Lead Regulator(s) Exempting Regulator(s)

Bourse de Montréal Inc. • Autorité des marchés financiers • Ontario Securities Commission

CNSX Markets Inc. • Ontario Securities Commission • Alberta Securities Commission • Autorité des marchés financiers • British Columbia Securities Commission • Manitoba Securities Commission

ICE Futures Canada Inc. • Manitoba Securities Commission • Autorité des marchés financiers

Natural Gas Exchange Inc. • Alberta Securities Commission • Autorité des marchés financiers • Manitoba Securities Commission • Ontario Securities Commission

TSX Inc. • Ontario Securities Commission • Alberta Securities Commission • Autorité des marchés financiers • British Columbia Securities Commission

TSX Venture Exchange Inc. • Alberta Securities Commission • British Columbia Securities Commission

• Autorité des marchés financiers • Manitoba Securities Commission • Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11661

1.1.8 Notice of Ministerial Approval of Exchange of Letters with the China Insurance Regulatory Commission

On December 10, 2010, the Minister of Finance approved, pursuant to section 143.10 of the Securities Act (Ontario), the Exchange of Letters between the OSC and other provincial securities regulators, and the China Insurance Regulatory Commission (Exchange of Letters). The Exchange of Letters is intended to facilitate regulatory cooperation in connection with the overseas investment operations of Chinese insurance firms that involve registered Canadian firms and recognized markets.

The Exchange of Letters came into effect in Ontario on December 10, 2010. The Exchange of Letters signed by certain members of the Canadian Securities Administrators was published in the Bulletin on November 12, 2010. (See (2010) 33 OSCB 10355.)

December 17, 2010


December 17, 2010 (2010) 33 OSCB 11662

1.2 Notices of Hearing

1.2.1 Shaun Gerard McErlean and Securus Capital Inc.

IN THE MATTER OF THE SECURITIES ACT,

R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF SHAUN GERARD MCERLEAN AND

SECURUS CAPITAL INC.

AMENDED NOTICE OF HEARING

TAKE NOTICE that the Ontario Securities Commission will hold a hearing pursuant to section 127 and section 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act"), at the offices of the Commission located at 20 Queen Street West, Toronto, 17th Floor Hearing Room on January 24, 2011 at 10:00 a.m. or so soon thereafter as the hearing can be held to consider:

(i) whether, in the opinion of the Commission, it is in the public interest, pursuant to ss. 127(1) and 127.1 of the Act to order that:

(a) trading in any securities by Shaun Gerard McErlean (“McErlean”) and Securus Capital Inc. (“Securus”) (collectively the "Respondents") or trading in any securities of Securus cease permanently or for such period as is specified by the Commission;

(b) the acquisition of any securities by the Respondents is prohibited permanently or for such period as is specified by the Commission;

(c) any exemptions contained in Ontario securities law do not apply to the Respondents permanently or for such other period as is specified by the Commission;

(d) each Respondent disgorge to the Commission any amounts obtained as a result of non-compliance by that respondent with Ontario securities law;

(e) the Respondents be reprimanded;

(f) McErlean resign one or more positions that he holds as a director or officer of any issuer, registrant, and investment fund manager;

(g) McErlean be prohibited from becoming or acting as a director or officer of any issuer, registrant, and investment fund manager;

(h) the Respondents be prohibited from becoming or acting as a registrant, as an investment fund manager, and as a promoter;

(i) the Respondents each pay an administrative penalty of not more than $1 million for each failure by that respondent to comply with Ontario securities law;

(j) the Respondents be ordered to pay the costs of the Commission investigation and the hearing; and

(ii) whether to make such further orders as the Commission considers appropriate.

BY REASON OF the allegations set out in the Statement of Allegations of Staff of the Commission dated December 8, 2010 and such additional allegations as counsel may advise and the Commission may permit;

AND BY REASON OF the evidence filed with the Commission and the testimony heard by the Commission;

AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel, if that party attends or submits evidence at the hearing;


December 17, 2010 (2010) 33 OSCB 11663

AND TAKE FURTHER NOTICE that upon the failure of any party to attend at the time and place set out in this Notice of Hearing, the hearing may proceed in the absence of that party, and such party is not entitled to any further notice of the proceeding.

DATED at Toronto, this 8th day of December, 2010. “John Stevenson” Secretary to the Commission


December 17, 2010 (2010) 33 OSCB 11664



AND



STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission (“Staff”) make the following allegations:

I. OVERVIEW

1. On January 22, 2009, the Respondent, Shaun Gerard McErlean (“McErlean”) had his registration as a salesperson terminated. Between January 22, 2009, and August 12, 2010, without disclosing the termination of his registration, McErlean solicited over $14 million from eight offshore investors and at least three Ontario investors through a sole proprietorship, Aquiesce Investments (“Aquiesce”), and a company, Securus Capital Inc. (“Securus”), that he incorporated. McErlean fraudulently represented to these investors that their funds would be used to enable him to trade securities and earn high returns without placing their funds at risk. In fact, he fraudulently used approximately $8.7 of the funds for his own personal purposesincluding paying personal expenses, investing in companies in which he or his relatives had a personal interest, and repaying previous investors as well as using a portion of the funds to engage in discretionary equities trading.

II. THE RESPONDENTS

2. McErlean is an individual who resides in Newmarket, Ontario.

3. Securus is a company incorporated pursuant to the Ontario Business Corporations Act, R.S.O. 1990, c. B.16 as amended (the “OBCA”). McErlean incorporated Securus on December 22, 2009. He is the sole director and directing mind of Securus. It has never been a registrant or a reporting issuer in Ontario.

III. ALLEGATIONS

4. Staff allege that McErlean and Securus (collectively “the Respondents”):

(a) between January 22, 2009 and August 12, 2010, the Respondents engaged in or participated in an act, practice or course of conduct relating to securities that the Respondents knew, or reasonably ought to have known, perpetrated a fraud on any person or company, contrary to section 126.1(b) of the Securities Act,R.S.O. 1990, c. S.5, as amended (the “Act”);

(b) between January 22, 2009 and September 28, 2009, McErlean traded securities without being registered to trade securities and without an exemption from the dealer registration requirement, contrary to section 25(1)(a) of the Act;

(c) between September 29, 2009 and August 12, 2010, without an exemption from the dealer registration requirement, the Respondents engaged in or held themselves out to be engaged in the business of trading securities without being registered in accordance with Ontario securities law, contrary to section 25(1) of the Act;

(d) between January 22, 2009 and September 28, 2009, McErlean acted as an adviser without registration and without an exemption from the adviser registration requirement, contrary to section 25(1)(c) of the Act;

(e) between September 29, 2009 and August 12, 2010, the Respondents, without an exemption from the adviser registration requirement, engaged in the business of, or held themselves out as engaging in the business of, advising with respect to investing in, buying or selling securities without being registered in accordance with Ontario securities law, contrary to section 25(3) of the Act; and

(f) between January 22, 2009 and August 12, 2010, the Respondents traded securities which was a distribution of securities without having filed a preliminary prospectus or a prospectus with the Director or having an exemption from the prospectus requirement, contrary to section 53(1).


December 17, 2010 (2010) 33 OSCB 11665

5. Staff allege that McErlean, as a director of Securus, authorized, permitted or acquiesced in the conduct of Securus contrary to Ontario securities law.

IV. PARTICULARS OF ALLEGATIONS

(a) Background

6. McErlean was registered under the Act as a salesperson in the categories of investment dealer and futures commission merchant on October 8, 2004. His registration was sponsored by CIBC World Markets (“CIBC”). On January 16, 2009, McErlean’s registration was suspended. On January 22, 2010, he resigned and his registration was terminated. During the term of his registration, he engaged in financial dealings with clients which were not disclosed to CIBC. He also deleted aclient’s online access to his account and created false documents.

(b) Aquiesce Investments

7. On December 19, 2008, McErlean registered the name of Aquiesce Investments (“Aquiesce”) pursuant to the provisions of the Business Names Registration Act, R.S.O. 1990, c. B.17, as amended. Aquiesce was never a separate legal entity.

8. Between January 22, 2009 and September 11, 2009, McErlean was involved in efforts to raise funds for Aquiesce for investment. On behalf of Aquiesce, he sought to enter into, and did enter into, trade agreements with investors. These agreements provided that investors would advance funds that would be available to Aquiesce by way of a reserve of funds upon which Aquiesce would obtain a line of credit which would be invested in high yield investments. The agreements provided that Aquiesce would earn substantial profits which would be remitted directly into investors’ accounts and that the invested funds would not be at risk. McErlean did not use the funds as provided for in the agreements.

9. In December 2008, McErlean opened a bank account with TD Bank in the name of Aquiesce. Over $4 million was obtained pursuant to agreements with two offshore investors and at least three Ontario investors which was deposited into the Aquiesce account with TD Bank. On January 30, 2009, McErlean opened a trading account in the name of Aquiesce with TD Waterhouse. McErlean fraudulently represented to these investors that their funds would be used to enable him to trade securities and earn high returns without placing their funds at risk. In fact, he fraudulently used approximately $2.1 million of the funds for his own personal purposes including paying personal expenses and repaying previous investors as well as using a portion of the funds to engage in discretionary equities trading.

(c) Securus

10. On December 22, 2009, McErlean incorporated Securus under the provisions of the OBCA. On or about the same date, on behalf of Securus, he opened a bank account with the Royal Bank of Canada (”RBC”). Between December 2009 and August 12, 2010, six offshore clients advanced a cumulative amount of over $10 million into the Securus account with RBC. These funds were advanced pursuant to agreements that provided that investors would advance funds that would be available by way of a reserve of funds upon which McErlean would engage in trading. Pursuant to the terms of these agreements, the profits earned from trading would be remitted monthly to the investors and the invested funds would not be at risk. The clientswere told that they would be provided with account statements confirming the invested funds remained in their individual accounts. Investors were provided with false RBC account statements which purported to show that their invested funds remained in their RBC accounts.

11. McErlean did not use the funds deposited into the Securus account to trade securities and the funds advanced to Securus did not remain in its account with RBC. Instead, McErlean used approximately $6.6 million of the funds for his own personal purposes, to provide capital to private companies in which he or his relatives have a financial interest, and to repayprevious clients including an individual who was an investor in Aquiesce and an individual who had been a client while he was employed with CIBC and with whom he had financial dealings which was not disclosed to CIBC.

V. CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND CONTRARY TO THE PUBLIC INTEREST

12. By engaging in an act, practice or course of conduct relating to securities which they knew, or reasonably ought to have known, perpetrated a fraud upon investors, the Respondents acted contrary to Ontario securities law and contrary to the public interest.

13. By engaging in registrable conduct without being registered as dealers or advisers and without exemptions from the dealer registration requirement and adviser registration requirement, the Respondents acted contrary to Ontario securities law and contrary to the public interest.


December 17, 2010 (2010) 33 OSCB 11666

14. By trading securities which was a distribution of securities without a preliminary prospectus or prospectus having been filed with the Director and without an exemption from the prospectus requirement, the Respondents acted contrary to Ontario securities law and contrary to the public interest.

15. Staff may make additional allegations as the Commission may permit.

Dated at the City of Toronto, this “8th” day of December, 2010.


December 17, 2010 (2010) 33 OSCB 11667

1.2.2 David M. O’Brien – ss. 37, 127, 127.1



AND

IN THE MATTER OF DAVID M. O’BRIEN

NOTICE OF HEARING (Sections 37, 127 and 127.1)

TAKE NOTICE THAT the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 37, 127, and 127.1 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") at the offices of the Commission at 20 Queen Street West, 17th Floor Hearing Room on December 20th, 2010 at 10:30 a.m., or as soon thereafter as the hearing can be held, to consider:

(i) whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(1), (4), (5), (6) and(7) of the Act, to issue a temporary order that:

(a) David O’Brien (“O’Brien”) shall cease trading in any securities for a prescribed period or until the conclusion of the hearing on the merits in this matter;

(b) O’Brien is prohibited from acquiring securities for a prescribed period or until the conclusion of the hearing on the merits in this matter; and

(c) Any exemptions contained in Ontario securities law do not apply to O’Brien for a prescribed period or until the conclusion of the hearing on the merits in this matter.

(ii) whether, in the opinion of the Commission, it is in the public interest, pursuant to sections 127 and 127.1 of the Act toorder that:

(a) trading in any securities by O’Brien cease permanently or for such period as is specified by the Commission;

(b) the acquisition of any securities by O’Brien is prohibited permanently or for such other period as is specified by the Commission;

(c) any exemptions contained in Ontario securities law do not apply to O’Brien permanently or for such period as is specified by the Commission;

(d) O’Brien disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law;

(e) O’Brien be reprimanded;

(f) O’Brien resign one or more positions that he holds as a director or officer of any issuer, registrant, or investment fund manager;

(g) O’Brien be prohibited from becoming or acting as a director or officer of any issuer, registrant, and investment fund manager;

(h) O’Brien be prohibited from becoming or acting as a registrant, as an investment fund manager and as a promoter;

(i) O’Brien pay an administrative penalty of not more than $1 million for each failure by O’Brien to comply with Ontario securities law; and,

(j) O’Brien be ordered to pay the costs of the Commission investigation and the hearing.


December 17, 2010 (2010) 33 OSCB 11668

(iii) whether, in the opinion of the Commission, an order should be made pursuant to section 37 of the Act that O’Brien cease permanently to telephone from within Ontario to any residence within or outside Ontario for the purpose of trading in any security or any class of securities; and

(iv) whether to make such further orders as the Commission considers appropriate.

BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated December 7, 2010 and such further additional allegations and evidence as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings.

DATED at Toronto this 8th day of December, 2010.

“John Stevenson” Secretary to the Commission


December 17, 2010 (2010) 33 OSCB 11669



AND




I. OVERVIEW

1. This proceeding involves alleged fraudulent acts in furtherance of a trade by David M. O’Brien (“O’Brien”). Furthermore, Staff allege that O’Brien was trading in securities or holding himself out as engaging in the business of trading in securities without being registered to do so.

2. Staff allege that O’Brien’s course of conduct regarding the trading of securities occurred during the time period between and including July 1, 2009 and December 17, 2009 (the “Material Time”).

II. THE RESPONDENT

3. O’Brien is a resident of Ontario.

III. BACKGROUND

4. Platinum International Investments Inc. (“Platinum”) is an Ontario corporation that was incorporated on June 12, 2007 with a registered address of 4325 Steeles Avenue West, Suite 215, Toronto, Ontario.

5. Peter Robinson (“Robinson”) is listed as the sole Director of Platinum.

6. David M. O'Brien Professional Legal Corporation (“DOPLC”) is a Canadian corporation registered under the Canada Business Corporations Act. O’Brien is the sole registered director of DOPLC.

7. This matter is related to proceedings, initiated by Staff, against Robinson and Platinum.

IV. TRADING IN SECURITIES BY O’BRIEN, PLATINUM, AND ROBINSON

8. Staff allege that O’Brien traded in securities during the Material Time.

9. Throughout the Material Time, O’Brien was not registered in any capacity with the Commission.

10. Residents of the United Kingdom (the “U.K. Residents”) received unsolicited phone calls from representatives of Platinum, including O’Brien, and were told that Platinum could sell securities held by the U.K. Residents on behalf of the U.K. Residents.

11. The representatives of Platinum, including O’Brien, told the U.K. Residents that they would be able to obtain significant amounts of money for the U.K. Residents when Platinum arranged for the sale of the securities in question.

12. The U.K. Residents were then told that they would have to pay “performance bonds” and “non-resident taxes” to Platinum before Platinum could complete the sale of the securities.

13. The U.K. Residents were given instructions to send their funds for the “performance bonds” and the “non-resident taxes” to a bank account held in the name of Platinum and located in Toronto at the Royal Bank of Canada (the “Platinum RBC Accounts”).

14. The U.K. Residents sent their “performance bond” and “non-resident tax” funds via wire transfer to the Platinum RBC Accounts.


December 17, 2010 (2010) 33 OSCB 11670

15. The U.K. Residents were subsequently approached and advised they would have to pay further fees so that the transactions could proceed. When the U.K. Residents refused to send further funds to the Platinum RBC Accounts they stopped receiving communications from representatives of Platinum.

16. None of the transactions for which the U.K. Residents wired funds to the Platinum RBC Accounts have been completed. At least one of the U.K. Residents has been unable to contact Platinum since the Material Time.

17. Platinum also had a bank account at TD Canada Trust (the “Platinum TD Account”).

18. During the Material Time, approximately $118,667 was paid directly to DOPLC from the Platinum RBC Accounts and the Platinum TD Account.

19. O’Brien participated in acts, solicitations, conduct, or negotiations directly or indirectly in furtherance of the sale ordisposition of securities for valuable consideration, in circumstances where there were no exemptions available to O’Brien under Act.

V. FRAUDULENT CONDUCT

20. During the Material Time, O’Brien and other employees, representatives or agents of Platinum provided information to the U.K. Residents that was false, inaccurate and misleading, including, but not limited to, the following:

(a) that Platinum could sell securities held by the U.K. Residents for significant premiums over the current market value of the securities;

(b) that Platinum had received funds from the purported purchasers of the securities held by the U.K. Residents and that these funds were being held under “escrow conditions”;

(c) that within seven business days of the U.K. Residents providing a “performance bond” they would receive all of the funds for the sale of their securities;

(d) that certain U.K. Residents were offered a five percent discount on a “non-resident tax” because the U.K. Residents were over sixty-five years old; and

(e) one of the U.K. Residents was provided with an address that did not correspond with Platinum’s registered address and was, in fact, a United Parcel Service store; and

(f) telephone numbers provided to the U.K. Residents were registered as cellular phones from addresses in the State of Florida, United States.

21. The false, inaccurate and misleading representations were made with the purported intention of effecting trades in the securities belonging to the U.K. Residents.

22. Once funds were wire transferred from the U.K. Residents to the Platinum RBC Accounts the funds were almost immediately withdrawn as cash or cheques. Approximately 82% of the funds received from the U.K. Residents were paid to DOPLC.

23. O’Brien and other employees, representatives or agents of Platinum engaged in a course of conduct relating to securities that they knew or reasonably ought to have known would result in a fraud on persons.

VI. CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND CONTRARY TO THE PUBLIC INTEREST

24. The specific allegations advanced by Staff are:

(a) During the Material Time, O’Brien engaged or participated in acts, practices or courses of conduct relating to securities that he knew or reasonably ought to have known perpetrated a fraud on persons or companies, contrary to section 126.1(b) of the Act and contrary to the public interest; and

(b) During the Material Time, O’Brien traded in securities or held himself out as engaging in the business of trading in securities without being registered to trade in securities, contrary to section 25(1) of the Act and contrary to the public interest.

25. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit.

DATED at Toronto, this 7th day of December, 2010.


December 17, 2010 (2010) 33 OSCB 11671

1.2.3 Helen Kuszper and Paul Kuszper – ss. 127, 127.1



AND

IN THE MATTER OF HELEN KUSZPER AND PAUL KUSZPER

NOTICE OF HEARING (Sections 127 and 127.1)

TAKE NOTICE that the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 127 and 127.1 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission located at 20 Queen Street West, Toronto, 17th Floor, on January 27, 2011 at 2:30 p.m., or as soon thereafter as the hearing can be held,

AND TAKE NOTICE that the purpose of the hearing is to consider whether it is in the public interest for the Commission to make an order, pursuant to sections 127 and 127.1 of the Act, that:

a) trading in any securities by the respondents cease permanently, or for such period as is specified by the Commission, pursuant to clause 2 of section 127(1);

b) the acquisition of any securities by the respondents is prohibited permanently, or for such period as is specified by the Commission, pursuant to clause 2.1 of section 127(1);

c) any exemptions contained in Ontario securities law do not apply to the respondents permanently, or for such period as is specified by the Commission, pursuant to clause 3 of section 127(1);

d) the respondents be reprimanded, pursuant to clause 6 of section 127(1);

e) the respondents resign one or more positions that he holds as a director or officer of any issuer, pursuant to clause 7 of section 127(1);

f) the respondents be prohibited permanently from becoming or acting as a director or officer of an issuer, or for such period as is specified by the Commission, pursuant to clause 8 of section 127(1);

g) the respondents be prohibited permanently from becoming or acting as a director or officer of a registrant, or for such period as is specified by the Commission, pursuant to clause 8.2 of section 127(1);

h) the respondents be prohibited permanently from becoming or acting as a director or officer of a investment fund manager, or for such period as is specified by the Commission pursuant to clause 8.4 of section 127(1);

i) the respondents be prohibited permanently from becoming a registrant, investment fund manager or promoter, or for such period as is specified by the Commission, pursuant to clause 8.5 of section 127(1);

j) the respondents pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law, pursuant to clause 9 of section 127(1);

k) the respondents disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law, pursuant to clause 10 of section 127(1);

l) the respondents pay the costs of the investigation and any hearing, pursuant to section 127.1; and

m) such other orders as the Commission may deem appropriate;

BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated December 13, 2010 and such additional allegations as counsel may advise and the Commission may permit;



December 17, 2010 (2010) 33 OSCB 11672

AND TAKE FURTHER NOTICE that upon the failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party, and such party is not entitled to any further notice of the proceeding.


“John Stevenson “ Secretary to the Commission


December 17, 2010 (2010) 33 OSCB 11673



AND




1. OVERVIEW

1. This is a case of insider trading and tipping by a mother and her son. Between April 29 and May 7, 2008, Helen and Paul Kuszper traded with knowledge that Kingsway Financial Services Inc. (“Kingsway”) would report a material net loss for its Q1 2008 financial results before the information was publicly disclosed.

2. Helen acquired the information in her capacity as a Senior Accountant within Kingsway’s Investment Reporting Group and had tipped the information to her son.

3. Commencing on April 29 and until the material loss was publicly disclosed (May 7), the Kuszpers traded strategically and deceptively in Kingsway puts and calls with knowledge that Kingsway’s share price would decline. To profit during this period, the Kuszpers purchased hundreds of Kingsway put options and also sold Kingsway call options short. To avoid loss in respect of their existing Kingsway investments, the Kuszpers also divested their accounts of Kingsway call options and also covered open Kingsway put options which had been previously sold short.

4. The Kuszpers often discussed their illegal trading in code.

5. Helen and Paul Kuszper collectively realized over $300,000 in profits after Kingsway publicly announced the material loss. Through their loss avoidance transactions, the Kuszpers had also managed to avert considerable loss.

II. BACKGROUND

(a) Kingsway Financial Services Inc.

6. Kingsway Financial Services Inc. (“Kingsway”) is a reporting issuer in Ontario with shares listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol “KFS”.

7. Kingsway is a property and casualty insurance company which specializes in providing non-standard automobile and trucking insurance throughout North America.

(b) The Respondents

8. Helen Kuszper (“Helen”) is a resident of Mississauga, Ontario. At the material time, Helen was employed as a Senior Accountant in the Investment Reporting Group of Kingsway.

9. Paul Kuszper (“Paul”) is also a resident of Mississauga, Ontario and is Helen’s son. During the material period, Paul was employed as an Accountant in St. John’s, Antigua.

THE UNDISCLOSED MATERIAL INFORMATION

10. The material information in this case relates to the negative financial results for Kingsway’s first quarter ended March 31, 2008 (“Q1 2008”).

(a) The Press Release (May 7, 2008)

11. On May 7, 2008 (after the close of trading), Kingsway reported a net loss of $34.4 million for its Q1 2008 financial results. In Kingsway’s press release (the “Press Release”), the company stated that the results were “unacceptable” and were primarily attributable to a $52.8 million reserve increase at its American subsidiary, Lincoln General (the “Lincoln Reserve Increase”).


December 17, 2010 (2010) 33 OSCB 11674

(b) Draft Quarterly Financial Statements (April 29, 2008)

12. The material loss for Q1 2008 first came to be reflected in Kingsway’s draft quarterly financial statements on April 29, 2008. On this day, the draft financials were revised to incorporate the Lincoln Reserve Increase which caused Kingsway’s income to dramatically decline and reflect a net loss of $26.4 million.1

THE INSIDER TRADING AND TIPPING

(a) The Insider Trading and Tipping

13. On April 29, 2008 (the same day Kingsway’s draft Q1 2008 financial statements were revised to reflect the $26.4 million loss), the Kuszpers began to trade with the benefit of Kingsway’s undisclosed material loss.

14. Helen had become aware of the information in her capacity as a Senior Accountant in Kingsway’s Investment Reporting Group. Among other things, her duties required her to review Kingsway’s Q1 2008 financials prior to their public release and reconcile these against quarterly investment reporting schedules which she had prepared. A comparison of Kingsway’s Q1 2008 financials and Helen’s Q1 2008 schedules confirm that Helen reconciled her schedules, prior to the Press Release, against Kingsway financials which had incorporated the Lincoln Reserve Increase and reflected a material loss.

15. With knowledge that Kingsway’s loss would cause the share price to decline, the Kuszpers engaged in strategic trading in Kingsway puts2 and calls3 designed to maximize profit and avoid loss. To profit:

(a) Purchased Kingsway Puts: the Kuszpers purchased hundreds of Kingsway put contracts prior to the issuance of the Press Release. Helen began to purchase these puts on April 29. She purchased them first through her son’s account (she later denied having made these trades, as set out below). She continued to accumulate put contracts on almost every trading day from April 29 until the Press Release was issued, in small increments, and on an alternating basis through Paul and her own trading accounts. By May 7, the Kuszpers had acquired over 980 Kingsway put contracts at considerable cost ($31,574), all with a short expiration date of May 16.

Date Helen Kuszper Paul Kuszper April 29, 2008 Bought 10 KFS Puts

April 29, 2008 Bought 100 KFS Puts




May 1, 2008 Bought 100 KFS Puts








Total = 528 Puts 460 Puts

1 On May 1, Kingsway’s draft financials were further revised to reflect a larger net loss of $34.4 million, which was ultimately reported in the

Press Release, as noted above. 2 Put: An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a set price

within a specified time. The buyer of a put option estimates that the underlying asset will drop below the exercise price before the expiration date.

3 Call: An option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security at a specified price within a specified time. The buyer of a call option estimates that the underlying asset will increase above the exercise price before the expiration date.


December 17, 2010 (2010) 33 OSCB 11675

(b) Sold Calls Short: On May 1, Paul also sold short4 50 Kingsway call options.

Date Helen Kuszper Paul Kuszper May 1, 2008 Sold 50 KFS Calls

16. Further, to avoid future loss on their existing Kingsway holdings:

(a) Sold Existing Calls: Helen divested her account of 75 Kingsway call options on April 29. She had been holding these calls since February and sold them at a loss.

Date Helen Kuszper Paul Kuszper April 29, 2008 Sold 75 KFS Calls

(b) Closed Existing Open Puts: On May 1, Paul also closed 57 open Kingsway put options which he had sold short in February.

Date Helen Kuszper Paul Kuszper May 1, 2008 Bought 30 KFS Puts


17. The Kuszpers were in regular contact during the above trading period and would often discuss the insider trading in code language. For example:

(a) on April 30, 2008, while accumulating Kingsway put contracts prior to the issuance of the Press Release, Helen e-mailed Paul and stated: “still watching the potatos [sic], just like tinky wait and watch and then pounce.” To which Paul responded: “good metaphor… just don’t go too wild!” Staff allege that the term “potatos” was a metaphor for “Kingsway options”. Helen was indicating to her son that she was continuing to monitor the Kingsway options market, waiting for further opportunities to purchase Kingsway options; and

(b) on May 1, six days prior to the issuance of the Press Release, Helen sent an urgent e-mail to Paul instructing him to “sell to open 50 jun 12 call for barabola a 2.40”. To which Paul responded: “i sold at 2.45”. To which Helen replied: “that will net us 10 g’s”. Staff allege that the term “barabola” was code for “Kingsway”. Helen was instructing Paul on May 1 to sell as an opening transaction (that is, short) 50 Kingsway calls expiring in June with a strike price of $12 at a price of $2.40. As noted below, Paul did sell 50 Kingsway calls short on May 1 at $2.45, as he indicated in his reply to his mother, and covered the position on May 12, resulting in a net profit of $11,292.

(b) Profit and Loss Avoided

18. After the Press Release was issued (May 7, after the close of trading) and the material loss was publicly disclosed, Kingsway’s share price fell dramatically. The stock price closed the next trading day (May 8) at $9.97, which represented a one day decline of 30% from the closing price of $14.26 the day before.

19. The Kuszpers proceeded to immediately sell their Kingsway puts for considerable profit:

Date Helen Kuszper Paul Kuspzer Proceeds May 8, 2008 Sold 150 KFS Puts $44,852.51

May 8, 2008 Sold 140 KFS Puts $55,815.01

May 8, 2008 Sold 10 KFS Puts $3,987.50

May 8, 2008 Sold 150 KFS Puts $60,557.53

May 8, 2008 Sold 150 KFS Puts $59,057.52

May 9, 2008 Sold 100 KFS Puts $29,365.01

May 9, 2008 Sold 60 KFS Puts $18,815.01

4 Short Selling: The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by

the seller. Short sellers assume that they will be able to buy the security at a lower amount than the price at which they sold short.


December 17, 2010 (2010) 33 OSCB 11676

Date Helen Kuszper Paul Kuspzer Proceeds May 9, 2008 Sold 128 KFS Puts $29,870.64

May 9, 2008 Sold 100 KFS Puts $39,734.41

TOTAL = $342,055.14

20 Paul also later purchased Kingsway calls in order to cover his earlier open short position in these options and profited more than $11,000 from this trade:

Date Transaction Total May 1, 2008 Sold 50 KFS Calls - Opening $12,115.00 (Proceeds)

May 12, 2008 Bought 50 KFS Calls - Closing $822.49 (Cost)

TOTAL = $11,292.51

21. The Kuszpers remained in regular contact during this period and would continue to discuss their trading in code. For example:

(a) on May 8, the day after the Press Release had been issued and while selling the Kingsway puts which they had purchased earlier, Paul e-mailed his mother asking: “Whats [sic] going on JERK!” To which Helen responded: “NOTHIng since we last spoke, just watching barabola wondering when to pounce next, what about you”. Paul: “so 16gs tomorrow?$$$$$$$ in my chequing?” Helen: “3 days to settle. So early next week” Paul: “How many potatoes for meeeee?” Helen: “15 or 16” Paul: “huhhh… thats [sic] just from today… more potatoes to come?” Helen: “fuffalo, talk to you tonight”. Staff allege that the term “barabola” was once again being used as a code word for “Kingsway” and that Helen was monitoring the Kingsway option market waiting for further opportunities to now sell previously purchased Kingsway puts. Staff further allege that the term “potatoes” now meant “money” and that Helen was being requested by Paul to transfer trading proceeds to his chequing account. The next morning, trading profits were transferred to Paul’s chequing account in the amount of $35,000.

22. The total profit realized by the Kuszpers from their trading (after accounting for commissions) is at least $321,772. Of this amount, Helen Kuszper realized $173,080 and Paul Kuszper realized profits of $148,692. As noted above, the Kuszpers also avoided considerable loss through their loss avoidance transactions.

V. FALSE AND MISLEADING STATEMENTS TO STAFF

23. During separate compelled examinations, Helen and Paul Kuszper each misled Staff by denying that Helen had access to Paul’s trading account and that she had executed the Kingsway put option trades on his behalf.

24. Internet and trading records indicate that all put option trading originated from a computer located at Kingsway’s head office in Mississauga, Ontario and at a time when Paul was living abroad in Antigua.

25. Only after being confronted with evidence to the contrary did Paul admit to Staff that he had instructed his mother to execute the put option trades in his account on his behalf.

VI. CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND THE PUBLIC INTEREST

26. Pursuant to subsection 76(6) of the Act, the Kuszpers’ trading in puts and calls constitutes trading in securities of Kingsway.

27. Throughout the relevant trading period, each of Helen and Paul were in a special relationship with Kingsway. Helen was an employee of Kingsway and was, accordingly, a person deemed to be in a special relationship with Kingsway within the meaning of subsection 76(5)(c) of the Act. Paul had learned material information with respect to Kingsway from his mother who he knew to be an employee of Kingsway and was, accordingly, also deemed to be in a special relationship with the issuer pursuant to subsection 76(5)(e).

28. Staff allege that by purchasing and selling securities of Kingsway with knowledge of Kingsway’s undisclosed material loss, Helen and Paul contravened subsection 76(1) of the Act and acted contrary to the public interest.

29. Staff further allege that by informing Paul of the material non-public information regarding Kingsway, Helen contravened subsection 76(2) of the Act and acted contrary to the public interest.


December 17, 2010 (2010) 33 OSCB 11677

30. Staff further allege that both Helen and Paul Kuszper made misleading and untrue statements to Staff contrary to subsection 122(1) of the Act and the public interest.

31. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit.

DATED AT TORONTO this 13th day of December, 2010.


December 17, 2010 (2010) 33 OSCB 11678

1.2.4 Shallow Oil & Gas Inc. et al. – ss. 37, 127



AND

IN THE MATTER OF SHALLOW OIL & GAS INC., ERIC O’BRIEN, ABEL DA SILVA, GURDIP SINGH GAHUNIA

also known as MICHAEL GAHUNIA, ABRAHAM HERBERT GROSSMAN also known as

ALLEN GROSSMAN, MARCO DIADAMO, GORD McQUARRIE, KEVIN WASH, and

WILLIAM MANKOFSKY

NOTICE OF HEARING (Sections 37 and 127)

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 37 and 127 of the Securities Act,R.S.O. 1990, c. S.5, as amended (the “Act”), at the offices of the Commission located at 20 Queen Street West, Toronto, 17th Floor, on December 16, 2010 at 1:30 p.m. or as soon thereafter as the hearing can be held;

AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to approve a settlement agreement entered into between Staff of the Commission and Gurdip Singh Gahunia also known as Michael Gahunia;

BY REASON OF the allegations set out in the Statement of Allegations of Staff of the Commission dated June 10th, 2008 and such additional allegations as counsel may advise and the Commission may permit;


AND TAKE FURTHER NOTICE that upon the failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party, and such party is not entitled to any further notice of the proceeding.


“John Stevenson” Secretary to the Commission

1.3 News Releases

1.3.1 OSC Review Shows Issuers Must Improve Disclosure of Going Concern Risks

FOR IMMEDIATE RELEASE December 14, 2010

OSC REVIEW SHOWS ISSUERS MUST IMPROVE DISCLOSURE OF GOING CONCERN RISKS

TORONTO – The OSC today published Staff Notice 52-719 Going Concern Disclosure Review, which provides results of a review on the adequacy and timeliness of disclosure to investors of an issuer’s ability to continue business operations in the face of significant risks.

OSC Staff reviewed going concern disclosure within regulatory filings of 105 reporting issuers, most of which were junior issuers. The review is a result of the OSC’s response to developments in the markets in 2008-09. Among the issuers reviewed for going concern disclosure, 76 were operating with an elevated risk of financial difficulty, while 29 issuers had recently ceased operations.

Of the operating issuers, the OSC found:

• In their notes to financial statements, operating issuers disclosed material uncertainties. However, 41 per cent did not state these uncertainties may cast significant doubt upon their ability to continue as a going concern;

• In their management’s discussion and analysis (MD&A), 17 per cent of operating issuers did not discuss going concern risk. Another 61 per cent provided generic or incomplete disclosure;

Of the issuers which had recently ceased operations, the OSC found:

• In financial statements, 28 per cent had not disclosed any going concern risk, while another 20 per cent had provided incomplete disclosure;

• Within the MD&A, 21 per cent had not discussed going concern risk, while another 52 per cent provided incomplete disclosure.

“Issuers must provide transparency of the uncertainties which may affect their ability to continue as a going concern,” said Leslie Byberg, Director, Corporate Finance at the OSC. “By providing timely and robust disclosure on going concern matters such as operations, liquidity and capital, issuers can help investors make decisions that potentially avoid or minimize negative consequences.”

The OSC notice provides additional guidance and examples to help issuers improve going concern disclosure in future filings. The OSC will continue to monitor continuous disclosure and prospectus filings for disclosure of going concern risks. If disclosure is deficient, issuers should expect requests for prospective enhancements or


December 17, 2010 (2010) 33 OSCB 11679

requests for refilings. The notice is available on the OSC Website.

For media Inquiries:

Wendy Dey Director, Communications & Public Affairs 416-593-8120

Theresa Ebden Senior Communications Specialist 416-593-8307

Dylan Rae Media Relations Specialist 416-595-8934

1.4 Notices from the Office of the Secretary

1.4.1 Mega-C Power Corporation et al.




AND

IN THE MATTER OF MEGA-C POWER CORPORATION, RENE PARDO,

GARY USLING, LEWIS TAYLOR SR., LEWIS TAYLOR JR., JARED TAYLOR,

COLIN TAYLOR AND 1248136 ONTARIO LIMITED

TORONTO – Following the hearing held on November 25, 2010, the Commission issued an Endorsement in the above named matter.

A copy of the Endorsement dated November 30, 2010 is available at www.osc.gov.on.ca.

OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY

For media inquiries:




For investor inquiries:

OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)


December 17, 2010 (2010) 33 OSCB 11680

1.4.2 Robert Joseph Vanier (a.k.a. Carl Joseph Gagnon)




AND

IN THE MATTER OF ROBERT JOSEPH VANIER

(a.k.a. CARL JOSEPH GAGNON)

TORONTO – On August 9, 2010 the Commission had issued an Order approving the Settlement Agreement reached between Staff of the Commission and the Respondent, Robert Joseph Vanier in the above named matter.

On August 9, 2010 the Commission had also issued an Order which provided that the requirement to post the Settlement Agreement dated August 5, 2010 between Staff of the Ontario Securities Commission and Robert Joseph Vanier be delayed for a period of four (4) months from the date of the Order.

A copy of the Settlement Agreement dated August 5, 2010 is now available at www.osc.gov.on.ca.








1.4.3 Shaun Gerard McErlean and Securus Capital Inc.




AND



TORONTO – The Office of the Secretary issued an Amended Notice of Hearing on December 8, 2010 setting the matter down to be heard on January 24, 2011 at 10:00 a.m. or as soon thereafter as the hearing can be held in the above named matter.

A copy of the Amended Notice of Hearing dated December 8, 2010 and Statement of Allegations of Staff of the Ontario Securities Commission dated December 8, 2010 are available at www.osc.gov.on.ca.









December 17, 2010 (2010) 33 OSCB 11681

1.4.4 David M. O’Brien




AND


TORONTO – The Office of the Secretary issued a Notice of Hearing setting the matter down to be heard on December 20, 2010 at 10:30 a.m. or as soon thereafter as the hearing can be held in the above named matter.

A copy of the Notice of Hearing dated December 8, 2010 and Statement of Allegations of Staff of the Ontario Securities Commission dated December 7, 2010 are available at www.osc.gov.on.ca.

OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries:






1.4.5 Helen Kuszper and Paul Kuszper




AND


TORONTO – The Office of the Secretary issued a Notice of Hearing setting the matter down to be heard on January 27, 2011 at 2:30 p.m. or as soon thereafter as the hearing can be held in the above named matter.

A copy of the Notice of Hearing dated December 13, 2010 and Statement of Allegations of Staff of the Ontario Securities Commission dated December 13, 2010 are available at www.osc.gov.on.ca.









December 17, 2010 (2010) 33 OSCB 11682

1.4.6 Paladin Capital Markets Inc. et al.




AND

IN THE MATTER OF PALADIN CAPITAL MARKETS INC.,

JOHN DAVID CULP, AND CLAUDIO FERNANDO MAYA

TORONTO – The Commission issued an Order in the above named matter which provides that pursuant to subsections 127(7) and 127(8) of the Act, that the Temporary Order is extended until the close of business on January 14, 2011 with respect to Maya only; and that the hearing is adjourned to January 14, 2011 at 11:00 a.m.

A copy of the Order dated December 13, 2010 is available at www.osc.gov.on.ca.








1.4.7 Shallow Oil & Gas Inc. et al.




AND

IN THE MATTER OF SHALLOW OIL & GAS INC., ERIC O’BRIEN, ABEL DA SILVA, GURDIP SINGH GAHUNIA

also known as MICHAEL GAHUNIA, ABRAHAM HERBERT GROSSMAN also known as

ALLEN GROSSMAN, MARCO DIADAMO, GORD McQUARRIE, KEVIN WASH, and

WILLIAM MANKOFSKY

TORONTO – The Office of the Secretary issued a Notice of Hearing for a hearing to consider whether it is in the public interest to approve a settlement agreement entered into by Staff of the Commission and Gurdip Singh Gahunia a.k.a. Michael Gahunia in the above named matter. The hearing will be held on December 16, 2010 at 1:30 p.m. in Hearing Room C on the 17th floor of the Commission's offices located at 20 Queen Street West, Toronto.

A copy of the Notice of Hearing dated December 14, 2010 is available at www.osc.gov.on.ca.









December 17, 2010 (2010) 33 OSCB 11683

1.4.8 Sunil Tulsiani et al.




AND

IN THE MATTER OF SUNIL TULSIANI, TULSIANI INVESTMENTS INC.,

PRIVATE INVESTMENT CLUB INC., and GULFLAND HOLDINGS LLC

TORONTO – The Commission issued an Order in the above named matter which provides that that the hearing on the merits is scheduled to commence on May 24, 2011 at 10:00 a.m. and to continue on May 25, 26, 27, and 30, 2011, or such further or other dates as to be agreed to by the parties and fixed by the Office of the Secretary.

A copy of the Order dated December 14, 2010 is available at www.osc.gov.on.ca.









December 17, 2010 (2010) 33 OSCB 11684

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December 17, 2010 (2010) 33 OSCB 11685

Chapter 2

Decisions, Orders and Rulings

2.1 Decisions

2.1.1 Theratechnologies Inc.

Headnote

Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – National Instrument 52-107, s. 9.1 Acceptable Accounting Principles, Auditing Standards and Reporting Currency – A reporting issuer wants to early adopt IFRS for purposes of preparing its financial statements – The issuer has assessed the readiness of its staff, board, audit committee, auditors and investors; the issuer will provide detailed disclosure regarding its early adoption of IFRS as set out in CSA Staff Notice 52-320 in a news release or in restated and re-filed MD&A for its most recent interim period to be disseminated or re-filed within seven days of the decision; the issuer will restate and re-file any financial statements prepared in accordance with Canadian GAAP for interim periods for the fiscal year in which they intend to adopt IFRS together with related interim MD&A and certificates required by NI 52-109.

Applicable Legislative Provisions

National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency, s. 9.1.

[Translation]

December 1, 2010

IN THE MATTER OF THE SECURITIES LEGISLATION OF

QUÉBEC AND ONTARIO (the Jurisdictions)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF THERATECHNOLOGIES INC.

(the Filer)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filer from the requirement in section 3.1 of Regulation 52-107 respecting Acceptable Accounting Principles, Auditing Standards and Reporting Currency (Regulation 52-107) that financial statements be prepared in accordance with Canadian generally accepted accounting principles (Canadian GAAP) (the Exemption Sought) in order that the Filer may prepare financial statements for periods beginning on or after December 1, 2009 in accordance with in Part I of the Handbook of the Canadian Institute of Chartered Accountants, that is International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IFRS-IASB).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the Autorité des marchés financiers is the principal regulator for this application,

(b) the Filer has provided notice that section 4.7(1) of Regulation 11-102 respecting Passport System (Regulation 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador (the Passport Jurisdictions), and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

Terms defined in Regulation 14-101 respecting Definitionsand Regulation 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer is incorporated under Part IA of the Companies Act (Québec).

2. The head office of the Filer is located at 2310, boulevard Alfred-Nobel, Montréal, Québec, H4S 2B4.


December 17, 2010 (2010) 33 OSCB 11686

3. The Filer is a Canadian biopharmaceutical company that discovers and develops innovative therapeutic products, with an emphasis on peptides, for commercialization.

4. The Filer is a reporting issuer in the Jurisdictions and each of the Passport Jurisdictions.

5. The Filer is not in default of its reporting issuer obligations under the Legislation or the securities legislation of the Passport Jurisdictions.

6. The Filer’s authorized share capital currently consists of an unlimited number of common shares, without par value, and an unlimited number of preferred shares, without par value, issuable in series, of which 60,511,598 common shares and no preferred shares were outstanding as of November 3, 2010.

7. The Filer’s shares are listed for trading on the Toronto Stock Exchange under the symbol “TH”.

8. The Filer's financial year end is November 30 of each year.

9. The Filer currently prepares its financial statements in accordance with Canadian GAAP.

10. The Filer has not previously prepared financial statements that contain an explicit and unreserved statement of compliance with IFRS-IASB.

11. The Canadian Accounting Standards Board has confirmed that publicly accountable enterprises will be required to prepare their financial statements in accordance with IFRS-IASB for financial statements relating to fiscal years beginning on or after January 1, 2011.

12. Regulation 52-107 sets out acceptable accounting principles for financial reporting under the legislation by domestic issuers, foreign issuers, registrants and other market participants; under Regulation 52-107, a domestic issuer must use Canadian GAAP, with the exception that a SEC registrant may use US GAAP; under Regulation 52-107, only foreign issuers may use IFRS-IASB.

13. In CSA Staff Notice 52-321 Early Adoption of International Financial Reporting Standards, Use of US GAAP and Reference to IFRS-IASB, staff of the Canadian Securities Administrators recognized that some issuers may wish to prepare their financial statements in accordance with IFRS-IASB for periods beginning prior to January 1, 2011 and indicated that staff were prepared to recommend exemptive relief on a case by case basis to permit a domestic issuer to do so, despite section 3.1 of Regulation 52-107.

14. Subject to obtaining the Exemption Sought, the Filer intends to adopt IFRS-IASB with a transition

date of December 1, 2008 and a changeover date of December 1, 2009.

15. The Filer believes that the adoption of IFRS-IASB will be in its best interests and will provide a greater benefit to the Filer and users of its financial information and avoid significant costs and complexity during the financial statement preparation process.

16. The Filer has implemented a comprehensive IFRS-IASB conversion plan, including getting its staff to attend training, examining the internal control over financial reporting and disclosure controls and procedures surrounding the adoption of IFRS-IASB, and reviewing the related working papers and skeleton IFRS-IASB financial statements for the period beginning December 1, 2009.

17. The board of directors of the Filer has approved early adoption of IFRS-IASB.

18. The Filer has evaluated, and is satisfied as to, its overall readiness to transition from Canadian GAAP to IFRS-IASB effective at the start of its financial year beginning on December 1, 2009, including the readiness of its staff, board of directors, and audit committee, to deal with the change.

19. The Filer has considered the implication of adopting IFRS-IASB for financial periods beginning on or after December 1, 2009 on its obligations under securities legislation and the securities legislation of the Passport Jurisdictions including, but not limited to, those relating to CEO and CFO certificates, business acquisition reports, offering documents, and previously released material forward-looking information.

20. The most significant financial reporting difference under IFRS-IASB to the Filer's Canadian GAAP statements is with respect to IFRS 2 Share-based payments (IFRS 2). This standard encourages application of IFRS 2 provisions to equity instruments granted on or before November 7, 2002, but permits the application only to equity instruments granted after November 7, 2002 that had not vested by the transition date. The Filer will apply IFRS 2 only to equity instruments granted after November 7, 2002 that had not vested by the date of transition.

21. The Filer's financial statements are available to users via the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

22. The Filer has communicated its intention to early adopt IFRS-IASB with its external auditors, KPMG LLP (KPMG); KPMG has significant experience with companies that have already transitioned to


December 17, 2010 (2010) 33 OSCB 11687

IFRS-IASB or have been reporting under IFRS-IASB.

23. The Filer will communicate its IFRS-IASB implementation plan to investors as contemplated by CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards by disclosing relevant information about its changeover to IFRS-IASB in a news release not more than seven days after the date of the decision approving such early adoption application, including:

(a) the key elements and timing of the Filer's changeover plan;

(b) the accounting policy and implementation decisions the Filer has made or will have to make;

(c) the exemptions available under IFRS 1 First-time Adoption of International Financial Reporting Standards that the Filer expects to apply in preparing financial statements in accordance with IFRS-IASB;

(d) major identified differences between the Filer's current accounting policies and those the Filer is required or expects to apply in preparing its financial statements in accordance with IFRS-ASB; and

(e) the impact of adopting IFRS-IASB on the key line items in the Filer's financial statements.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted, provided that:

(a) the Filer prepares its financial statements for financial periods ending on or after December 1, 2009 in accordance with IFRS-IASB;

(b) the Filer provides all of the communication and information as described and in the manner set out in paragraph 23 above and has also provided the information in its interim management's discussion and analysis including quantitative information regarding the impact of adopting IFRS-IASB on key line items in the Filer’s interim financial statements for the third-quarter ended August 31, 2010 and will

update the information in its annual management's discussion and analysis and annual financial statements for the year ending November 30, 2010;

(c) the Filer's first IFRS-IASB financial statements for an interim period include an opening statement of financial position as at the date of transition to IFRS-IASB that is presented with equal prominence to the other statements that comprise those interim financial statements; and

(d) if the Filer files interim financial statements prepared in accordance with Canadian GAAP for one or more interim periods in the year that the Filer adopts IFRS-IASB, the Filer will, at or prior to the time of filing its first IFRS-IASB financial statements, restate and refile those interim financial statements originally prepared in accordance with Canadian GAAP in accordance with IFRS-IASB together with the related restated interim management’s discussion and analysis as well as the certificates required by Regulation 52-109 respecting Certifica-tion of Disclosure in Issuers’ Annual and Interim Filings.

“Louis Morisset” Superintendent Securities Markets Autorité des marchés financiers


December 17, 2010 (2010) 33 OSCB 11688

2.1.2 Red Back Mining Inc. – s. 1(10)

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer deemed to no longer be a reporting issuer under securities legislation.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).

October 25, 2010

Red Back Mining Inc. c/o 25 York Street 17th Floor Toronto, ON M5J 2V5

Dear Sirs/Mesdames:

Re: Red Back Mining Inc. (the Applicant) – application for a decision under the securities legislation of the Provinces of Ontario, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (collectively, the Jurisdictions).

The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer.

As the Applicant has represented to the Decision Makers that:

(a) the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions in Canada and fewer than 51 security holders in total in Canada;

(b) no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;

(c) the Applicant is applying for a decision that it is not a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and

(d) the Applicant is not in default of any of its obligations under the Legislation as a reporting issuer,

each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is not a reporting issuer.

“Jo-Anne Matear” Assistant Manager, Corporate Finance Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11689

2.1.3 Drive Products Income Fund and 2256479 Ontario Inc.

Headnote

NP 11-203 – MI 61-101 – take-over bid and subsequent business combination – MI 61-101 requires sending of information circular and holding of meeting in connection with second step business combination – target’s declaration of trust to be amended to provide that a resolution in writing executed by unitholders holding more than 66 2/3% of the outstanding units valid as if such voting rights had been exercised at a meeting of unitholders – relief granted from requirement that information circular be sent and meeting be held – minority approval to be obtained albeit in writing rather than at a meeting of unitholders.


Multilateral Instrument 11-102 Passport System. National Policy 11-203 Process for Exemptive Relief

Applications in Multiple Jurisdictions. Multilateral Instrument 61-101 Protection of Minority

Security Holders in Special Transactions.

November 10, 2010


ONTARIO (the Jurisdiction)

AND



AND

IN THE MATTER OF THE TAKE-OVER BID FOR

DRIVE PRODUCTS INCOME FUND BY 2256479 ONTARIO INC.

(the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application (the Application) from the Filer, in connection with a take-over bid (the Offer) for Drive Products Income Fund (the Fund) for a decision under the securities legislation of the Jurisdiction (the Legislation) that the following requirements of Section 4.2 of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101) be waived (the MI 61-101 Exemption Sought):

(a) a Compulsory Acquisition or Subsequent Acquisition Transaction (each as defined below),

as applicable, be approved at a meeting of the holders of units and special voting units of the Fund (the Voting Unitholders); and

(b) an information circular be sent to the Voting Unitholders in connection with either a Compulsory Acquisition or Subsequent Acquisition Transaction, as applicable.

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission (the OSC) is the principal regulator for this application; and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 – Passport System(MI 11-102) is intended to be relied upon in Quebec,

Interpretation

Terms defined in National Instrument 14-101 – Definitionsand M1 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

This Decision is based on the following facts represented by the Filer:

1. The Filer was incorporated under the laws of the Province of Ontario on September 10, 2010 and is controlled by Gregory Edmonds, Chief Executive Officer of the Fund, and Russell Bilyk, President of Drive Products, the operating partnership (the Operating Partnership) owned by the Fund (collectively, the Insiders). The Filer has not carried on any business prior to the date hereof other than in connection with the Offer, including the entering into of lock-up agreements, the Support Agreement (defined below) and the letter of intent dated September 17, 2010 among the Fund and the Filer. The Filer is not a reporting issuer in any of the provinces or territories of Canada. The registered office of the Filer is 1665 Shawson Drive, Mississauga, Ontario L4W 1T7. The Filer is not in default of securities legislation in any jurisdiction.

2. All information contained herein relating to the Fund and its affiliates is based solely upon information provided by the Fund or upon the Fund's publicly available documents.

3. The Fund is an unincorporated, open-ended, limited purpose trust formed under the laws of the Province of Ontario pursuant to a declaration of trust (the Declaration of Trust) dated May 1, 2006 (as amended and restated on August 25, 2006). The Fund’s head office is located at 1665 Shawson Drive, Mississauga, Ontario L4W 1T7. The Fund is a reporting issuer in all of the


December 17, 2010 (2010) 33 OSCB 11690

provinces and territories of Canada. The Fund is authorized to issue:

i. an unlimited number of trust units (Units), which are listed on the Toronto Stock Exchange (the TSX) under the trading symbol “DPI.UN” and held by CDS Clearing and Depository Services Inc. in non-certificated inventory; and

ii. an unlimited number of special voting units (the Special Voting Units and, together with the Units, the VotingUnits). Special Voting Units may only be issued to holders of Class B LP Units (defined below) for the purpose of providing voting rights with respect to the Fund to the holders of such securities. Special Voting Units are attached to the Class B LP Units to which they relate and are not transferable separately from such Class B LP Units.

4. As at October 8, 2010, there were issued and outstanding 6,889,365 Units and 6,360,418 Special Voting Units. As at the date hereof, the Filer and its affiliates, together with the Insiders and Michael Edmonds, Robert Edmonds, 1257727 Alberta Ltd. (a company controlled by Russell Bilyk), Daniel Bostrom, Falynn Bostrom and Ryan Bilyk (collectively, the Excluded Parties) own or control 874,100 Units and 6,185,418 Class B LP Units representing approximately 13% of the currently outstanding Units and approximately 53% of the outstanding Units on a fully-diluted basis.

5. Drive Products Limited Partnership, a subsidiary of the Fund, is authorized to issue an unlimited number of Class B limited partnership units (the Class B LP Units). The Class B LP Units are indirectly exchangeable into Units on a one-for-one basis and are non-transferable, except in connection with an exchange for Units. As at October 8, 2010, there were issued and outstanding 6,360,418 Class B LP Units.

6. The Insiders, along with Christopher Boudreau, the Chief Financial Officer of the Operating Partnership, and Bradley Fleming, a Vice-President of the Operating Partnership, own or control all of the outstanding Class B LP Units.

7. On October 8, 2010, the Filer and the Fund entered into a support agreement (the Support Agreement) pursuant to which the Filer agreed to make the Offer to purchase all of the issued and outstanding Units, other than any Units owned and/or controlled, directly or indirectly, by the Filer, its affiliates, the Insiders, and the Excluded Parties and the Fund agreed to recommend that Unitholders accept the Offer. The Support Agreement also provides that the Offer shall

remain open for acceptance for not less than 35 days following the mailing of the Circular. The Filer currently intends to take up and pay for Units deposited under the Offer on or before November 15, 2010.

8. The Filer’s offer and take-over bid circular (the Circular), together with the related letter of transmittal and the related Trustees’ Circular, was mailed to registered holders of Units (the Unitholders) and registered holders of Class B LP Units, respectively, on October 8, 2010.

9. Pursuant to the Circular;

i. the Filer has made an offer (the Offer),subject to certain terms and conditions as set out in the Circular, to purchase at a price of $2.50 cash per Unit all of the Units other than any Units owned directly or indirectly by the Filer, its affiliates, the Insiders and the Excluded Parties, including all Units issued or conditionally issued before the expiry of the Offer upon the exercise, conversion or exchange of Class B LP Units. The Offer is made only for Units, and not for any Class B LP Units;

ii. the Offer will be open for acceptance until 5:00 p.m. (Toronto time) on Friday, November 12, 2010, unless the Offer is extended or withdrawn;

iii. the Offer is conditional upon, among other things, there having been validly deposited under the Offer and not withdrawn at the expiry of the Offer (i) such number of Units which constitutes, together with the Units owned by the Filer, its affiliates, the Insiders and the Excluded Parties, at least 66 2/3% of the outstanding Voting Units and (ii) at least a majority of the Units, the votes attached to which would be included in the minority approval of a second step business combination under MI 61-101 (together, the Deposit Conditions);

iv. section 13.12 of the Declaration of Trust currently permits the Filer to acquire the Units held by Unitholders who do not accept the Offer (including a subsequent Unitholder who acquires such Units upon the conversion or exchange of Class B LP Units) (the Dissenting Unitholders)if, within 120 days after the date the Offer is made, the Offer is accepted by Unitholders who in aggregate hold at least 90% of the Units (on a fully-diluted basis, assuming the exchange of all Class B LP Units for Units), other than Units beneficially owned, or over which


December 17, 2010 (2010) 33 OSCB 11691

control or direction is exercised, on the date of the Offer, by the Filer. If the Filer has taken up and paid for the Units held by such accepting Unitholders, then the Filer is entitled to (i) acquire all the Units that are held by the Dissenting Unitholders on the terms on which the Filer acquired the Units of Unitholders who accepted the Offer and (ii) require the automatic exchange of Class B LP Units to Units and acquire such Units issued as a result of such automatic exchange on the same terms as the Units acquired pursuant to (i) above ((i) and (ii) above, collectively, a Compulsory Acquisition);

v. assuming the Deposit Conditions are met, the Filer currently intends to amend the provisions of Section 13.12 of the Declaration of Trust to provide that (i) a Compulsory Acquisition may be effected if, within 120 days after the date the Offer is made, the Offer is accepted by the holders of such number of Units which constitutes, together with the Units owned by the Filer, its affiliates, the Insiders and the Excluded Parties, at least 66 2/3% of the outstanding Voting Units, and (ii) if a Compulsory Acquisition is effected, Units held by Dissenting Unitholders will be deemed to have been transferred to the Filer immediately upon the sending of an Filer’s notice (Filer’sNotice) to Dissenting Unitholders (as opposed to upon the transfer by the Fund of the Units held by the Dissenting Unitholders to the Filer referred to above) and that the Dissenting Unitholders will cease to have any rights as Unitholders from and after that time, other than the right to be paid the consideration that the Filer would have paid to Dissenting Unitholders had they accepted the Offer. If the Filer elects to effect a Compulsory Acquisition, the Filer currently intends to send the Filer’s Notice to Dissenting Unitholders immediately following the take-up of Units deposited under the Offer with the result that the Filer would acquire all of the Units at that time, other than any Units owned and/or controlled, directly or indirectly, by the Filer, its affiliates, the Insiders and the Excluded Parties. The Filer does not intend to send the Filer’s Notice to any holders of Class B LP Units or require the automatic exchange of any Class B LP Units pursuant to a Compulsory Acquisition;

vi. assuming the Deposit Conditions are met, if the Filer takes up and pays for Units validly deposited under the Offer

and the right of Compulsory Acquisition is not available to the Filer or the Filer chooses not to avail itself of such right, the Filer currently intends to take such action as is necessary or advisable to acquire all Units not acquired under the Offer (a Subsequent Acquisition Transaction). A Subsequent Acquisition Transaction may take the form of one or more amendments to the Declaration of Trust to provide for the redemption of all outstanding Units (other than any Units owned and/or controlled, directly or indirectly, by the Filer, its affiliates, the Insiders and the Excluded Parties) or the purchase of such Units by the Filer, in either case for a price equal to, and payable in the same form as, the consideration paid for Units taken up under the Offer. The timing and details of any Subsequent Acquisition Transaction will necessarily depend on a variety of factors, including the number of Units acquired under the Offer. The Filer does not intend to require the automatic exchange of any Class B LP Units pursuant to a Subsequent Acquisition Transaction; and

vii. in order to effect either a Compulsory Acquisition or a Subsequent Acquisition Transaction, in accordance with the foregoing, rather than seeking the approval of the holders of Voting Units (the Voting Unitholders) at a special meeting of Voting Unitholders to be called for such purpose, the Filer intends to rely on section 12.10 of the Declaration of Trust, which specifies that a written resolution circulated to all Unitholders and executed by Unitholders holding more than 66 2/3% of the votes attached to the outstanding Units required to vote in favour thereof at a meeting of Unitholders to approve that resolution, if such resolution is a special resolution, shall be as valid and binding for all purposes of the Declaration of Trust as if such Unitholders had exercised at that time all of their voting rights in favour of such resolution at a meeting of Unitholders duly called for that purpose, which written resolution (the Written Resolution) will approve, among other things, the Compulsory Acquisition and the Subsequent Acquisition Trans-action.

10. Notwithstanding that section 12.10 of the Declaration of Trust permits certain actions of the Fund, including the Compulsory Acquisition and the Subsequent Acquisition Transaction, to be authorized by the Written Resolution, section 4.2


December 17, 2010 (2010) 33 OSCB 11692

of MI 61-101 requires in certain circumstances that transactions, such as the Compulsory Acquisition and the Subsequent Acquisition Transaction, be approved at a meeting of Voting Unitholders called for such purpose and, in connection therewith, that an information circular containing certain prescribed disclosure be sent to Voting Unitholders.

11. Immediately upon completion of the Offer, it is intended that the Units held by the Insiders and the Excluded Parties and all of the outstanding Class B LP Units will be exchanged for Class B common shares of the Filer on a tax deferred basis under section 85(1) of the Income Tax Act (Canada).

12. The Filer intends, if permitted by applicable laws, to cause the Fund to: (a) apply to delist the Units from the TSX as soon as practicable after completion of the Offer and any Compulsory Acquisition or Subsequent Acquisition Transaction; and (b) cease to be a reporting issuer under the securities laws of each province and territory of Canada in which it is a reporting issuer.

13. Neither the Filer nor the Fund is in default of any requirement under applicable securities laws in any province or territory of Canada.

14. It is a condition of the Offer that minority approval (as contemplated in Part 8 of MI 61-101) shall have been obtained. Minority approval (as contemplated in Part 8 of MI 61-101) will be obtained by the Written Resolution rather than at a meeting of Voting Unitholders.

15. The Circular contains all the disclosure required by applicable securities laws, including the take-over bid provisions and form requirements of the Legislation and the provisions of MI61-101 relating to the disclosure required to be included in an information circular distributed in respect of an insider bid and a business combination under MI 61-101.

16. The Circular contains the text of the Written Resolution.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the MI 61-101 Exemption Sought is granted provided that minority approval (as contemplated in Part 8 of MI 61-101) shall have been obtained by the Written Resolution.

“Naizam Kanji” Deputy Director, Corporate Finance Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11693

2.1.4 Bank of Montreal

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief from the insider reporting requirement in respect of the acquisition and disposition of the Filer’s holdings in special trust securities of various trust entities – Filer is a significant shareholder and management company of various trusts entities and as such is required to file insider reports in respect of the special trust securities over which it has control or direction – any increases or reductions in the Filer’s holdings of such voting securities of these trust entities has not been, and will not be, based on any material undisclosed information regarding the Filer or the applicable trust entity - relief from the insider reporting requirements granted, subject to conditions.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 107. National Instrument 55-104 Insider Reporting Requirements and Exemptions, Parts 3 and 4.

November 9, 2010


ONTARIO (the Jurisdiction)

AND



AND

IN THE MATTER OF BANK OF MONTREAL

(the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislationof the Jurisdiction of the principal regulator (the Legislation) that the Filer be exempt from the Primary Insider Reporting Requirement (as defined below) and the Supplemental Insider Reporting Requirement (as defined below) in respect of the acquisition or disposition of each of:

(i) the Special Trust Securities (as defined below) of BMO Capital Trust (Capital Trust) (including any Special Trust Securities of the Capital Trust that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future),

(ii) the Voting Trust Units (as defined below) of BMO Capital Trust II (Capital Trust II) (including any Voting Trust Units of the Capital Trust II that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future), and

(iii) the BSN Voting Trust Units (as defined below) of BMO Subordinated Notes Trust (BSN Trust) (including any BSN Voting Trust Units of the BSN Trust that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future).


(a) the Ontario Securities Commission is the principal regulator for this application; and


December 17, 2010 (2010) 33 OSCB 11694

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories and Nunavut.

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

“Primary Insider Reporting Requirement” means relief from the requirement to file:

i. insider reports under section 107 of the Securities Act (Ontario) and Part 3 of NI 55-104 Insider Reporting Requirements and Exemptions (NI 55-104); and

ii. insider reports under any provisions of Canadian securities legislation substantially similar to section 107 of the Securities Act (Ontario) and Part 3 of NI 55-104.

“Supplemental Insider Reporting Requirement” means relief from the requirement to file:

i. insider reports under Part 4 of NI 55-104;

ii. insider reports under any provisions of Canadian securities legislation substantially similar to Part 4 of NI 55-104; and

iii. an insider profile under National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI) (NI 55-102) in respect of Capital Trust and Capital Trust II.

Representations


1. The Filer is a Schedule I bank under the Bank Act (Canada), which constitutes its charter. The principal executive offices are located at Bank of Montreal, 100 King Street West, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1A1. The Filer’s head office is located at 129 Rue St. Jacques, Montreal, Québec, Canada H2Y 1L6.

The Capital Trust

2. The Capital Trust is a trust established under the laws of the Province of Ontario. The Capital Trust was established solely for the purpose of offering securities to the public in order to provide the Filer with a cost-effective means of raising capital for Canadian bank regulatory purposes. The Capital Trust does not and will not carry on any operating activity other than in connection with the offering of its securities to the public.

3. The beneficial interests of the Capital Trust are divided into units issued in one or more classes and one or more series of each such class, as determined by the trustee of the Capital Trust from time to time, including classes of units designated as Trust Capital Securities (the BMO BOaTS) and units designated as Special Trust Securities (collectively, the Special Trust Securities).

4. The Capital Trust has previously issued five series of BMO BOaTS (being Series A, Series B, Series C, Series D and Series E). In connection with the issuance of each series of BMO BOaTS and on October 28, 2004, the Capital Trust issued Special Trust Securities to the Filer. On June 30, 2010, the Capital Trust redeemed BMO BOaTS – Series A. In order to ensure that the Capital Trust did not exceed the overcollateralization limit of 40% mandated by the Office of Superintendent of Financial Institutions Canada, the Capital Trust also redeemed $140 million of Special Trust Securities in connection with the redemption of BMO BOaTS – Series A.

5. The Capital Trust may from time to time offer for sale and issue to the public subsequent series of BMO BOaTS and issue additional Special Trust Securities to the Filer.

6. The BMO BOaTS have been distributed pursuant to prospectuses and are held by the public and the Special Trust Securities are held by the Filer. The Filer has covenanted that all of the outstanding Special Trust Securities will be owned at all times by the Filer.

7. The BMO BOaTS are non-voting except in limited circumstances. The Special Trust Securities entitle the Filer to vote with respect to certain matters regarding the Capital Trust.


December 17, 2010 (2010) 33 OSCB 11695

8. The Special Trust Securities may only be held by the Filer and are not traded securities. Pursuant to agreements entered into by the Filer in connection with the offering of BMO BOaTS, the Filer will maintain 100% ownership of the outstanding Special Trust Securities.

9. Pursuant to an administrative agreement entered into between BNY Trust Company of Canada, as trustee of the Capital Trust (the Capital Trust Trustee) and the Filer, the Capital Trust Trustee has delegated to the Filer certain of its obligations in relation to the administration of the Capital Trust. The Filer, as administrative agent, provides advice and counsel with respect to the administration of the day-to-day operations of the Capital Trust and other matters as may be requested by the Capital Trust Trustee from time to time.

10. The Capital Trust has received an exemption (the Capital Trust CD Relief) from the requirements contained under the Legislation and under the legislation of other applicable jurisdictions to: (a) file interim financial statements and audited annual financial statements with the applicable securities authorities or regulators and deliver such statements to the security holders of the Capital Trust; (b) make an annual filing in lieu of filing an information circular, where applicable; (c) file an annual report and an information circular and deliver such report or information circular to the security holders of the Capital Trust resident in Quebec; and (d) prepare and file an annual information form, including management’s discussion and analysis (MD&A) of the financial condition and results of operation of the Capital Trust and send such MD&A to security holders of the Capital Trust.

The Capital Trust II

11. The Capital Trust II is a trust established under the laws of the Province of Ontario. The Capital Trust II was established solely for the purpose of effecting the offering of $450,000,000 principal amount of 10.221% BMO Tier 1 Notes – Series A due December 31, 2107 (the Tier 1 Notes) and other offerings of debt securities that the Filer may offer from time to time in order to provide the Filer with a cost-effective means of raising capital for Canadian bank regulatory purposes. The Capital Trust II does not and will not carry on any operating activity other than in connection with the offering of its securities to the public.

12. The capital of Capital Trust II is divided into the Tier 1 Notes and voting trust units (the Voting Trust Units). The Tier 1 Notes are debt securities of the Capital Trust II. The Voting Trust Units are voting securities of the Capital Trust II.

13. The Capital Trust II may from time to time offer for sale and issue to the public additional series of debt securities andissue additional Voting Trust Units to the Filer.

14. The Tier 1 Notes have been distributed pursuant to a prospectus and are held by the public and all outstanding Voting Trust Units are held by the Filer. The Filer has covenanted that all of the outstanding Voting Trust Units will be owned at all times by the Filer.

15. The Tier 1 Notes are non-voting. The Voting Trust Units entitle the Filer to vote with respect to certain matters regarding the Capital Trust II.

16. The Voting Trust Units may only be held by the Filer and are not traded securities. Pursuant to agreements entered into by the Filer in connection with the offering of Tier 1 Notes, the Filer will maintain 100% ownership of the outstanding Voting Trust Units.

17. Pursuant to an administration agreement entered into between Montreal Trust Company of Canada, as trustee of the Capital Trust II (the Capital Trust II Trustee), and the Filer, the Capital Trust II Trustee has delegated to the Filer certain of its obligations in relation to the administration of the Capital Trust II. The Filer, as administrative agent, provides advice and counsel with respect to the administration of the day-to-day operations of the Capital Trust II and other matters as may be requested by the Capital Trust II Trustee from time to time.

18. The Capital Trust II has received an exemption (the Capital Trust II CD Relief) from the requirements contained under the Legislation and under the legislation of other applicable jurisdictions to: (a) file interim financial statements and audited annual financial statements and deliver same to the security holders of the Capital Trust II, pursuant to sections 4.1, 4.3 and 4.6 of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102); (b) file interim and annual MD&A and deliver same to the security holders of the Capital Trust II pursuant to sections 5.1 and 5.6 of NI 51-102; (c) file an annual information form pursuant to section 6.1 of NI 51-102; and (d) comply with any other provisions of NI 51-102. The Capital Trust II also received an exemption from the requirements contained under the Legislation and under the legislation of other applicable jurisdictions to file interim and annual certificates pursuant to Parts 4 and 5 of National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (the Capital Trust II Certification Relief).


December 17, 2010 (2010) 33 OSCB 11696

The BSN Trust

19. The BSN Trust is a trust established under the laws of the Province of Ontario. The BSN Trust was established solely for the purpose of effecting an offering of $800,000,000 principal amount of 5.75% trust subordinated notes due September 26, 2022 (the BMO TSNs) and other offerings of debt securities in order to provide the Filer with a cost-effective means of raising capital for Canadian regulatory purposes. The BSN Trust does not and will not carry on any operating activity other than in connection with the offering of its securities to the public.

20. The capital of the BSN Trust is divided into the BMO TSNs and voting securities of the Trust (the BSN Voting Trust Units).

21. The BSN Trust may from time to time offer for sale and issue to the public additional series of debt securities and issue additional BSN Voting Trust Units to the Filer.

22. The BMO TSNs have been distributed pursuant to a prospectus and are held by the public and all outstanding BSN Voting Trust Units are held by the Filer. The Filer has covenanted that all of the outstanding BSN Voting Trust Units will be owned at all times by the Filer.

23. The BMO TSNs are non-voting. The BSN Voting Trust Units entitle the Filer to vote with respect to certain matters regarding the BSN Trust.

24. The BSN Voting Trust Units may only be held by the Filer and are not traded securities. Pursuant to agreements entered into by the Filer in connection with the offering of Tier 1 Notes, the Filer will maintain 100% ownership of the outstanding BSN Voting Trust Units.

25. Pursuant to an administration agreement entered into between Computershare Trust Company of Canada, as trustee of the BSN Trust (the BSN Trustee), and the Filer, the BSN Trustee has delegated to the Filer certain of its obligations in relation to the administration of the BSN Trust. The Filer, as administrative agent, offers advice and counsel with respect to the administration of the day-to-day operations of the BSN Trust and other matters as may be requested by the BSN Trustee from time to time.

26. The BSN Trust has received an exemption (the BSN CD Relief) from the requirements contained in the Legislation and under the legislation of other applicable jurisdictions to: (a) file interim financial statements and audited annual financial statements and deliver same to the security holders of the BSN Trust, pursuant to Sections 4.1, 4.3 and 4.6 of NI 51-102; (b) file interim and annual MD&A of the financial conditions and results of operations and deliver same to the security holders of the BSN Trust pursuant to Section 5.1 and 5.6 of NI 51-102; and (c) file an annual information form pursuant to Section 6.1 of NI 51-102. The BSN Trust also received an exemption from the requirements contained under the Legislation and the legislation of other applicable jurisdictions to file interim and annual certificates contained in Sections 2.1 and 3.1 of Multilateral Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings (the BSN Certification Relief).

27. Section 107 of the Securities Act (Ontario) and Parts 3 and 4 of NI 55-104 impose certain reporting requirements on insiders and “reporting insiders”, respectively, (including management companies that provide significant management or administrative services to a reporting issuer).

28. The Filer holds the Special Trust Securities of the Capital Trust, the Voting Trust Units of the Capital Trust II and the BSN Voting Trust Units of the BSN Trust and therefore, the Filer is considered a “significant shareholder” and a “reporting insider”, of each of the Capital Trust, Capital Trust II and the BSN Trust within the meaning of NI 55-104.

29. Because the Filer, as administrative agent of each of the Capital Trust, Capital Trust II and the BSN Trust provides advice and counsel with respect to the administration of the day-to-day operations of each of the Capital Trust, Capital Trust II and the BSN Trust, and other matters as may be requested by the applicable trustee from time to time, the Filer is considered a “management company” of each of the Capital Trust, Capital Trust II and the BSN Trust within the meaning of NI 55-104.

30. Because the Filer is a “significant shareholder” and a “management company” of each of the Capital Trust, Capital Trust II and the BSN Trust, the insider reporting requirements require the Filer to file insider reports in respect of each of the Special Trust Securities, Voting Trust Units and the BSN Voting Trust Units over which it has control or direction.

31. Prior to NI 55-104 coming into effect, under the predecessor Canadian securities legislation, the Filer, by virtue of holding more than 10% of the voting securities of the Capital Trust, Capital Trust II and the BSN Trust, respectively, was required to file insider reports in respect of each of the Special Trust Securities, Voting Trust Units and the BSN Voting Trust Units.


December 17, 2010 (2010) 33 OSCB 11697

32. Through inadvertence, the Filer has not filed any insider reports in respect of the Special Trust Securities of the CapitalTrust or the Voting Trust Units of the Capital Trust II.

Decision


The decision of the principal regulator under the Legislation is that the Filer is exempt from the Primary Insider Reporting Requirement from and after the date of this decision in respect of the acquisition or disposition of:

a) the Special Trust Securities of the Capital Trust (including any Special Trust Securities of the Capital Trust that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future),

b) the Voting Trust Units of the Capital Trust II (including any Voting Trust Units of the Capital Trust II that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future), and

c) the BSN Voting Trust Units of the BSN Trust (including any BSN Voting Trust Units of the BSN Trust that may be issued, purchased, redeemed or otherwise acquired, from time to time in the future),

provided that:

i. the acquisition or disposition of the Special Trust Securities, Voting Trust Units and BSN Voting Trust Units (A) is incidental to the administration of the Filer or the applicable trust entity or is for the purpose of complying with the applicable Canadian banking regulatory requirements or guidelines, and (B) does not otherwise involve a discrete investment decision;

ii. any increases or reduction in the Filer’s holdings of the Special Trust Securities, Voting Trust Units and BSN Voting Trust Units has not been, and will not be, based on any material undisclosed information regarding the Filer or the applicable trust entity, and has not, and will not reflect, any change in the Filer’s views of the prospects of the applicable trust entity;

iii. the Capital Trust, the Capital Trust II and the BSN Trust do not and will not carry on any operating activity other than in connection with the offering of its securities to the public;

iv. the Filer continues to comply with all other continuous disclosure and insider reporting requirements under the Legislation and files all other documents required to be filed by the Legislation except if the Filer is otherwise exempted from complying with such requirements;

v. the Filer keeps its insider profile under NI 55-102 accurate and up to date except if the Filer is otherwise exempted from complying with this requirement under NI 55-102;

vi. the relief from the Primary Insider Reporting Requirement only relieves the Filer from its obligations to file insider reports under section 107 of the Securities Act (Ontario) and Part 3 of NI 55-104 and any provisions of Canadian securities legislation substantially similar to section 107 of the SecuritiesAct (Ontario) and Part 3 of NI 55-104, in each case, in respect of the Special Trust Securities, Voting Trust Units and BSN Voting Trust Units, respectively, of the Capital Trust, the Capital Trust II and the BSN Trust, as applicable, and will not apply to any other insider transactions of the Filer, including any transactions involving the BMO BOaTS, Tier 1 Notes or BMO TSNs;

vii. the relief from the Supplemental Insider Reporting Requirement only relieves the Filer from its obligations (A) to file insider reports under Part 4 of NI 55-104 and any provisions of Canadian securities legislation substantially similar to Part 4 of NI 55-104, and (B) under NI 55-102, in each case, in respect of the Special Trust Securities, Voting Trust Units and BSN Voting Trust Units of the Capital Trust, the Capital Trust II and the BSN Trust, as applicable, and will not apply to any other insider transactions of the Filer, including any transactions involving the BMO BOaTS , Tier 1 Notes or BMO TSNs;

viii. the Filer and the Capital Trust continue to satisfy all of the conditions contained in the Capital Trust CD Relief;

ix. the Filer and the Capital Trust II continue to satisfy all of the conditions contained in the Capital Trust II CD Relief and Capital Trust II Certification Relief; and


December 17, 2010 (2010) 33 OSCB 11698

x. the Filer and the BSN Trust continue to satisfy all of the conditions contained in the BSN CD Relief and BSN Certification Relief.

“Margot C. Howard” Commissioner Ontario Securities Commission

“James Carnwath” Commissioner Ontario Securities Commission

It is the further decision of the principal regulator under the Legislation that the Filer is exempt from the Supplemental InsiderReporting Requirement from and after the date of this decision in respect of the entities and securities referred to in paragraphs a), b) and c) above and subject to the same conditions set out in paragraphs (i) to (x) above.

“Michael Brown” Assistant Manager, Corporate Finance Branch


December 17, 2010 (2010) 33 OSCB 11699

2.1.5 Consumers’ Waterheater Income Fund and Consumers’ Waterheater Operating Trust

Headnote

Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.

National Instrument 51-102, s. 13.1 Continuous Disclosure Obligations – Information circular – The Applicants want relief from the requirement to include prospectus-level disclosure in an information circular to be circulated in connection with an arrangement, reorganization, acquisition or amalgamation – The Applicants are only internally restructuring, not adding or removing any assets or changing the shareholders’ proportionate interest in the issuer’s operations; the Fund and the Trust will provide sufficient information about the transaction for securityholders to understand the restructuring.

National Instrument 44-101, s. 8.1 Short Form Prospectus Distributions – Qualification – The Applicants want relief from the qualification criteria in NI 44-101 so they can file a short form prospectus – The Issuers are new reporting issuers that are the continuation of existing businesses; the issuers satisfy all the criteria for the exemption in s. 2.7 except that the audited comparative annual financial statements incorporated in their respective final prospectuses are not their own, but are the financial statements of the existing businesses.

National Instrument 44-101, s. 8.1 Short Form Prospectus Distributions. – 10 day notice – The Applicants want to file their short form prospectus less then 10 days after they file their notice of intention to file a short form prospectus – The Issuers are successor issuers resulting from the conversion of an income fund and trust under a plan of arrangement; the issuers would be entitled to rely on the exemption for successor issuers in s. 2.7(2) except that the financial statements incorporated into the information circular are not their own but are those of the existing businesses; the issuers are otherwise qualified to file a short form prospectus; the existing business are not required to file a notice of intention by virtue of s. 2.8(4); the relevant continuous disclosure for investors under the offerings are the continuous disclosure of the fund or trust, which will be incorporated by reference into the short form prospectuses.


National Instrument 51-102Continuous Disclosure Obligations, s. 13.1 – Information circular.

National Instrument 44-101Short Form Prospectus Distributions , s. 8.1 – Qualification.

National Instrument 44-101Short Form Prospectus Distributions, s. 8.1 – 10 day notice.

October 20, 2010


ONTARIO, BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, QUEBEC,

NEW BRUNSWICK, NOVA SCOTIA, PRINCE EDWARD ISLAND, NEWFOUNDLAND

AND LABRADOR, YUKON, NORTHWEST TERRITORIES AND NUNAVUT

(THE JURISDICTIONS)

AND IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF


AND

IN THE MATTER OF THE CONSUMERS’ WATERHEATER

INCOME FUND (THE FUND)

AND

THE CONSUMERS’ WATERHEATER OPERATING TRUST (THE TRUST)

(TOGETHER, THE APPLICANTS)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Applicants for a decision under the securities legislation of the Jurisdictions (the Legislation):

(a) exempting the Fund and the Trust from the requirements of Item 14.2 of Form 51-102F5 – Information Circular (Form 51-102F5) of the Legislation to include in the management information circular (the Information Circular) to be prepared by the Fund and delivered to holders (Unitholders) of trust units (Units) in connection with the special meeting (the Meeting) of Unitholders expected to be held on November 18, 2010 for the purposes of considering a proposed conversion of the Fund from an income trust structure to a corporation (the Conversion Transaction) to be effected by way of a plan of arrangement under the Canada Business Corporations Act (the CBCA) the Subject Financial Statements (as defined herein) and the Subject MD&A (as defined herein) (the Circular Relief);

(b) provided the Circular Relief is granted, exempting New Consumers (defined herein) from (i) the qualification criteria for short form prospectus eligibility contained in Subsection 2.2(d) of National Instrument 44-101 – Short Form Prospectus Distributions (NI 44-101) following completion of the Conversion Transaction; and (ii)


December 17, 2010 (2010) 33 OSCB 11700

from the requirement for New Consumers to file a qualification certificate in connection with the filing of a preliminary short form prospectus in the form required by Subsection 4.1(a)(ii) of NI 44-101, until the earlier of: (a) March 31, 2011; and (b) the date upon which New Consumers has filed both its annual financial statements and annual information form for the year ended December 31, 2010 pursuant to National Instrument 51-102 – Continuous Disclosure Obligations (NI 51-102)(the Relief Period), provided that: (A) any short form prospectus filed by New Consumers pursuant to NI 44-101 during the Relief Period specifically incorporates by reference the Information Circular and any financial statements and related management’s discussion and analysis of the Fund and the Trust incorporated by reference into the Information Circular; and (B) New Consumers files a qualification certificate with any preliminary short form prospectus filed by it pursuant to NI 44-101 during the Relief Period which specifically mentions its exemption from the qualification criteria contained in Subsection 2.2(d) of NI 44-101 and otherwise complies with Subsection 4.1(a)(ii) of NI 44-101 (the Fund Short Form Qualification Relief);

(c) provided that the Circular Relief is granted, exempting New Consumers’ Holdco from (i) the qualification criteria for short form prospectus eligibility contained in Subsection 2.3(1)(d) of NI 44-101 following completion of the Conversion Transaction; and (ii) from the requirement for New Consumers’ Holdco to file a qualification certificate in connection with the filing of a preliminary short form prospectus in the form required by Subsection 4.1(a)(ii) of NI 44-101 until the expiry of the Relief Period, provided that: (A) any short form prospectus filed by New Consumers’ Holdco pursuant to NI 44-101 during the Relief Period specifically incorporates by reference the Information Circular (other than the description of the Fund and New Consumers, any financial statements of New Consumers, the description of New Consumers’ shareholder rights plan and the description of New Consumers’ share (and similar) based compensation arrangements contained therein and other than the financial statements, management’s discussion and analysis, annual information form and material change reports of the Fund incorporated by reference therein (collectively, the Excluded Information)),including any financial statements and related management’s discussion and analysis of the Trust incorporated by reference into the Information Circular; (B) New Consumers’ Holdco files a qualification certificate with any preliminary short form prospectus filed by it pursuant to NI 44-101 during the Relief Period which specifically mentions its exemption from the qualification criteria contained in Subsection 2.3(1)(d) of NI 44-101 and otherwise complies with Subsection 4.1(a)(ii) of NI 44-101; and (C) New Consumers’

Holdco files the Information Circular and the documents incorporated by reference therein that are incorporated by reference into New Consumers’ Holdco’s short form prospectus on SEDAR under New Consumers’ Holdco’s profile (the Trust Short Form Qualification Relief and together with the Fund Short Form Qualification Relief, the Short Form Qualification Relief); and

(d) exempting the Applicants from the requirement of Subsection 2.8(1) of NI 44-101 for the applicable Applicant to file a notice declaring its intention to be qualified to file a short form prospectus at least 10 business days prior to the filing of its respective first preliminary short form prospectus after the notice (the Short Form Notice Relief).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions:

(a) the Ontario Securities Commission is the principal regulator for this Application; and

(b) the Applicants have provided notice that section 4.7(1) of Multilateral Instrument 11-102 – Passport System (MI 11-102) is intended to be relied upon in each of British Columbia, Alberta, Saskatch-ewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Northwest Territories and Nunavut.

Interpretation

Terms defined in National Instrument 14-101 – Definitions and MI 11-102 have the same meanings if used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Applicants:

The Fund Entities

1. The Fund is an unincorporated open-ended investment trust established on October 28, 2002 under the laws of the Province of Ontario.

2. The Fund’s head office is located at 2 East Beaver Creek Road, Building 2, Richmond Hill, Ontario, L4B 2N3.

3. The Fund is a reporting issuer (or the equivalent thereof) in each of the Jurisdictions and, to its knowledge, is currently not in default of any applicable requirements under the securities legislation thereof.

4. The Fund is authorized to issue an unlimited number of Units and an unlimited number of special trust units (Special Trust Units). As of September 23, 2010, the Fund had 54,734,092


December 17, 2010 (2010) 33 OSCB 11701

Units and no Special Trust Units issued and outstanding. Each Special Trust Unit represents voting rights in the Fund that accompany class B exchangeable limited partnership units of Waterheater Holding Limited Partnership (HLP).

5. In addition, the Fund has outstanding $27,883,000 aggregate principal amount of 6.25% convertible unsecured subordinated debentures, due June 30, 2017 (the Convertible Debentures).

6. The Units and the Convertible Debentures are listed and posted for trading on the Toronto Stock Exchange (the TSX) under the symbols “CWI.UN” and “CWI.DB”, respectively.

7. The Fund has filed a “current AIF” and has “current annual financial statements” (as such terms are defined in NI 44-101) for the financial year ended December 31, 2009.

8. The Fund owns all of the trust units of the Trust, an unincorporated open-ended investment trust established on November 18, 2002 under the laws of the Province of Ontario.

9. The Trust’s head office is located at 2 East Beaver Creek Road, Building 2, Richmond Hill, Ontario, L4B 2N3.

10. The Trust is a reporting issuer (or the equivalent thereof) in each of the Jurisdictions and, to its knowledge, is currently not in default of any applicable requirements under the securities legislation thereof.

11. The Trust has outstanding to the public $60,000,000 aggregate principal amount of 6.20% series 2009-1 senior notes, due April 30, 2012 (the Series 2009-1 Notes), $270,000,000 aggregate principal amount of 6.75% series 2009-2 senior notes, due April 30, 2014 (the Series 2009-2 Notes) and $240,000,000 aggregate principal amount of 5.25% series 2010-1 senior unsecured notes, due March 15, 2013 (the Series2010-1 Notes and together with the Series 2009-1 Notes and the Series 2009-2 Notes, the Senior Notes).

12. The Trust also has outstanding certain subordinated indebtedness, all of which is owned by the Fund.

13. The Trust has filed a “current AIF” and has “current annual financial statements” (as such terms are defined in NI 44-101) for the financial year ended December 31, 2009.

14. The Trust does not have any securities listed or posted for trading on any exchange or quotation and trading system.

15. The Fund also owns all of the issued and outstanding common shares of 6814867 Canada Limited (Lendco), a corporation incorporated under the CBCA. The common shares of Lendco are not listed or posted for trading on any exchange or quotation and trading system and Lendco is not a reporting issuer (or the equivalent thereof) in any jurisdiction.

16. HLP is a limited partnership existing under the laws of the Province of Ontario. HLP is authorized to issue an unlimited number of limited partnership units, comprised of class A preferred units and class B exchangeable units, and general partnership units. The Trust owns all of the class A preferred units of HLP and 4113152 Canada Limited (WGP Inc.) owns all of the general partnership units of HLP. There are no class B exchangeable units of HLP outstanding. The class A preferred units and general partnership units of HLP are not listed or posted for trading on any exchange or quotation and trading system and HLP is not a reporting issuer (or the equivalent thereof) in any jurisdiction.

17. WGP Inc. is a corporation existing under the CBCA. WGP Inc. is authorized to issue an unlimited number of common shares (the WGP Shares), all of which are owned by the Trust. The WGP Shares are not listed or posted for trading on any exchange or quotation and trading system and WGP Inc. is not a reporting issuer (or the equivalent thereof) in any jurisdiction.

18. Direct Waterheater Rentals Inc. (Rentco) is a corporation existing under the CBCA. Rentco is authorized to issue an unlimited number of common shares (the Rentco Shares), all of which are owned by HLP. The Rentco Shares are not listed or posted for trading on any exchange or quotation and trading system and Rentco is not a reporting issuer (or the equivalent thereof) in any jurisdiction.

19. Waterheater Operating Limited Partnership (OLP)is a limited partnership existing under the laws of the Province of Ontario. OLP is authorized to issue an unlimited number of limited partnership units and general partnership units. Rentco owns all of the limited partnership units of OLP and WGP Inc. owns all of the general partnership interests of OLP. The limited partnership units and general partnership units of OLP are not listed or posted for trading on any exchange or quotation and trading system and OLP is not a reporting issuer (or the equivalent thereof) in any jurisdiction.

The Conversion Transaction

20. The Conversion Transaction will be effected by way of a plan of arrangement under the CBCA pursuant to an arrangement agreement to be


December 17, 2010 (2010) 33 OSCB 11702

entered into between, among others, the Fund, the Trust, HLP and two newly formed corporations (New Consumers and New Consumers’ Holdco).

21. New Consumers will be a direct wholly-owned subsidiary of the Fund and will have conducted no business prior to the effective date (the Effective Date) of the Conversion Transaction.

22. Prior to the Effective Date, New Consumers will not be a reporting issuer in any jurisdiction and its shares will not be listed or posted for trading on any exchange or quotation and trade reporting system.

23. New Consumers’ Holdco will be a direct wholly-owned subsidiary of the Trust and will have conducted no business prior to the Effective Date.

24. Prior to the Effective Date, New Consumers’ Holdco will not be a reporting issuer in any jurisdiction and its shares will not be listed or posted for trading on any exchange or quotation and trade reporting system.

25. Prior to the Effective Date, HLP will transfer the Rentco Shares and debt to the Trust and WGP Inc. and HLP will subsequently be dissolved.

26. On the Effective Date, among other things:

a. Unitholders will receive one common share of New Consumers (a New Consumers Share) for each Unit held;

b. the Trust will transfer the WGP Shares, the Rentco Shares and certain inter-company debt owing from Rentco to New Consumers’ Holdco in return for common shares and debt of New Consumers’ Holdco and the assumption by New Consumers’ Holdco of the Senior Notes;

c. the Trust will be dissolved and will distribute the common shares and debt of New Consumers’ Holdco to the Fund;

d. the Fund will be dissolved and will distribute the shares and debt of Lendco and New Consumers’ Holdco to New Consumers; and

e. New Consumers will assume the Convertible Debentures, which will become convertible for New Consumers Shares (the New Consumers Conver-tible Debentures).

27. New Consumers will continue the business of the Fund following the Effective Date and it is intended that New Consumers will be a reporting issuer (or equivalent thereof) in all provinces and

territories of Canada and that the New Consumers Shares and the New Consumers Convertible Debentures will be listed and posted for trading on the TSX.

28. New Consumers’ Holdco will continue the business of the Trust following the Effective Date and it is intended that New Consumers’ Holdco will be a reporting issuer (or equivalent thereof) in all provinces and territories of Canada.

29. Pursuant to the Fund’s and Trust’s constating documents, the CBCA and applicable securities laws, the Conversion Transaction must be approved by not less than two-thirds of the votes cast by Unitholders at the Meeting.

30. The Conversion Transaction will be a “restructuring transaction” of the Fund and the Trust for the purposes of NI 51-102 and therefore will require compliance with Item 14.2 of Form 51-102F5.

The Information Circular

31. The following documents of the Fund and the Trust will be incorporated by reference into the Information Circular:

a. the current AIF of the Fund dated March 29, 2010;

b. the audited consolidated financial statements of the Fund and the notes thereto for the financial years ended December 31, 2009 and 2008, together with the report of the auditors thereon, and related management’s discussion and analysis;

c. the unaudited interim consolidated finan-cial statements of the Fund and the notes thereto for the second quarter ended June 30, 2010, together with the related management’s discussion and analysis;

d. all material change reports of the Fund filed since December 31, 2009;

e. the management information circular of the Fund dated March 19, 2010, prepared in connection with the annual and special meeting of Unitholders held on April 30, 2010;

f. the current AIF of the Trust dated April 29, 2010;

g. the audited consolidated financial statements of the Trust and the notes thereto for the financial years ended December 31, 2009 and 2008, together with the report of the auditors thereon,


December 17, 2010 (2010) 33 OSCB 11703

and related management’s discussion and analysis;

h. the unaudited interim consolidated financial statements of the Trust and the notes thereto for the second quarter ended June 30, 2010, together with the related management’s discussion and analysis; and

i. all material change reports of the Trust filed since December 31, 2009.

32. Item 14.2 of Form 51-102F5 requires, amongst other things, that the Information Circular contain disclosure (including financial statements) prescribed under securities legislation and described in the form of prospectus that New Consumers and New Consumers’ Holdco, respectively, would be eligible to use immediately prior to the sending and filing of the Information Circular for a distribution of its securities. Therefore, the Information Circular must contain the disclosure in respect of New Consumers and New Consumers’ Holdco prescribed by Form 41-101F1 – Information Required in a Prospectus(Form 41-101F1).

33. As New Consumers will not have been in existence for three years on the date of the Information Circular, Item 32.1(a) of Form 41-101F1 requires that the financial statements of Lendco, the Trust and OLP be included as they are the predecessor entities that will form the business of New Consumers.

34. As New Consumers’ Holdco will not have been in existence for three years on the date of the Information Circular, Item 32.1(a) of Form 41-101F1 requires that the financial statements of OLP be included as it is the predecessor entity that will form the business of New Consumers’ Holdco.

35. Item 8.2(1)(a) and 8.2(2) of Form 41-101F1 require the Fund and/or the Trust, as applicable, to include management’s discussion and analysis corresponding to each of the financial years ended December 31, 2009 and December 31, 2008 of Lendco, OLP and the Trust (collectively, the MD&A) in the Information Circular. The MD&A for Lendco and OLP is referred to as the Subject MD&A.

36. Item 32.2(1) of Form 41-101F1 requires the Fund and/or the Trust, as applicable, to include certain annual financial statements of Lendco, OLP and the Trust in the Information Circular, including: (i) statements of income, retained earnings and cash flows of Lendco, OLP and the Trust for each of the financial years ended December 31, 2009, December 31, 2008 and December 31, 2007; and (ii) a balance sheet of Lendco, OLP and the Trust

as at the end of December 31, 2009 and December 31, 2008 (the Predecessor Financial Statements). The Predecessor Financial Statements for Lendco and OLP are referred to as the Subject Predecessor Financial Statements.

37. Item 32.3(1) of Form 41-101F1 requires the Fund to include certain interim financial statements of Lendco, OLP and the Trust in the Information Circular, including (i) a comparative income statement, a statement of retained earnings, and a cash flow statement of Lendco, OLP and the Trust for the most recent interim period ended more than 45 days before the date of the Information Circular and (ii) a balance sheet Lendco, OLP and the Trust as at the end of the most recent interim period ended more than 45 days before the date of the Information Circular (collectively, theInterim Financial Statements). The Interim Financial Statements for Lendco and OLP are referred to as the Subject Interim Financial Statements. The Subject Predecessor Financial Statements and the Subject Interim Financial Statements are collectively referred to as the Subject Financial Statements).

38. Subsection 4.2(1) of National Instrument 41-101 – General Prospectus Requirements (NI 41-101)requires that the financial statements (other than interim financial statements) required to be included in the Information Circular must be audited in accordance with National Instrument 52-107 – Acceptable Accounting Principles, Auditing Standards and Reporting Currency.

39. The Conversion Transaction will not result in a change in beneficial ownership of the assets and liabilities of the Fund from either an accounting or economic perspective, and New Consumers will continue to carry on the business of Lendco, OLP and the Trust following the Conversion Transaction. Similarly, the Conversion Transaction will not result in a change in beneficial ownership of the assets and liabilities of the Trust from either an accounting or economic perspective and New Consumers’ Holdco will continue to carry on the business of OLP following the Conversion Transaction. Furthermore, the Conversion Trans-action will be an internal reorganization without dilution to the Unitholders. Accordingly, no acqui-sition will occur as a result of the Conversion Transaction and therefore the significant acquisi-tion financial statement disclosure requirements contained in Form 41-101F1 are inapplicable.

40. The Conversion Transaction will be accounted for on a continuity of interest basis and accordingly, following the Conversion Transaction, the comparative consolidated financial statements for New Consumers and New Consumers’ Holdco prior to the Conversion Transaction will reflect, except to the extent of the presentation of equity components, the financial position, results of


December 17, 2010 (2010) 33 OSCB 11704

operations and cash flows as if New Consumers and New Consumers’ Holdco had always carried on the businesses formerly carried on by the Fund and the Trust, respectively.

Circular Relief

41. New Consumers and New Consumers’ Holdco will each be established for the exclusive purpose of effecting the Conversion Transaction and will have no material assets (other than a nominal amount of cash), liabilities or business operations prior to the Effective Date.

42. The Subject Financial Statements and the Subject MD&A are not relevant to Unitholders for the purposes of considering the Conversion Transaction; the Subject Financial Statements and the Subject MD&A will be substantially and materially the same as the consolidated financial statements of the Fund and the Trust filed in accordance with Part 4 of NI 51-102 because the financial position of the entities that exist both before and after the Conversion Transaction is substantially the same, except to the extent of presentation of equity components.

43. The financial statements of the Fund are reported on a consolidated basis, which includes the financial results of Lendco, the Trust and OLP. Lendco does not report its financial results independently from the consolidated financial statements of the Fund. OLP does not report its financial results independently from the consolidated financial statements of the Fund or the Trust.

44. The Information Circular will contain prospectus level disclosure in accordance with Form 41-101F1 (other than the Subject Financial Statements and the Subject MD&A) and will contain sufficient information to enable a reasonable Unitholder to form a reasoned judgment concerning the nature and effect of the Conversion Transaction and the resultant public entities and reporting issuers from the Conversion Transaction, being New Consumers and New Consumers’ Holdco.

Short Form Qualification Relief and Short Form Notice Relief

45. Subsection 2.7(2) of NI 44-101 contains an exemption for successor issuers from the qualification criteria for short form prospectus eligibility contained in Subsections 2.2(d) and 2.3(1)(d) of NI 44-101, if an information circular relating to a restructuring transaction that resulted in the successor issuer was filed by the successor issuer or an issuer that was a party to the restructuring transaction, and such information circular (i) complied with applicable securities legislation, and (ii) included disclosure in

accordance with Item 14.2 or 14.5 of Form 51-102F5 for the successor issuer. New Consumers will be the successor issuer of the Fund and New Consumers’ Holdco will be the successor issuer of the Trust. However, neither New Consumers nor New Consumers’ Holdco can rely on this exemption because the Subject Financial Statements and the Subject MD&A will not be included in the Information Circular if the Circular Relief is granted, although the Information Circular will otherwise comply with the requirements of Form 51-102F5.

46. The Fund has previously qualified to file a prospectus in the form of a short form prospectus pursuant to Section 2.2 of NI 44-101 and has previously filed a notice of intention to be qualified to file a short form prospectus under Section 2.8(1) of NI 44-101.

47. The Trust has previously qualified to file a prospectus in the form of a short form prospectus pursuant to Section 2.3 of NI 44-101 and has previously filed a notice of intention to be qualified to file a short form prospectus under Section 2.8(1) of NI 44-101.

48. The Applicants anticipate that New Consumers and/or New Consumers’ Holdco may wish to file a preliminary short form prospectus following completion of the Conversion Transaction, relating to the offering or potential offering of debt or equity securities of New Consumers and/or non-convertible debt securities of New Consumers’ Holdco, respectively.

49. In addition to the filing of a preliminary short form prospectus, and assuming the Conversion Trans-action has been completed, New Consumers and New Consumers’ Holdco each intend to file a notice of intention to be qualified to file a short form prospectus under Section 2.8 of NI 44-101 (the Notice of Intention) following completion of the Conversion Transaction; in the absence of the Short Form Notice Relief, New Consumers and New Consumers’ Holdco will not be qualified to file a preliminary short form prospectus until 10 business days from the date upon which the Notice of Intention is filed.

50. Pursuant to the qualification criteria set forth in Section 2.2 of NI 44-101 as modified by the Short Form Qualification Relief, following the Conversion Transaction, New Consumers will be qualified to file a short form prospectus pursuant to NI 44-101.

51. Pursuant to the qualification criteria set forth in Section 2.3 of NI 44-101 as modified by the Short Form Qualification Relief, following the Conversion Transaction, New Consumers’ Holdco expects to be qualified to file a short form prospectus pursuant to NI 44-101.


December 17, 2010 (2010) 33 OSCB 11705

52. Pursuant to the proposed Circular Relief, any short form prospectus filed by New Consumers pursuant to NI 44-101 during the term of the Relief Period will specifically incorporate by reference the Information Circular and any financial statements and related management’s discussion and analysis of the Fund and the Trust incorporated by reference into the Information Circular (which is consistent with the requirement in Item 11.3 of Form 44-101F1 – Short Form Prospectus (Form 44-101F1) that any short form prospectus filed by an issuer relying on the exemption in Subsection 2.7(2) of NI 44-101 include, or incorporate by reference, the disclosure required by Item 14.2 or 14.5 of Form 51-102F5).

53. Pursuant to the proposed Circular Relief, any short form prospectus filed by New Consumers’ Holdco pursuant to NI 44-101 during the term of the Relief Period will specifically incorporate by reference the Information Circular (other than the Excluded Information), including any financial statements and related management’s discussion and analysis of the Trust incorporated by reference into the Information Circular (which is consistent with the requirement in Item 11.3 of Form 44-101F1 that any short form prospectus filed by an issuer relying on the exemption in Subsection 2.7(2) of NI 44-101 include, or incorporate by reference, the disclosure required by Item 14.2 or 14.5 of Form 51-102F5).

54. The Short Form Qualification Relief is only required by New Consumers until the expiry of the Relief Period as, at such time New Consumers will either have filed, or have been required to file, its annual financial statements and annual information form for the year ended December 31, 2010 (which will be New Consumers’ initial “current annual financial statements” and “current AIF” for the purposes of Subsection 2.2(d) of NI 44-101).

55. The Short Form Qualification Relief is only required by New Consumers’ Holdco until the expiry of the Relief Period as, at such time New Consumers’ Holdco will either have filed, or have been required to file, its annual financial statements and annual information form for the year ended December 31, 2010 (which will be New Consumers’ Holdco’s initial “current annual financial statements” and “current AIF” for the purposes of Subsection 2.3(1)(d) of NI 44-101).

Decision

The Decision Maker is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Maker under the Legislation is that:

a) the Circular Relief is granted provided that the Information Circular discloses that New Consumers and New Con-sumers’ Holdco are newly incorporated entities that have no material assets, income or liabilities;

b) the Short Form Qualification Relief is granted; and

c) the Short Form Notice Relief is granted provided that, at the time New Consumers or New Consumers’ Holdco files its Notice of Intention, it meets the requirements of Section 2.2 or 2.3, as applicable, of NI 44-101, as modified by the Short Form Qualification Relief.

“Michael Brown” Assistant Manager Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11706

2.1.6 Boralex Power Income Fund

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer deemed to be no longer a reporting issuer under securities legislation.



December 10, 2010


QUÉBEC, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, NOVA SCOTIA,

NEW BRUNSWICK, PRINCE EDWARD ISLAND, AND NEWFOUNDLAND AND LABRADOR

(the “Jurisdictions”)

AND



AND

IN THE MATTER OF BORALEX POWER INCOME FUND

(the “Filer”)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the “Decision Maker”) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the “Legislation”) that the Filer is not a reporting issuer (the “Exemptive Relief Sought”).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application):

(a) the Autorité des marchés financiers is the principal regulator for this application, and

(b) the decision is the decision of the principal regulator and evidences the decision of each other Decision Maker.

Interpretation

Terms defined in National Instrument 14-101 – Definitions have the same meaning if used in this decision, unless otherwise defined.

Representations


1. The Filer is an open-ended limited purpose trust created under the laws of the Province of Québec.

2. The head office of the Filer is located at 36 Lajeunesse Street, Kingsey Falls, Québec, J0A 1B0.

3. The Filer is a reporting issuer in the Jurisdictions.

4. The authorized capital of the Filer consists of an unlimited number of trust units and an unlimited number of special trust units.

5. On May 3, 2010, the Filer, Boralex Inc. (“Boralex”)and Boralex Power Inc. entered into a support agreement pursuant to which Boralex, through its wholly owned subsidiary 7503679 Canada Inc. (the “Offeror”), agreed, subject to its terms and conditions, to purchase all of the issued and outstanding trust units (the “Units”) of the Filer. The offer was filed on May 19, 2010 and was subsequently extended and varied (the “Offer”).

6. On September 15, 2010, the Offeror took up and paid for 26,428,340 Units.

7. On September 28, 2010, the Offer expired and the Offeror took up and paid for 2,661,029 Units.

8. On September 27, 2010, the Filer called a special meeting of its unitholders (the “Special Meeting”),to approve its combination with 7596740 Canada Inc. (“Subco”), a wholly-owned subsidiary of the Offeror (the “Business Combination”).

9. On October 21, 2010, the unitholders of the Filer, present or represented by proxy, at the Special Meeting, voted in favour of the proposed Business Combination, which was effected on November 1, 2010.

10. Pursuant to the Business Combination, all of the outstanding Units, other than those held by the Offeror and Boralex, were exchanged for redeemable preferred shares of Subco (the “Redeemable Shares”).

11. Immediately following the Business Combination, on November 1, 2010, the Redeemable Shares were redeemed by Subco for a consideration in cash or in debentures payable to holders of the Redeemable Shares. Under the terms of the Business Combination, each holder of a Redeemable Share received, at its election, $5.00 consideration per Redeemable Share in cash or 0.05 of a $100 principal amount of 6.75% convertible unsecured subordinated debentures of Boralex.


December 17, 2010 (2010) 33 OSCB 11707

12. As a result of the Business Combination, the Filer is now a wholly-owned subsidiary of Subco.

13. On November 2, 2010, the Units of the Fund were delisted from the Toronto Stock Exchange.

14. No securities of the Filer are traded on a marketplace as defined in National Instrument 21-101 – Marketplace Operation.

15. The outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the Jurisdictions in Canada and fewer than 51 security holders in total in Canada.

16. The Filer ceased to be a reporting issuer in British Columbia on November 14, 2010.

17. The Filer is not in default of any requirements applicable to a reporting issuer under the Legislation, except for failure to file its interim financial statements and interim management’s discussion and analysis for the period ended September 30, 2010 as required by National Instrument 51-102 – Continuous Disclosure Obligations and the interim certificates as required by National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings.

18. The Filer is not eligible to use the simplified procedure under CSA Staff Notice 12-307 Applications for a Decision that an Issuer is not a Reporting Issuer in order to apply for the Exemptive Relief Sought because it is in default of certain filing obligations under the Legislation as described in paragraph 16 above.

19. The Filer has no intention to proceed with an offering of its securities in a jurisdiction of Canada by way of private placement or public offering.

20. Upon the grant of the Exemptive Relief Sought, the Filer will not be a reporting issuer in any jurisdiction of Canada.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemptive Relief Sought is granted.

“Alida Gualtieri” Manager Continuous Disclosure Autorité des marchés financiers

2.1.7 Hartford Investments Canada Corp. and CI Financial Corp.

Headnote

NP 11-203 – Process for Exemptive Relief Applications in Multiple Jurisdictions – approval granted for change of control of mutual fund manager under s. 5.5(2) of NI 81-102 and approval for abridgement of the related 60 day notice requirement to 47 days under s. 5.8(1)(a) of NI 81-102 – approval conditional on at least 47 days notice to unitholders, no changes to the portfolio advisers to the Funds for at least 60 days after notice delivered – OSC staff view amalgamation, in conjunction with closing, to be a change of manager – prior approval of the unitholders to be obtained prior to the amalgamation a condition of approval – not to be considered a precedent.


National Instrument 81-102 Mutual Funds, ss. 5.5(2), 5.8(1), 19.1.

December 8, 2010


ONTARIO (the “Jurisdiction”)

AND



AND

IN THE MATTER OF HARTFORD INVESTMENTS CANADA CORP.

(“Hartford”)

AND

IN THE MATTER OF CI FINANCIAL CORP.

(the “Filer”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) for approval, and an exemption, pursuant to section 19.1 of National Instrument 81-102 – Mutual Funds(“NI 81-102”), pursuant to the following provisions of NI 81-102:

(a) Section 5.5(2) in connection with the proposed change of control of Hartford (“Approval Sought”); and


December 17, 2010 (2010) 33 OSCB 11708

(b) Section 5.8(1)(a) to abridge the time for delivering notice to unitholders (the “Hartford Unitholders”) of the mutual funds identified in Schedule “A” hereto (the “Hartford Funds”) of the proposed change of control of Hartford from 60 days to 47 days (“Exemption Sought”).


(c) the Ontario Securities Commission is the principal regulator for this application; and

(d) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System(“MI 11-102”) is intended to be relied upon in all of the provinces and territories of Canada (other than the Jurisdiction).

Interpretation

Defined terms contained in National Instrument 14-101 – Definitions and MI 11-102 have the same meaning in this decision, unless otherwise defined.

Representations


1. The Filer issued a press release on October 21, 2010 announcing a transaction (the “Transaction”) under which the Filer will acquire all of the outstanding shares of Hartford no later than December 15, 2010 (the “Closing”). The completion of the Transaction is subject to the satisfaction of certain conditions, including that the approval and relief described in this decision is granted.

2. The Filer is a reporting issuer in all provinces of Canada and is not on any list of defaulting issuers maintained in any jurisdiction. The Filer’s shares are listed on the Toronto Stock Exchange under the trading symbol “CIX”.

3. The Filer’s head office is located in Toronto, Ontario.

4. The mutual fund business owned by the Filer is carried on through CI Investments Inc. (the “CI Manager”). The CI Manager currently is registered under the Securities Act (Ontario) as an adviser in the category of portfolio manager, has applied for registration as an investment fund manager and is an exempt market dealer. The CI Manager manages in excess of 100 public mutual funds, which are sold to the public in all the provinces and territories of Canada.

5. Hartford is an unlimited liability corporation incorporated under the laws of the Province of Nova Scotia. Hartford acts as the trustee and the

manager of the Hartford Funds. Units of the Hartford Funds are sold in all of the provinces and territories of Canada pursuant to a simplified prospectus and annual information form dated May 14, 2010.

6. The Filer, the CI Manager, Hartford and the Hartford Funds are not in default of any applicable securities legislation in any province or territory of Canada.

7. The directors and officers of Hartford will change on or after the Closing to provide, at a minimum, that the directors of Hartford will be nominees of the Filer. Such directors or officers of Hartford who are so replaced by the Filer will, however, be individuals who are currently directors and/or officers of the CI Manager. By virtue of their roles as directors and/or officers of the CI Manager, the proposed new directors and officers of Hartford have demonstrated that they have the necessary education, experience, integrity and competence to be directors and/or officers of Hartford.

8. The change of control of Hartford will not materially affect the operation and administration of the Hartford Funds. Hartford will remain the manager of the Hartford Funds for a period of time after Closing.

9. It is intended that the Hartford Funds will be maintained as a separate family of funds for a period of time after Closing. The CI Manager does not intend to increase the management fees that the Hartford Funds pay.

10. The Filer intends to amalgamate Hartford with the CI Manager or one of its subsidiaries or affiliates after Closing (the “Amalgamation”). OSC Staff take the view that the Amalgamation, in conjunction with the Closing, results in a change of manager for the Hartford Funds within the meaning of NI 81-102. Accordingly, the Filer has agreed to obtain the prior approval of the Hartford Unitholders for the Amalgamation at a meeting of the Hartford Unitholders.

11. The Filer intends to effect the Amalgamation within nine months after Closing.

12. To the extent that any change is made after Closing which constitutes a “material change” to the Hartford Funds within the meaning of National Instrument 81-106 – Investment Fund Continuous Disclosure (“NI 81-106”), the Hartford Funds will comply with the continuous disclosure obligations set out in section 11.2 of NI 81-106. Further, any notices which are required to be delivered to, or approvals obtained from, the Canadian securities administrators or Hartford Unitholders in connection with any such material change will be delivered or obtained, as required under applicable Canadian securities legislation.


December 17, 2010 (2010) 33 OSCB 11709

13. A notice regarding the change of control of Hartford was submitted to the registration branch of the Ontario Securities Commission on October 29, 2010 pursuant to sections 11.9 and 11.10 of National Instrument 31-103 – Registration Requirements and Exemptions.

14. The notice contemplated by section 5.8(1) of NI 81-102 of the proposed indirect change in control of Hartford was mailed by the Filer to the Hartford Unitholders by October 29, 2010 (the “Notice Date”).

15. The Filer intends to cause no changes to the portfolio advisers to the Hartford Funds for at least 60 days following the Notice Date.

16. The Filer believes that abridging the period prescribed by section 5.8(1)(a) of NI 81-102 to 47 days will not be prejudicial to the Hartford Unitholders.

Decision


The decision of the principal regulator under the Legislation is that the Approval Sought is granted and that the Exemption Sought is granted provided that:

(a) the Hartford Unitholders are given at least 47 days notice of the change of control of Hartford;

(b) no changes to the portfolio advisers to the Hartford Funds are effected for at least 60 days following the Notice Date; and

(c) prior approval of the Hartford Unitholders be obtained for the Amalgamation.

“Darren McKall” Assistant Manager, Investment Funds Branch Ontario Securities Commission

Appendix “A”

HARTFORD FUNDS

Hartford Growth Portfolio Hartford Balanced Growth Portfolio Hartford Balanced Portfolio Hartford Conservative Portfolio Hartford Capital Appreciation Fund Hartford Global Leaders Fund Hartford International Equity Fund Hartford U.S. Dividend Growth Fund Hartford Canadian Dividend Fund Hartford Canadian Dividend Growth Fund Hartford Canadian Stock Fund Hartford Canadian Value Fund Hartford Canadian Balanced Fund Hartford Global Balanced Fund Hartford Canadian Bond Fund Hartford Global High Income Fund Hartford Canadian Money Market Fund


December 17, 2010 (2010) 33 OSCB 11710

2.1.8 Intact Investment General Partner Inc.

Headnote

MI 11-102 – Exemption from requirement to register as investment fund manager – accumulation of assets of individual subsidiary insurance companies resulted in a mutual fund – insurance companies regulated under separate legislation, no offer to the public of units of limited partnership – Section 25(4) Securities Act (Ontario) and Section 7.3 of NI 31-103.


National Instrument 31-103 Registration Requirements and Exemptions, s. 7.3.

Securities Act (Ontario), ss. 25(4), 74.

December 14, 2010



AND



AND

IN THE MATTER OF INTACT INVESTMENT GENERAL PARTNER INC.

(the “Filer”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) for an exemption from Section 25(4) of the Ontario Securities Act (the “Act”) and Section 7.3 of National Instrument 31-103, Registration Requirements and Exemptions (“NI 31-103”) exempting the Filer from the registration requirement contained in the Act and NI 31-103 that would require the Filer to register as an investment fund manager with respect Intact Investment Limited Partnership (the “Exemption Sought”). The exemption is being sought pursuant to Section 74(1) of the Act and Section 15.1 of NI 31-103.

Under the Process for Exemptive Relief Applications:


(b) the Filer has provided notice that Subsection 4.7(1) of Multilateral Instrument 11-102 – Passport

System (“MI 11-102”) is intended to be relied upon in the Province of Québec.

Interpretation

Defined terms contained in the Act and National Instrument 14-101 – Definitions have the same meaning if used in this decision, unless otherwise defined.

Representations


1. The Filer is a corporation incorporated under the Canada Business Corporations Act. The head office of the Filer is located in Toronto, Ontario.

2. The Filer, a wholly-owned subsidiary of Intact Financial Corporation (“IFC”), is the general partner for Intact Investment Limited Partnership (the “Limited Partnership”), a limited partnership established under the Limited Partnerships Act(Ontario) whose principal place of business is located in Toronto, Ontario.

3. The Limited Partnership is a “mutual fund in Ontario” as that term is defined in the Act.

4. IFC is a reporting issuer in all provinces and territories in Canada (the “Jurisdictions”). IFC’s registered and principal business office is located in Toronto, Ontario. IFC is a holding company incorporated under the Canada Business Corporations Act which, through its operating subsidiaries, provides property and casualty insurance in Canada.

5. Intact Insurance Company, Novex Insurance Company, The Nordic Insurance Company of Canada, Trafalgar Insurance Company of Canada and Belair Insurance Company Inc., each of which is a subsidiary of IFC, (collectively, the “Limited Partners”) are the limited partners of the Limited Partnership.

6. Intact Investment Management Inc. (the “Adviser”), a corporation incorporated under the Canada Business Corporations Act, is a wholly-owned subsidiary of IFC and is registered under NI 31-103 in Ontario, Quebec, British Columbia and Alberta as an adviser in the category of portfolio manager. The head office of the Adviser is located in Toronto, Ontario.

7. The Adviser is, pursuant to an Advisor Agreement between the Adviser and IFC, the portfolio manager of the investment portfolios of IFC and its affiliates, including the Limited Partners and the Limited Partnership.

8. The Limited Partners, through IFC, pay to the Adviser, as full compensation for investment


December 17, 2010 (2010) 33 OSCB 11711

management services rendered, a quarterly fee based on assets under management, whether in their own respective investment portfolio or in the investment portfolio of the Limited Partnership.

9. The Limited Partnership was formed for the purpose of restructuring the manner in which the investments of the Limited Partners are held and managed. The initial restructuring involved each of the Limited Partners contributing part of its portfolio of the marketable securities they owned to the Limited Partnership. Going forward, the Limited Partners contribute cash to the Limited Partnership which is collectively employed to purchase marketable securities for the investment portfolio of the Limited Partnership. The pooling of the investment portfolios of the Limited Partners was intended to achieve improved risk management, capital management and operating performance.

10. The Filer, Limited Partnership, Adviser and IFC are not in default of securities legislation in any of the Jurisdictions.

11. The Limited Partnership, the Filer and the Limited Partners are (and in the case of any future Limited Partners, will be) all members of the IFC group of companies.

12. Pursuant to the limited partnership agreement which governs the relationship between the Limited Partners and the Limited Partnership (the “Partnership Agreement”), the ownership interests of the Limited Partners are not transferable and the only parties that may become limited partners are other regulated insurance companies in Canada that are affiliated with IFC. The Limited Partnership currently has six (6) beneficial security holders made up of the Filer and the Limited Partners. The Limited Partnership does not intend to ever have more than fifty (50) beneficial security holders.

13. Given the fact that all the Limited Partners are regulated insurance companies in Canada, the structure of the Limited Partnership required approval from the Office of the Superintendent of Financial Institutions Canada (“OSFI”) and from the Autorité des marchés financiers. Such approvals were received in July and September 2008 respectively.

14. As a condition to the approval of the structure, the investment portfolio of the Limited Partnership must be managed by the Adviser in compliance with the requirements of the Insurance Companies Act (Canada), the regulations made thereunder, guidance issued by OSFI and the investment policies applicable to the Limited Partners.

15. Under the Partnership Agreement, the Filer acts in the best interest of the Limited Partners with the

degree of care, diligence and skill that a reasonably prudent investment fund administrator would exercise in comparable circumstances.

16. The Limited Partnership has never sought and does not intend to seek to borrow money from the public.

17. The Limited Partnership is not, and does not intend to become, a reporting issuer, as such term is defined in the Act, and its securities will not be listed on any stock exchange. As such, the Limited Partnership does not distribute and has never distributed its securities to the public.

Decision


The decision of the principal regulator under the Legislation is that the Exemption Sought is granted.

“Carol S. Perry” Commissioner Ontario Securities Commission

“James D. Carnwarth” Commissioner Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11712

2.1.9 Intact Financial Corporation

Headnote

MI 11-102 – Exemption from requirement to register as investment fund manager – accumulation of assets of individual subsidiaries pension plans resulted in a mutual fund – pension plans regulated under separate legislation, no offer to the public of units of fund – Section 25(4) Securities Act (Ontario) and Section 7.3 of NI 31-103.


National Instrument 31-103 Registration Requirements and Exemptions, s. 7.3.

Securities Act (Ontario), section 25(4), s. 74.

December 14, 2010



AND



AND

IN THE MATTER OF INTACT FINANCIAL CORPORATION

(the “Filer”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) for an exemption from Section 25(4) of the Ontario Securities Act (the “Act”) and Section 7.3 of National Instrument 31-103 – Registration Requirements and Exemptions (“NI 31-103”) exempting the Filer from the registration requirement contained in the Act and NI 31-103 that would require the Filer to register as an investment fund manager with respect to the Intact Pension Funds – Master Trust (the “Exemption Sought”). The exemption is being sought pursuant to Section 74(1) of the Act and Section 15.1 of NI 31-103.

Under the Process for Exemptive Relief Applications:


(b) the Filer has provided notice that Subsection 4.7(1) of Multilateral Instrument 11-102 – Passport System (“MI 11-102”) is intended to be relied upon in the province of Québec.

Interpretation

Defined terms contained in the Act and National Instrument 14-101 – Definitions have the same meaning if used in this decision, unless otherwise defined.

Representations


1. IFC is a corporation incorporated under the Canada Business Corporations Act. IFC’s registered and principal business office is located in Toronto, Ontario.

2. IFC is a reporting issuer in all provinces and territories in Canada. IFC is a holding company which, through its operating subsidiaries, provides property and casualty insurance in Canada.

3. The Intact Pension Funds – Master Trust (the “Master Trust”) is a trust established in Ontario through a master trust agreement (the “Master Trust Agreement”) between IFC and RBC Dexia Investor Services Trust (the “Trustee”).

4. The Master Trust is a “mutual fund in Ontario” as that term is defined in the Act because the Master Trust is organized under the laws of Ontario.

5. The Trustee is a trust company incorporated under the Trust and Loan Companies Act (Canada) duly registered and authorized to carry on business in Canada.

6. The Master Trust is made up of the assets of six participating pension plans, namely three registered under the laws of Quebec: Régime de retraite des employés d’Intact et de ses compagnies affiliées (anciennement le régime de Belair), Régime de retraite de la direction d’Intact et de ses compagnies affiliées (anciennement le régime de la direction du Groupe Commerce), Régime de retraite des employés d’Intact et de ses compagnies affiliées (anciennement le régime des employés du Groupe Commerce), and three registered under the laws of Ontario: Pension Plan for Employees of Intact and Its Affiliated Companies (formerly Halifax Plan), Pension Plan for Employees of Intact and Its Affiliated Companies (formerly Nordic Plan), Pension Plan for Employees of Intact and Its Affiliated Companies (formerly Wellington Plan), (collectively, the “Participating Pension Plans”).The Master Trust commingles the assets of all the Participating Pension Plans and was formed for the purpose of facilitating the collective investment and administration of the assets of all the Participating Pension Plans.

7. IFC acts as administrator for the Participating Pension Plans and has been delegated various


December 17, 2010 (2010) 33 OSCB 11713

responsibilities for their administration pursuant to applicable pension benefits law. Consequently, responsibility for the administration of the Master Trust is shared between IFC and the Trustee.

8. The trust agreements establishing the trust funds for the Participating Pension Plans empower IFC, as administrator, of the Participating Pension Plans to direct the Trustee in the management of the assets of the trust funds.

9. Intact Investment Management Inc. (the “Adviser”), a corporation incorporated under the Canada Business Corporations Act, is a wholly-owned subsidiary of IFC and is registered under NI 31-103 in Ontario, Quebec, British Columbia and Alberta as an adviser in the category of portfolio manager. The head office of the Adviser is located in Toronto, Ontario.

10. The Adviser has been appointed by IFC as the portfolio manager of the Master Trust in accordance with the terms of the Master Trust Agreement.

11. Pursuant to the terms of the Master Trust Agreement, the responsibilities of IFC, among others, include managing the investment of the assets of the Master Trust in accordance with the Master Trust Agreement, applicable law, and any investment policy or guidelines applicable to the Participating Pension Plans, including the appointment and supervision of one or more portfolio manager(s) for all or any portion of the assets of the Master Trust.

12. Pursuant to the terms of the Master Trust Agreement, the Trustee only has such duties and responsibilities in relation to the Master Trust as are specifically set forth in the Master Trust Agreement, which are primarily administrative.

13. Neither IFC nor the Master Trust are in default of securities legislation in any of the Jurisdictions.

14. The Participating Plans are highly regulated, pursuant to applicable pension benefits law and convention, and are maintained by IFC and its subsidiaries for the sole purpose of providing pension and other benefits to their eligible employees and beneficiaries.

15. IFC does not intend to allow any third parties or members of the public to participate in the Master Trust. Any additional participant in the Master Trust would be a pension plan maintained for the sole purposes of providing pension and other benefits to eligible employees and beneficiaries of IFC and its subsidiaries.

16. IFC is required to manage the investment of the assets of the Master Trust in accordance with the Master Trust Agreement, applicable law, and

internal investment policy, mandate and guidelines applicable to the Participating Pension Plans, including the appointment and supervision of one or more portfolio manager(s) for all or any portion of the assets of the Master Trust.

Decision


The decision of the principal regulator under the Legislation is that the Exemption Sought is granted.


“James D. Carnwarth” Commissioner Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11714

2.1.10 Legacy Oil + Gas Inc.

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Relief granted to an oil & gas issuer from the requirement to file a business acquisition report for an acquisition that is significant based on the income test in Part 8 of National Instrument 51-102. Acquisition is not significant under the asset test and investment test in Part 8 of National Instrument 51-102. The application of the income test using the income from continuing operations of the issuer and the acquired business leads to an anomalous result in that the significance of the acquired business is exaggerated out of proportion to its significance on an objective basis and in comparison to the results of the asset test and the investment test. Issuer is of the view that the acquisition is not a significant transaction to it from a business and commercial perspective. The issuer provided additional measures which further demonstrate the insignificance of the acquisition to the filer. The alternative measures include market capitalization, reserve volumes, current production, gross revenues and income from continuing operations excluding depletion, depreciation and accretion and asset impairment charge.


National Instrument 51-102 Continuous Disclosure Obligations, Part 8, s. 13.1.

Citation: Legacy Oil + Gas Inc., Re, 2010 ABASC 571

December 9, 2010


ALBERTA AND ONTARIO (THE JURISDICTIONS)

AND



AND

IN THE MATTER OF LEGACY OIL + GAS INC.

(THE FILER)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Makers) have received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) for relief from the requirement to file a business acquisition report for

the Acquisition (as defined below) (the ExemptionSought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the Alberta Securities Commission is the principal regulator for this application;

(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador; and

(c) this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

Terms defined in National Instrument 14-101 Definitions or MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations


1. The Filer is a corporation amalgamated under the Business Corporations Act (Alberta) (the ABCA)with its head office located in Calgary, Alberta.

2. The Filer is a reporting issuer in each of the provinces of Canada and to its knowledge, is not in default of any requirements under the securities legislation in any of those jurisdictions.

3. The common shares of the Filer are listed for trading on the Toronto Stock Exchange under the trading symbol LEG.

4. Bronco Energy Ltd. (Bronco) is a corporation incorporated pursuant to the ABCA with its head office located in Calgary, Alberta.

5. Bronco is a reporting issuer in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

6. The authorized capital of Bronco consists of an unlimited number of class A common shares (Bronco Shares) all of which are held by the Filer and an unlimited number of preferred shares, none of which are issued and outstanding.


December 17, 2010 (2010) 33 OSCB 11715

7. Pursuant to a plan of arrangement under section 193 of the ABCA on November 4, 2010 the Filer acquired all of the issued and outstanding Bronco Shares and all of the Convertible Secured Subordinated Debentures of Bronco (the Acquisition). The Filer is now the sole securityholder of Bronco.

8. Pursuant to part 8 of National Instrument 51-102Continuous Disclosure Obligations (NI 51-102), an issuer must file a business acquisition report within 75 days after the date of an acquisition should it be determined that the acquisition was a “significant acquisition”. The tests for determining whether an acquisition is a significant acquisition are set out in section 8.3 of NI 51-102, and are referred to as the asset test, the investment test and the income test. An acquisition is considered to be significant if the any of the described tests are met.

9. The Acquisition is not a significant acquisition under the asset test as Bronco's consolidated assets as of December 31, 2009 were only approximately 6% of the consolidated assets of the Filer as of December 31, 2009 and Bronco's consolidated assets as of September 30, 2010 were only approximately 3.6% of the consolidated assets of the Filer as of September 30, 2010.

10. The Acquisition is not a significant acquisition under the investment test as the total consideration paid to the Bronco securityholders with respect to the Acquisition was only approximately 5% of the consolidated assets of the Filer as of December 31, 2009 and approximately 2.1% of the consolidated assets of the Filer as of September 30, 2010.

11. The Acquisition would be a significant acquisition under the income test, which requires comparison of income from continuing operations from the Filer and Bronco. The application of the income test using the income from continuing operations of the Filer and Bronco leads to an anomalous result in that the significance of the acquired business is exaggerated out of proportion to its significance on an objective basis and in comparison to the results of the asset test and the investment test.

12. A comparison of the Filer’s proportionate share of the operating income of Bronco to its own operating income for the 12 months ending September 30, 2010 would not result in the Acquisition being considered significant, more accurately reflects the significance of the Acquisition from a business and commercial perspective and its results are generally consistent with the other tests of significance in subsection 8.3(2) of NI 51-102.

13. The Filer is of the view that the Acquisition is not a significant transaction to it from a business and commercial perspective.

14. The Filer has provided the Decision Makers with additional measures which further demonstrate the insignificance of the Acquisition to the Filer. The alternative measures include market capitali-zation, reserve volumes, current production, gross revenues and income from continuing operations excluding depletion, depreciation and accretion and asset impairment charge.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Makers to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted.

“Blaine Young” Associate Director, Corporate Finance


December 17, 2010 (2010) 33 OSCB 11716

2.2 Orders

2.2.1 Rogers Communications Inc. – s. 104(2)(c)

Headnote

Clause 104(2)(c) – Issuer bid – relief from issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act – Issuer proposes to purchase, at a discounted purchase price, up to 3,100,000 of its class B shares from one of its shareholders and/or such shareholder's affiliates – due to discounted purchase price, proposed purchases cannot be made through TSX trading system – but for the fact that the proposed purchases cannot be made through the TSX trading system, the Issuer could otherwise acquire the subject shares in reliance upon the issuer bid exemption available under section 101.2 of the Securities Act and in accordance with the TSX rules governing normal course issuer bid purchases – no adverse economic impact on or prejudice to issuer or public shareholders – proposed purchases exempt from issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act, subject to conditions, including that the issuer not purchase more than one-third of the maximum number of shares to be purchased under its normal course issuer bid by way of off-exchange block purchases.


Securities Act, R.S.O. 1990, c. S.5, as am., ss. 94 to 94.8, 97 to 98.7, 104(2)(c).



AND

IN THE MATTER OF ROGERS COMMUNICATIONS INC.

ORDER(Clause 104(2)(c))

UPON the application (the “Application”) of Rogers Communications Inc. (the “Issuer”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to clause 104(2)(c) of the Act exempting the Issuer from sections 94 to 94.8 and 97 to 98.7 of the Act (the “Issuer Bid Requirements”) in connection with the proposed purchases (“Proposed Purchases”) by the Issuer of up to 3,100,000 (the “Subject Shares”) of the Issuer’s Class B Non-Voting shares (the “Shares”) from The Bank of Nova Scotia and/or its affiliates (the “SellingShareholder”);

AND UPON considering the Application and the recommendation of staff of the Commission;

AND UPON the Issuer (and the Selling Shareholder in respect of paragraphs 5, 6, 7, 10, 14 and 21 as they relate to the Selling Shareholder) having represented to the Commission that:

1. The Issuer is a corporation governed by the Business Corporations Act (British Columbia).

2. The corporate headquarters of the Issuer is located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

3. The Issuer is a reporting issuer in each of the provinces of Canada and the Shares are listed for trading on the Toronto Stock Exchange (the “TSX”) and the New York Stock Exchange. The Issuer is not in default of any requirement of the securities legislation in the jurisdictions in which it is a reporting issuer.

4. As of November 30, 2010, the authorized common share capital of the Issuer consists of 112,462,014 Class A Voting shares and 1,400,000,000 Shares. There are 446,152,799 Shares issued and outstanding as of that date.

5. The corporate headquarters of the Selling Shareholder is located in Toronto, Ontario.

6. The Selling Shareholder does not directly or indirectly own more than 5% of the issued and outstanding Shares.

7. The Selling Shareholder owns the Subject Shares and the Subject Shares were not acquired in anticipation of resale pursuant to private agreements under an issuer bid exemption order issued by a securities regulatory authority (“Off-Exchange Block Purchases”).

8. Pursuant to a “Notice of Intention to Make a Normal Course Issuer Bid” filed with the TSX, as of February 15, 2010 (the “Notice”), the Issuer is permitted to make normal course issuer bid (the “Bid”) purchases (each, a “Bid Purchase”) to a maximum of the lesser of 43,600,000 Shares and that number of Shares that can be purchased under the Bid for an aggregate purchase price of C$1,500,000,000 in accordance with sections 628 to 629.3 of Part VI of the TSX Company Manual (the “TSX Rules”). As of November 30, 2010, 33,980,906 Shares have been purchased under the Bid, including 11,380,000 Shares which were purchased pursuant to Off-Exchange Block Purchases. Assuming completion of the purchase of the Subject Shares, the Issuer will have purchased under the Bid an aggregate of 14,480,000 Shares pursuant to Off-Exchange Block Purchases, representing approximately 33% of the 43,600,000 Shares authorized to be purchased under the Bid.

9. In addition to making Bid Purchases by means of open market transactions, the Notice contemplates that the Issuer may purchase Shares by way of exempt offer.


December 17, 2010 (2010) 33 OSCB 11717

10. The Issuer and the Selling Shareholder intend to enter into agreements of purchase and sale (each, an “Agreement”) pursuant to which the Issuer will agree to acquire, by trades occurring prior to January 1, 2011, the Subject Shares from the Selling Shareholders for purchase prices (each, a “Purchase Price”) that will be negotiated at arm’s length between the Issuer and the Selling Shareholders. The Purchase Price will be at a discount to the prevailing market price and below the prevailing bid-ask price for the Shares.

11. The purchase of the Subject Shares by the Issuer pursuant to the Agreement will constitute an “issuer bid” for purposes of the Act to which the Issuer Bid Requirements would apply.

12. Because the Purchase Price will be at a discount to the prevailing market price and below the bid-ask price for the Shares at the time of each trade, the Proposed Purchases cannot be made through the TSX trading system and, therefore, will not occur “through the facilities” of the TSX. As a result, the Issuer will be unable to acquire the Subject Shares from the Selling Shareholder in reliance upon the exemption from the Issuer Bid Requirements that is available pursuant to Section 101.2(1) of the Act.

13. But for the fact that the Purchase Price will be at a discount to the prevailing market price and below the bid-ask price for the Shares at the time of the trade, the Issuer could otherwise acquire the Subject Shares as a “block purchase” (a “Block Purchase”) in accordance with Section 629(1)7 of the TSX Rules and the exemption from the Issuer Bid Requirements in Section 101.2(1) of the Act.

14. The Selling Shareholder is at arm’s length to the Issuer and is not an “insider” of the Issuer, an “associate” of an “insider” of the Issuer, or an “associate” or “affiliate” of the Issuer, as such terms are defined in the Act. In addition, the Selling Shareholder is an “accredited investor” within the meaning of National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”).

15. The Issuer will be able to acquire the Subject Shares from the Selling Shareholder in reliance upon the exemption from the dealer registration requirements of the Act that is available as a result of the combined effect of section 2.16 of NI 45-106 and Section 4.1(a) of Commission Rule 45-501 Ontario Prospectus and Registration Exemptions.

16. Management is of the view that the Issuer will be able to purchase the Subject Shares at a lower price than the price at which the Issuer will be able to purchase the Shares under the Bid and management is of the view that this is an appropriate use of the Issuer’s funds.

17. The purchase of Subject Shares will not adversely affect the Issuer or the rights of any of the Issuer’s securityholders. As the Subject Shares are non-voting shares, the Proposed Purchases will not affect control of the Issuer. The Proposed Purchases will be carried out with a minimum of cost to the Issuer.

18. To the best of the Issuer’s knowledge, as of November 30, 2010, the public float for the Shares consisted of approximately 90.13% of the Shares for purposes of the TSX Rules.

19. The market for the Shares is a “liquid market” within the meaning of Section 1.2 of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

20. Other than the Purchase Price, no additional fee or other consideration will be paid in connection with the Proposed Purchases.

21. At the time that an Agreement is entered into by the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer nor the Selling Shareholder will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed.

AND UPON the Commission being satisfied to do so would not be prejudicial to the public interest;

IT IS ORDERED pursuant to clause 104(2)(c) of the Act that the Issuer be exempt from the Issuer Bid Requirements in connection with the Proposed Purchases, provided that:

(a) the Proposed Purchases will be taken into account by the Issuer when calculating the maximum annual aggregate limit for the Bid Purchases in accordance with the TSX Rules;

(b) the Issuer will refrain from conducting a Block Purchase in accordance with the TSX Rules during the calendar week it completes each Proposed Purchase and may not make any further Bid Purchases for the remainder of that calendar day;

(c) the Purchase Price is not higher than the last “independent trade” (as that term is used in paragraph 629(1)1 of the TSX Rules) of a board lot of Shares immediately prior to the execution of each Proposed Purchase;

(d) the Issuer will otherwise acquire any additional Shares pursuant to the Bid and in accordance with the TSX Rules;


December 17, 2010 (2010) 33 OSCB 11718

(e) immediately following its purchase of the Subject Shares from the Selling Shareholder, the Issuer will report the purchase of the Subject Shares to the TSX;

(f) at the time that the Agreement is entered into by the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer nor the Selling Shareholder will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed;

(g) the Issuer will issue a press release in connection with the Proposed Purchases; and

(h) the Issuer does not purchase, pursuant to Off-Exchange Block Purchases, more than one-third of the maximum number of Shares the Issuer can purchase under the Bid.

Dated at Toronto this 3rd day of December, 2010.

“Margot Howard” Commissioner Ontario Securities Commission

“Mary Condon” Commissioner Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11719

2.2.2 Mega-C Power Corporation et al. – s. 127



AND

IN THE MATTER OF MEGA-C POWER CORPORATION, RENE PARDO,

GARY USLING, LEWIS TAYLOR SR., LEWIS TAYLOR JR., JARED TAYLOR,

COLIN TAYLOR AND 1248136 ONTARIO LIMITED

ENDORSEMENT (Section 127 of the Act)

Hearing: November 25, 2010

Decision: November 30, 2010

Panel: James D. Carnwath – Commissioner and Chair of the Panel

Kevin J. Kelly – Commissioner

Counsel: Matthew Britton – for Staff of the Ontario Securities Commission Alice Hewitt

Michael Meredith – for Rene Pardo

Lewis Taylor Sr. – Self-represented

Lewis Taylor Jr. – Self-represented

Jared Taylor – Self-represented

Colin Taylor – Self-represented

ENDORSEMENT

[1] Mr. Pardo moves for an adjournment of the sanctions hearing in this matter while he pursues an application made to the Divisional Court for a judicial review of the decision on the merits, which issued on September 7, 2010.

[2] His counsel, Mr. Meredith, fairly concedes that the earliest date he has available is January 28, 2011, but even that date is not certain. This matter has been before the Commission for approximately 5 years. The sanctions hearing is scheduled for December 7th and 8th, 2010, less than two weeks away. If the adjournment is granted, the outcome of the sanctions hearing will be unavailable to the Divisional Court.

[3] Counsel submits that Mr. Pardo has been denied procedural fairness by the failure of the Commission to consider the settlement agreement that he entered into with Staff of the Commission. While it appears to us that the settlement agreement was “considered” by the panel of September 29th, 2010, this is a matter for the Divisional Court.

[4] Counsel further submits that a hearing panel cannot consider a settlement agreement after the start of the hearing on the merits. Subject to any submissions made at the sanctions hearing, this would appear to us to be a correct analysis of Commission practice and procedure absent, of course, total agreement by all the parties before the hearing panel. This also isa matter for the Divisional Court.

[5] We find the motion premature for two reasons:

[6] First, granting the adjournment would place an incomplete record before the Divisional Court. The sanctions, if any, applied to Mr. Pardo would be unknown. The results might be more favourable than the settlement agreement, whose terms are unknown to this Panel. It happens frequently that the Divisional Court returns a matter to a tribunal where the course of the


December 17, 2010 (2010) 33 OSCB 11720

tribunal proceeding has not run. This is particularly pertinent in this matter where the sanction hearing is imminent and its results will be known by January 28th, 2011.

[7] Second, we reject the submission that Mr. Pardo has been denied procedural fairness that brings him within the exception in Ontario (Liquor Control Board) v. Lifford Wine Agencies (2005), 76 O.R. (3d) 401 at paragraph 43. The measure of his prejudice must be viewed in the light of prejudice to the Taylor respondents, prejudice to the principle of efficient completion of contested matters and prejudice to the efficient use of tribunal and judicial resources.

[8] We see little or no prejudice to Mr. Pardo in this result. He will be able to make these arguments made before us today before the Divisional Court, the same arguments he proposes to make if the adjournment is granted. The only difference is that the Divisional Court will have a completed record of this proceeding and a potential waste of judicial resources will be avoided.

[9] Mr. Pardo’s motion for an adjournment is denied. The sanctions and costs hearing will proceed as scheduled on December 7th and 8th, 2010.

DATED at Toronto this 30th day of November, 2010.

“James D. Carnwath”

“Kevin J. Kelly”


December 17, 2010 (2010) 33 OSCB 11721

2.2.3 Paladin Capital Markets Inc. et al. – ss. 127(1), 127(7), 127(8)



AND

IN THE MATTER OF PALADIN CAPITAL MARKETS INC.,

JOHN DAVID CULP, AND CLAUDIO FERNANDO MAYA

ORDERSections 127(1), 127(7) and 127(8)

WHEREAS on June 2, 2009, the Ontario Securities Commission (the "Commission") issued a temporary order (the “Temporary Order”) pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") ordering that:

1. under s. 127(1)1 of the Act, the registration of Paladin Capital Markets Inc. (“Paladin”) and John David Culp (“Culp”) be suspended;

2. under s. 127(1)2 of the Act, all trading in any securities by the Respondents cease;

3. under s. 127(1)2 of the Act, all trading in securities of Paladin cease; and

4. under s. 127(1)3 of the Act, all exemptions contained in Ontario securities law do not apply to the respondents;

AND WHEREAS on June 2, 2009, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

AND WHEREAS on June 4, 2009 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on June 15, 2009 at 10:00 a.m;

AND WHEREAS the Commission held a hearing on June 15, 2009 to consider whether to extend the Temporary Order;

AND WHEREAS counsel for staff of the Commission (“Staff”), Claudio Fernando Maya (“Maya”) and Culp, on his own behalf and for Paladin, appeared at the hearing held on June 15, 2009;

AND WHEREAS Culp, on his own behalf and for Paladin, consented to the extension of the Temporary Order to September 30, 2009;

AND WHEREAS Maya consented to the extension of the Temporary Order to September 30, 2009,

subject to his right to contest the Temporary Order by hearing on July 2, 2009 at 2:30 p.m.;

AND WHEREAS on July 2, 2009, the Commission heard submissions from Staff and Maya as to the continuation of the Temporary Order against Maya;

AND WHEREAS on July 2, 2009, with reasons issued on July 10, 2009, the Commission was not satisfied that Maya had provided satisfactory information not to extend the temporary order;

AND WHEREAS the Temporary Order was extended on consent of Staff and the respondents on September 29, 2009, November 30, 2009, February 2, 2010 and March 22, 2010, and on June 15, 2010, the Temporary Order was extended on consent of Staff and the respondents to August 6, 2010 and the hearing was adjourned to August 5, 2010 for the purpose of a confidential pre-hearing conference and to consider whether to extend the Temporary Order;

AND WHEREAS Staff filed a Statement of Allegations dated June 9, 2010 and the Commission issued a Notice of Hearing on June 10, 2010 in this matter;

AND WHEREAS on June 10, 2010, the Commission issued a Notice of Hearing for a hearing on July 19, 2010 to consider whether it is in the public interest to approve a settlement agreement entered into by Staff of the Commission and the respondents, Paladin and Culp;

AND WHEREAS on July 19, 2010, counsel for Staff attended the hearing but neither Paladin nor Culp attended;

AND WHEREAS on July 19, 2010, counsel for Staff advised the Commission that Staff understood that Culp had died on or about July 17, 2010;

AND WHEREAS on July 19, 2010, the Commission ordered at Staff’s request that the settlement hearing in respect of Paladin be adjourned to August 5, 2010;

AND WHEREAS on August 3, 2010, Staff filed a Notice of Withdrawal with respect to the allegations against Culp having regard to his death;

AND WHEREAS on August 5, 2010 counsel for Staff attended at the settlement hearing and no one attended for Paladin;

AND WHEREAS on August 5, 2010 the Commission approved the settlement agreement in respect of Paladin;

AND WHEREAS on August 5, 2010 counsel for Staff and counsel for Maya attended in person at the pre-conference hearing held immediately following the settlement hearing;


December 17, 2010 (2010) 33 OSCB 11722

AND WHEREAS on August 5, 2010 counsel for Maya requested that motion dates be set with respect to a proposed motion to exclude the voluntary interview of Culp from this proceeding;

AND WHEREAS counsel for Staff and counsel for Maya agreed to set motion dates for November 29, 2010 (full day) and November 30, 2010 (half a day);

AND WHEREAS Staff and Maya consented to an extension of the Temporary Order until the close of business on November 30, 2010 with respect to Maya only;

AND WHEREAS on August 5, 2010, the Commission ordered that the Temporary Order be extended until the close of business on November 30, 2010 with respect to Maya only and that the hearing be adjourned to November 29, 2010;

AND WHEREAS on November 23, 2010, Staff agreed to the exclusion of the statement of Culp and accordingly Maya withdrew his motion;

AND WHEREAS on November 23, 2010, Maya and Staff consented to an extension of the Temporary Order until the close of business on December 13, 2010 with respect to Maya only;

AND WHEREAS by order dated November 26, 2010, the Commission extended the Temporary Order until the close of business on December 13, 2010 with respect to Maya only and adjourned the hearing to December 13, 2010 at 10:00 a.m.;

AND WHEREAS on December 13, 2010, Maya and Staff consented to an extension of the Temporary Order until the close of business on January 14, 2011 with respect to Maya only;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

AND WHEREAS by Order made November 24, 2010, pursuant to subsection 3.5(3) of the Act, each of Howard I. Wetston, James E. A. Turner, Kevin J. Kelly, Carol S. Perry, Patrick J. LeSage, James D. Carnwath and Mary G. Condon, acting alone, is authorized to exercise the powers of the Commission under the Act, subject to subsection 3.5(4) of the Act, including the power to make orders under section 127 of the Act;

IT IS ORDERED:

1. pursuant to subsections 127(7) and 127(8) of the Act, that the Temporary Order is extended until the close of business on January 14, 2011 with respect to Maya only; and

2. that the hearing is adjourned to January 14, 2011 at 11:00 a.m.

Dated at Toronto this 13th day of December 2010.

“Carol S. Perry”

2.2.4 EnerCare Inc. and EnerCare Solutions Inc. – s. 1(11)(b)

Headnote

Application by former wholly owned subsidiaries of public income trust and investment trust for an order designating applicants to be reporting issuers – applicants are the public corporate entities that will continue following a transaction whereby unitholders of the income trust will exchange their ordinary units for common shares of one of the applicants and a trust will transfer shares of certain subsidiaries and inter-company debt to the other applicant in return for common shares and convertible debentures – conversion transaction effected by way of plan of arrangement under the Canada Business Corporation Act pursuant to an arrangement agreement – income trust and investment trust will be wound-up on effective date of conversion – requested order harmonizes regulatory treatment of applicant across Canada.




R.S.O. 1990, c.S.5, AS AMENDED (the “Act”)

AND

IN THE MATTER OF ENERCARE INC. AND

ENERCARE SOLUTIONS INC.

ORDER(Clause 1(11)(b))

UPON the application (the “Application”) of EnerCare Inc. (“New Consumers”) and EnerCare Solutions Inc. (“New Consumers’ Holdco” and together with New Consumers, the “Applicants”) for an order pursuant to clause 1(11)(b) of the Act that, for the purposes of Ontario Securities law, the Applicants become reporting issuers in Ontario as of January 1, 2011 (the “Effective Date”);

AND UPON considering the Application and the recommendation of staff of the Ontario Securities Commission (the “Commission”);

AND UPON the Issuer having represented to the Commission that:

1. New Consumers was incorporated under the laws of Canada on September 27, 2010 under the name 7660251 Canada Inc. New Consumers changed its name from 7660251 Canada Inc. to EnerCare Inc. effective October 8, 2010.

2. New Consumers is a direct wholly-owned subsidiary of The Consumers’ Waterheater


December 17, 2010 (2010) 33 OSCB 11723

Income Fund (the “Fund”), an unincorporated open-ended investment trust established on October 28, 2002 under the laws of the Province of Ontario.

3. The Fund’s head office is located at 2 East Beaver Creek Road, Building 2, Richmond Hill, Ontario, L4B 2N3.

4. The Fund is a reporting issuer (or the equivalent thereof) in each of the provinces and territories of Canada (the “Reporting Jurisdictions”) and, to its knowledge, is currently not in default of any applicable requirements under the securities legislation thereof.

5. The Fund has trust units (the “Units’) and convertible debentures (the “Convertible Debentures”) listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the symbols “CWI.UN” and “CWI.DB”.

6. New Consumers’ Holdco was incorporated under the laws of Canada on September 27, 2010 under the name 7660260 Canada Inc. New Consumers’ Holdco changed its name from 7660260 Canada Inc. to EnerCare Solutions Inc. effective October 8, 2010.

7. New Consumers’ Holdco is a direct wholly-owned subsidiary of The Consumers’ Waterheater Operating Trust (the “Trust”), an unincorporated open-ended investment trust established on November 18, 2002 under the laws of the Province of Ontario. The Trust is a direct wholly-owned subsidiary of the Fund.

8. The Trust’s head office is located at 2 East Beaver Creek Road, Building 2, Richmond Hill, Ontario, L4B 2N3.

9. The Trust is a reporting issuer (or the equivalent thereof) in each of the Reporting Jurisdictions and, to its knowledge, is currently not in default of any applicable requirements under the securities legislation thereof.

10. The Trust has outstanding to the public $60,000,000 aggregate principal amount of 6.20% series 2009-1 senior notes, due April 30, 2012 (the “Series 2009-1 Notes”), $270,000,000 aggregate principal amount of 6.75% series 2009-2 senior notes, due April 30, 2014 (the “Series 2009-2 Notes”) and $240,000,000 aggregate principal amount of 5.25% series 2010-1 senior unsecured notes, due March 15, 2013 (the “Series 2010-1 Notes” and together with the Series 2009-1 Notes and the Series 2009-2 Notes, the “Senior Notes”).

11. The Trust does not have any securities listed or posted for trading on any exchange or quotation and trading system.

12. The registered office of each of the Applicants is 2 East Beaver Creek Road, Building 2, Richmond Hill, Ontario, L4B 2N3.

13. The Fund plans to convert from an income trust to a corporation on or about January 1, 2011 (the “Conversion Transaction”).

14. The Conversion Transaction will be effected by way of a plan of arrangement under the Canada Business Corporations Act pursuant to an arrangement agreement to be entered into between, among others, the Fund, the Trust, New Consumers and New Consumers’ Holdco.

15. New Consumers will have conducted no business prior to the Effective Date.

16. Prior to the Effective Date, New Consumers will not be a reporting issuer in any jurisdiction and its shares will not be listed or posted for trading on any exchange or quotation and trade reporting system.

17. New Consumers’ Holdco will have conducted no business prior to the Effective Date.

18. Prior to the Effective Date, New Consumers’ Holdco will not be a reporting issuer in any jurisdiction and its shares will not be listed or posted for trading on any exchange or quotation and trade reporting system.

19. On the Effective Date, among other things:

(a) unitholders of the Fund will receive one common share of New Consumers (a “New Consumers Share”) for each Unit held;

(b) the Trust will transfer the shares of certain subsidiaries and certain inter-company debt to New Consumers’ Holdco in return for common shares and debt of New Consumers’ Holdco and the assumption by New Consumers’ Holdco of the Senior Notes;

(c) the Trust will be dissolved and will distribute the common shares and debt of New Consumers’ Holdco to the Fund;

(d) the Fund will be dissolved and will distribute the common shares and debt of New Consumers’ Holdco to New Consumers; and

(e) New Consumers will assume the Convertible Debentures, which will become convertible for New Consumers Shares (the “New Consumers Conver-tible Debentures”).


December 17, 2010 (2010) 33 OSCB 11724

20. New Consumers will continue the business of the Fund following the Effective Date and it is intended that New Consumers will be a reporting issuer (or equivalent thereof) in all the Reporting Jurisdictions and that the New Consumers Shares and the New Consumers Convertible Debentures will be listed and posted for trading on the TSX.

21. New Consumers’ Holdco will continue the business of the Trust following the Effective Date and it is intended that New Consumers’ Holdco will be a reporting issuer (or equivalent thereof) in all the Reporting Jurisdictions.

22. The TSX has indicated that the New Consumers Shares will be listed on the Effective Date, subject to the prior receipt of certain standard documents. The New Consumers Shares will not be posted for trading on the TSX until two or three trading days after the Effective Date.

23. As a result of the varying definitions of “reporting issuer” contained in Canadian securities legislation, on the Effective Date each of the Applicants will, by operation of law, automatically become reporting issuers in each of the Reporting Jurisdictions, except Ontario.

24. The definition of “reporting issuer” in clause 1(1) of the Act will not, by operation of law, confer upon the Applicants status as reporting issuers upon completion of the Conversion Transaction on the Effective Date.

25. Each Applicant has made the Application so that it will be a reporting issuer in all of the Reporting Jurisdictions on the Effective Date.

AND UPON the Commission being satisfied to do so would not be prejudicial to the public interest;

IT IS ORDERED pursuant to clause 1(11)(b) of the Act that, for purposes of Ontario securities law, the Applicants shall become reporting issuers on the Effective Date.

DATED in Toronto on this 14th day of December, 2010.


“James D. Carnwath” Commissioner Ontario Securities Commission

2.2.5 Adira Energy Ltd. – s. 1(11)(b)

Headnote

Subsection 1(11)(b) – Order that the issuer is a reporting issuer for the purposes of Ontario securities law – Issuer already a reporting issuer in British Columbia – Issuer's securities listed for trading on the TSX venture exchange – Continuous disclosure requirements in British Columbia substantially the same as those in Ontario – Issuer has a significant connection to Ontario.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(11)(b).


R.S.O. 1990, CHAPTER S.5, AS AMENDED (the Act)

AND

IN THE MATTER OF ADIRA ENERGY LTD.

ORDER(clause 1(11)(b))

UPON the application of Adira Energy Ltd. (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to clause 1(11)(b) of the Act that, for the purposes of Ontario securities law, the Applicant is a reporting issuer in Ontario;

AND UPON considering the application and the recommendation of the staff of the Commission;

AND UPON the Applicant representing to the Commission as follows:

1. The Applicant was originally incorporated on February 20, 1997 under the name “Trans New Zealand Oil Company” by filing its Articles of Incorporation with the Secretary of State of Nevada. The Applicant changed its name to “AMG Oil Ltd.” on July 27, 1998. On November 25, 2008, the Applicant’s shareholders approved the change of the jurisdiction of AMG from the State of Nevada to the CBCA by way of continuation. The Applicant completed the filing of its Articles of Conversion with the Nevada Secretary of State on November 25, 2008, and the Applicant’s Articles of Continuance were accepted for filing by Industry Canada effective November 27, 2008. The effect of these filings was to transfer the jurisdiction of incorporation of the Applicant from the State of Nevada to the Canada Business Corporations Act. On December 17, 2009 articles of amendment were filed to change the Applicant’s name from “AMG Oil Ltd.” to “Adira Energy Ltd.”.


December 17, 2010 (2010) 33 OSCB 11725

2. The Applicant’s registered and head office is currently located at 120 Adelaide St. West, Suite 1204, Toronto, Ontario, Canada, M5H 1T1.

3. As of the date hereof, the Applicant’s authorized share capital consists of an unlimited number of Common Shares (the Common Shares) with no par value. As of the date hereof, there are 62,640,001 Common Shares issued and outstanding. There are 27,500,000 subscription receipts outstanding which are exercisable upon fulfilment of certain conditions, including the listing of the Applicant on the TSX Venture Exchange (TSXV). Each subscription receipt is exercisable for one Common Share and one half of one Common Share purchase warrant. The Applicant currently has 5,659,000 options exercisable for Common Shares and 4,500,770 Common Share purchase warrants outstanding and expects to issue another 1,285,500 Common Share purchase warrants in connection with the issuance of the subscription receipts.

4. The Applicant is currently a reporting issuer in British Columbia and has been a reporting issuer under the Securities Act (British Columbia) (the BC Act) since February 1, 2006. As at the date hereof, the Applicant is not in default of any requirements under applicable securities laws.

5. The Applicant is not currently a reporting issuer or the equivalent in any jurisdiction in Canada other than British Columbia.

6. As of the date hereof, the Applicant is not on the list of defaulting reporting issuers maintained pursuant to the BC Act and, to the best of its knowledge, is not in default of any of its obligations under the BC Act or the rules and regulations made thereunder.

7. The continuous disclosure document requirements of the BC Act are substantially the same as the continuous disclosure requirements under the Act.

8. The continuous disclosure materials filed by the Applicant under the BC Act are available on the System for Electronic Document Analysis and Retrieval (SEDAR), with February 6, 2006 being the date of the first electronic filing on SEDAR by the Applicant.

9. The Common Shares are listed and posted for trading on the OTCBB, where they trade under the stock symbol “AMGOF”, and the FWB Frankfurter Wertpapierbörse where they trade under the stock symbol “AORLB8”. The Common Shares are listed and posted for trading on the TSXV under the trading symbol “ADL”. The Common Shares are not traded on any other stock exchange or trading quotation system.

10. The Applicant is not in default of any of the rules, regulations or policies of the TSXV.

11. Pursuant to the policies of the TSXV, a listed issuer, which is not otherwise a reporting issuer in Ontario, must assess whether it has a “significant connection to Ontario”, as defined in the policies of the TSXV, and, upon becoming aware that it has a “significant connection to Ontario”, promptly make a bona fide application to the Commission to be deemed a reporting issuer in Ontario.

12. Pursuant to the policies of the TSXV, the Applicant has undertaken an assessment of its shareholder base to determine whether or not the Applicant has a significant connection to Ontario as defined in the policies of the TSXV. As a result of that assessment, the Applicant has determined that the Applicant has come to have a significant connection to Ontario in that more than 78% of the Applicant’s issued and outstanding Common Shares are held directly or indirectly by residents of Ontario and its head office is located in Ontario.

13. Neither the Applicant, nor any of its officers, directors, nor, to the knowledge of the Applicant or its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, has:

(a) been the subject of any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority;

(b) entered into a settlement agreement with a Canadian securities regulatory authority; or

(c) been subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision,

other than:

in the case of Colin Kinley where an out of court settlement agreement was entered into and all charges were denied and dropped. Claims were made by Layne Christensen Company and Layne Energy against Manx Drilling; Saber Energy Corp; Saber Energy Inc; Tau Capital of Toronto; Warren Newfield; Colin Kinley and Andrew MacEwen for, amongst other things, claiming a breach of fiduciary duty. The case was brought before the District Court of Johnson County, Kansas and as part of a settlement a stipulation and order for dismissal was signed by all parties and the court on September 15, 2009. The Court ordered the case dismissed with prejudice; and


December 17, 2010 (2010) 33 OSCB 11726

in the case of Ilan Diamond, who joined the board of directors of a private company Dina Glassware (Pty) Ltd. (South Africa) that was in distress in May, 2005. The business had grown from a small profitable distribution business that supplied goods predominantly to the catering industry into a larger business supplying household goods to retail chains. Rapid expansion had led to inadequate credit cycle management and difficulties meeting scheduled deliveries to purchasers throughout South Africa and five adjacent countries. Mr. Diamond spent 20 months with the company attempting to remedy its problems and refocus the company’s target market. Finally, with the failure of one of the company’s largest customers resulting in additional cash flow issues, the board of directors ultimately determined the company should make a voluntary liquidation application. Such application was filed in February of 2007.

14. Neither the Applicant, nor any of its officers, directors, nor to the knowledge of the Applicant and its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, is or has been subject to:

(a) any known ongoing or concluded investigations:

(i) by a Canadian securities regula-tory authority, or

(ii) a court or regulatory body, other than a Canadian securities regulatory authority, that would be likely to be considered impor-tant to a reasonable investor making an investment decision; or

(b) any bankruptcy or insolvency proceed-ings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.

15. Neither any of the officers or directors of the Applicant, nor, to the knowledge of the Applicant and its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, is or has been at the time of such event an officer or director of any other issuer which is or has been subject to: (i) any cease trade order or similar order, or order that denied access to any exemptions under Ontario securities law, for a period of more than 30 consecutive days, within the preceding 10 years; or (ii) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or

the appointment of a receiver, receiver-manager or trustee within the preceding 10 years.

AND UPON the Commission being satisfied that granting this Order would not be prejudicial to the public interest;

IT IS ORDERED pursuant to clause 1(11)(b) of the Act that the Applicant is a reporting issuer for the purposes of Ontario securities law.

DATED this 13th day of December, 2010.

“Jo-Anne Matear”Assistant Manager, Corporate Finance Ontario Securities Commission


December 17, 2010 (2010) 33 OSCB 11727

2.2.6 Sunil Tulsiani et al.



AND

IN THE MATTER OF SUNIL TULSIANI, TULSIANI INVESTMENTS INC.,

PRIVATE INVESTMENT CLUB INC., and GULFLAND HOLDINGS LLC

ORDER

WHEREAS on May 27, 2010, the Commission issued a Notice of Hearing and Statement of Allegations in this matter and Sunil Tulsiani (“Tulsiani”), Tulsiani Investments Inc. (“Tulsiani Investments”), Private Investment Club Inc. (“Private Investment Club”) and Gulfland Holdings LLC (“Gulfland”) (collectively, the “Respondents”) were properly served with the Notice of Hearing and Statement of Allegations;

AND WHEREAS on December 14, 2010, Staff attended a confidential pre-hearing and no one attended on behalf of any of the Respondents;

AND WHEREAS Staff advised the Panel that it had consulted with counsel for Tulsiani, Tulsiani Investments and Private Investment Club and determined that there were currently no pre-hearing issues to address and that both parties were prepared to set dates for the hearing on the merits;

AND WHEREAS Staff advised the Panel it intended to provide additional disclosure to counsel for Tulsiani, Tulsiani Investments and Private Investment Club and that it would make the disclosure available at the offices of the Commission for Gulfland;

AND WHEREAS Staff undertook to provide notice of the additional disclosure and a copy of this order to a representative of Gulfland;


IT IS ORDERED that the hearing on the merits is scheduled to commence on May 24, 2011 at 10:00 a.m. and to continue on May 25, 26, 27, and 30, 2011, or such further or other dates as to be agreed to by the parties and fixed by the Office of the Secretary.


“Carol S. Perry”

2.2.7 Trapeze Asset Management Inc. et al. – s. 144

Headnote

Section 144 – Application for partial revocation of cease trade order – Variation of cease trade order to permit certain trades for the purpose of selling securities for a nominal amount solely to establish a tax loss – The securities were acquired prior to the respective dates of the cease trade orders – Each of the purchasers of the securities will be sophisticated purchasers who understand that such shares have no market value, the purpose of the proposed trades and the nature of the cease trade orders – Each of the Applicants and each of the purchasers are not aware of any material information that has not been generally disclosed – Partial revocation granted subject to conditions.


Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127, 144.


R.S.O. 1990, c. S.5, AS AMENDED (the “Act”)

AND

IN THE MATTER OF TRAPEZE ASSET MANAGEMENT INC.

AND

TRAPEZE CAPITAL CORP.

AND

ACCOUNTHOLDERS LISTED IN SCHEDULE “A”

AND

STORM CAT ENERGY CORPORATION

AND

RICHARDS OIL & GAS LIMITED

ORDER(Section 144 of the Act)

WHEREAS on April 27, 2009, a Director of the Ontario Securities Commission (the “Commission”) made an order under paragraphs 2 and 2.1 of subsection 127(1) of the Act that all trading in and all acquisitions of securities of Storm Cat Energy Corporation (“Storm Cat”), whether direct or indirect, shall cease until further order by the Director (the “Storm Cat CTO”);

AND WHEREAS on May 26, 2010, a Director of the Commission made an order under paragraph 2 of subsection 127(1) of the Act that all trading in and all acquisitions of securities of Richards Oil & Gas Limited


December 17, 2010 (2010) 33 OSCB 11728

(“Richards Oil”), whether direct or indirect, shall cease until further order by the Director (the “Richards Oil CTO”);

AND WHEREAS Trapeze Asset Management (“TAMI”), Trapeze Capital Corp. (“TCC”) and certain accountholders listed in Schedule A (the “Accountholders”) (together with TAMI and TCC, the “Applicants”) have made an application pursuant to section 144 of the Act (the “Application”) for a partial revocation of the Storm Cat CTO and the Richards Oil CTO to permit the sale by the Applicants of the Storm Cat Shares (as defined below) and the Richards Oil Shares (as defined below) solely for the purpose of establishing a tax loss;

AND WHEREAS National Policy 12-202 Revocation of a Compliance-related Cease Trade Orderprovides that the Commission will generally grant a partial revocation order to permit a securityholder to sell securities for a nominal amount solely to establish a tax loss;

AND UPON the Applicants having represented to the Commission that:

1. TAMI is an Ontario corporation and is registered as an portfolio manager, exempt market dealer and investment fund manager (pending approval) under the Act.

2. TCC is an Ontario corporation and is registered as an investment dealer under the Act.

3. TAMI holds 4,139,753 common shares of Storm Cat on behalf of managed accounts and TCC holds 779,667 common shares of Storm Cat on behalf of managed accounts (collectively, such 4,919,420 shares are referred to as the “StormCat Shares”).

4. TAMI holds 17,857,674 common shares of Richards Oil on behalf of managed accounts and TCC holds 6,535,690 common shares of Richards Oil on behalf of managed accounts.

5. The Accountholders hold 446,560 common shares of Richards Oil (collectively the 24,839,924 common shares held by TAMI, TCC and the Accountholders are herein referred to as the “Richards Oil Shares”).

6. The Storm Cat CTO was made by the Commission because Storm Cat failed to file the following continuous disclosure materials as required by Ontario securities law:

(a) audited annual financial statements for the year ended December 31, 2008;

(b) management’s discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2008;

(c) annual information form for the year ended December 31, 2008.

7. The Richards Oil CTO was made by the Commission because Richards Oil failed to file the following continuous disclosure materials as required by Ontario securities law:

(a) audited annual financial statements for the year ended December 31, 2009;

(b) management’s discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2009;

(c) certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.

8. The Storm Cat Shares and the Richards Oil Shares were acquired prior to the respective dates of the Storm Cat CTO and the Richards Oil CTO.

9. TAMI and TCC will effect the proposed trades of the Storm Cat Shares (the “Storm Cat Disposition”) solely for the purpose of enabling them to establish a tax loss in respect of such Storm Cat Disposition.

10. TAMI, TCC and the Accountholders will effect the proposed trades of the Richards Oil Shares (the “Richards Oil Disposition”) solely for the purpose of enabling them to establish a tax loss in respect of such Richards Oil Disposition.

11. It is intended that the Storm Cat Shares and the Richards Oil Shares will be sold at a price of $0.00001 per share for aggregate proceeds of $49.19 and $248.40, respectively, solely for the purpose of establishing tax losses.

12. Each of the purchasers of the Storm Cat Shares and the Richards Oil Shares will be sophisticated purchasers who understand that such shares have no market value, the purpose of the proposed trades and the nature of the Storm Cat CTO and the Richards Oil CTO.

13. Each of the Applicants has acknowledged that the issuance of a partial revocation order does not guarantee the issuance of a full revocation order in the future.

14. Each of the Applicants and each of the purchasers are not aware of any material information concerning the affairs of Storm Cat or Richards Oil that has not been generally disclosed.

15. Each of the purchasers will purchase and hold the Storm Cat Shares and/or the Richards Oil Shares, as the case may be, as principal.


December 17, 2010 (2010) 33 OSCB 11729

16. Each purchaser of the Storm Cat Shares and the Richards Oil Shares will be provided with a copy of the Storm Cat CTO and/or the Richards Oil CTO, as the case may be, and a copy of this Order prior to the Storm Cat Disposition and the Richards Oil Disposition.

AND WHEREAS considering the Application and the recommendation of the staff of the Commission;

AND WHEREAS the Director being satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 144 of the Act, that the Storm Cat CTO and the Richards Oil CTO be partially revoked solely to permit the Storm Cat Disposition and the Richards Oil Disposition provided that:

1. Prior to the completion of the Storm Cat Disposition and the Richards Oil Disposition, each purchaser of the Storm Cat Shares and the Richards Oil Shares will:

(a) receive:

(i) a copy of the Storm Cat CTO and/or the Richards Oil CTO, as the case may be; and

(ii) a copy of this Order;

(b) provide the Applicants with signed and dated acknowledge-ments which clearly state that the Storm Cat CTO and the Richards Oil CTO remains in effect, and that the issuance of a partial revocation of a cease trade order does not guarantee the issuance of a full revocation in the future; and

2. The Applicants undertake to make available copies of the written acknow-ledgements referred to in paragraph 1(b) to staff of the Commission upon request.

DATED in Toronto this 15th day of December 2010.

“Michael Brown” Assistant Manager, Corporate Finance Ontario Securities Commission

SCHEDULE A

ACCOUNTHOLDERS

Richard Hermon Ficor Resources Inc. Globus Precision Inc.


December 17, 2010 (2010) 33 OSCB 11730

2.2.8 IGM Financial Inc. – s. 104(2)(c)

Headnote

Clause 104(2)(c) – Issuer bid – relief from issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act – Issuer proposes to purchase, at a discounted purchase price, up to 1,000,000 of its common shares from one of its shareholders and/or such shareholder's affiliates – due to discounted purchase price, proposed purchases cannot be made through the TSX – but for the fact that the proposed purchases cannot be made through the TSX, the Issuer could otherwise acquire the subject shares in reliance upon the issuer bid exemption available under section 101.2 of the Act and in accordance with the TSX rules governing normal course issuer bid purchases – no adverse economic impact on or prejudice to issuer or public shareholders – proposed purchases exempt from issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act, subject to conditions, including that the issuer not purchase more than one-third of the maximum number of shares to be purchased under its normal course issuer bid by way of off-exchange block purchases.


Securities Act, R.S.O. 1990, c. S.5, as am., ss.94 to 94.8, 97 to 98.7, 104(2)(c)



AND

IN THE MATTER OF IGM FINANCIAL INC.

ORDER(Clause 104(2)(c))

UPON the application (the “Application”) of IGM Financial Inc. (the “Issuer”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to Section 104(2)(c) of the Securities Act (Ontario) (the “Act”)exempting the Issuer from the requirements of Sections 94 to 94.8 and 97 to 98.7 of the Act (the “Issuer Bid Requirements”) in connection with the proposed purchase or purchases (the “Proposed Purchases”) of up to an aggregate of 1,000,000 (the “Subject Shares”) of the Issuer’s common shares (the “Shares”) from The Toronto-Dominion Bank and/or its affiliates (collectively, the “SellingShareholders”);

AND UPON considering the Application and the recommendation of staff of the Commission;

AND UPON the Issuer (and the Selling Shareholders in respect of paragraphs 5, 6, 7, 8, 11 and 23 as they relate to the Selling Shareholders) having represented to the Commission that:

1. The Issuer is a corporation governed by the Canada Business Corporations Act.

2. The head office of the Issuer is located at 447 Portage Avenue, Winnipeg, Manitoba, R3C 3B6.

3. The Issuer is a reporting issuer in each of the provinces and territories of Canada and the Shares are listed for trading on the Toronto Stock Exchange (the “TSX”). The Issuer is not in default of any requirement of the securities legislation in the jurisdictions in which it is a reporting issuer.

4. As at November 30, 2010, the authorized common share capital of the Issuer consisted of an unlimited number of Shares, of which 260,889,525 were issued and outstanding.

5. The corporate headquarters of the Selling Shareholders are located in Toronto, Ontario.

6. The Selling Shareholders do not directly or indirectly own more than 5% of the issued and outstanding Shares.

7. The Selling Shareholders are the beneficial owner of the Subject Shares. The Subject Shares were not acquired by the Selling Shareholders in anticipation of resale pursuant to private agreements under an issuer bid exemption order issued by a securities regulatory authority (“Off-Exchange Block Purchases”).

8. Each of the Selling Shareholders is at arm’s length to the Issuer and is not an “insider” of the Issuer, an “associate” of an “insider” of the Issuer or an “associate” or “affiliate” of the Issuer, as such terms are defined in the Act. In addition, each Selling Shareholder is an “accredited investor” within the meaning of National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”).

9. Pursuant to a “Notice of Intention to Make a Normal Course Issuer Bid” filed with the TSX and dated April 7, 2010 (the “Notice”), the Issuer is permitted to make normal course issuer bid (the “Bid”) purchases (each a “Bid Purchase”) to a maximum of 13,121,380 Shares from April 12, 2010 until April 11, 2011 in accordance with sections 628 to 629.3 of Part VI of the TSX Company Manual (the “TSX Rules”).

10. As of November 30, 2010, 2,566,700 Shares have been purchased under the Bid, including 1,650,000 Shares purchased pursuant to Off-Exchange Block Purchases. Assuming the completion of the purchase of the Subject Shares, the Issuer will have purchased under the Bid an aggregate of 2,650,000 Shares pursuant to Off-Exchange Block Purchases, representing approximately 20% of the Shares authorized to be purchased under such Bid.


December 17, 2010 (2010) 33 OSCB 11731

11. The Issuer and the Selling Shareholders intend to enter into one or more agreements of purchase and sale (the “Agreement”) pursuant to which the Issuer will agree to acquire, by one or more trades occurring prior to the end of day on March 31, 2011, the Subject Shares from the Selling Shareholders for a purchase price or prices (the “Purchase Price”) that will be negotiated at arm's length between the Issuer and the Selling Shareholders. The Purchase Price will be at a discount to the prevailing market price and below the prevailing bid-ask price for the Shares.

12. The Subject Shares acquired under each Proposed Purchase will constitute a “block” as that term is defined in section 628 of the TSX Rules.

13. The purchase of the Subject Shares by the Issuer pursuant to the Agreement will constitute an “issuer bid” for purposes of the Act, to which the Issuer Bid Requirements would otherwise apply.

14. Because the Purchase Price will be at a discount to the prevailing market price and below the bid-ask price for the Shares at the time of each trade, the Proposed Purchases cannot be made through the TSX trading system and, therefore, will not occur “through the facilities” of the TSX. As a result, the Issuer will be unable to acquire the Subject Shares from the Selling Shareholders in reliance upon the exemption from the Issuer Bid Requirements that is available pursuant to Section 101.2(1) of the Act.

15. But for the fact that the Purchase Price will be at a discount to the prevailing market price and below the bid-ask price for the Shares at the time of the trade, the Issuer could otherwise acquire the Subject Shares as a “block purchase” (a “Block Purchase”) in accordance with Section 629(l)7 of Part VI of the TSX Rules and the exemption from the Issuer Bid Requirements available pursuant to Section 101.2(1) of the Act. The Notice filed with the TSX by the Issuer contemplates that purchases under the Bid may be made by such other means as permitted by the TSX, including by Off-Exchange Block Purchases.

16. The Issuer will be able to acquire the Subject Shares from the Selling Shareholders in reliance upon the exemption from the dealer registration requirements of the Act that is available as a result of the combined effect of Section 2.16 of NI 45-106 and Section 4.1(a) of Commission Rule 45-501 Ontario Prospectus and Registration Exemptions.

17. Management of the Issuer is of the view that it will be able to purchase of the Subject Shares at a lower price than the price at which the Issuer would be able to purchase the Shares under the Bid through the facilities of the TSX and the Issuer

is of the view that this is an appropriate use of the Issuer's funds.

18. The purchase of Subject Shares will not adversely affect the Issuer, the rights of any of the Issuer’s securityholders or affect control of the Issuer.

19. The Proposed Purchases will be carried out with a minimum of cost to the Issuer.

20. The market for the Shares is a “liquid market” within the meaning of Section 1.2 of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The purchase of Subject Shares would not have any effect on the ability of other shareholders of the Issuer to sell their common shares in the market.

21. Other than the Purchase Price, no additional fee or other consideration will be paid in connection with the Proposed Purchases.

22. To the best of the Issuer’s knowledge, as of November 30, 2010, the public float for the Shares represented approximately 39.49% of all the issued and outstanding Shares for purposes of the TSX Rules.

23. At the time that each Agreement is entered into by the Issuer and the Selling Shareholders and at the time of each Proposed Purchase, neither the Issuer nor the Selling Shareholders will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed.

AND UPON the Commission being satisfied that it would not be prejudicial to the public interest for the Commission to grant the requested exemption;

IT IS ORDERED pursuant to Section 104(2)(c) of the Act that the Issuer be exempt from the Issuer Bid Requirements in connection with the Proposed Purchases, provided that:

(a) the Proposed Purchases will be taken into account by the Issuer when calculating the maximum annual aggregate limit for the Bid Purchases in accordance with the TSX Rules;

(b) the Issuer will refrain from conducting a Block Purchase in accordance with the TSX Rules during the calendar week it completes each Proposed Purchase and may not make any further Bid Purchases for the remainder of that calendar day;

(c) the Purchase Price is not higher than the last “independent trade” (as that term is used in paragraph 629(l)1 of the TSX Rules) of a board lot of Shares


December 17, 2010 (2010) 33 OSCB 11732

immediately prior to the execution of each Proposed Purchase;

(d) the Issuer will otherwise acquire any additional Shares pursuant to the Bid and in accordance with the TSX Rules, including by means of open market transactions and by other means as may be permitted by the TSX, including Off-Exchange Block Purchases;

(e) immediately following each Proposed Purchase of the Subject Shares from the Selling Shareholders, the Issuer will report the purchase of the Subject Shares to the TSX;

(f) at the time that the Agreement is entered into by the Issuer and the Selling Shareholders and at the time of each Proposed Purchase, neither the Issuer nor the Selling Shareholders will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed;

(g) the Issuer will issue a press release in connection with the Proposed Purchases; and

(h) the Issuer does not purchase, pursuant to Off-Exchange Block Purchases, more than one-third of the maximum number of Shares the Issuer can purchase under the Bid.



“James D. Carnwath” Commissioner Ontario Securities Commission

December 17, 2010 (2010) 33 OSCB 11733

Chapter 3

Reasons: Decisions, Orders and Rulings

3.1 OSC Decisions, Orders and Rulings

3.1.1 Robert Joseph Vanier (a.k.a. Carl Joseph Gagnon)



AND



SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION

AND ROBERT JOSEPH VANIER

PART I – INTRODUCTION

1. The Ontario Securities Commission (the “Commission”) will issue a Notice of Hearing to announce that it will hold a hearing to consider whether, pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S-5, as amended (the “Act”), it is in the public interest for the Commission to approve this Settlement Agreement and to make certain orders in respect of Robert Joseph Vanier (the “Respondent” or “Vanier”).

PART II – JOINT SETTLEMENT RECOMMENDATION

2. Staff of the Commission (“Staff”) agree to recommend settlement of the proceeding commenced by Notice of Hearing dated March 29, 2010 (the “Proceeding”) against Vanier according to the terms and conditions set out in Part V of this Settlement Agreement. Vanier agrees to the making of an order in the form attached as Schedule “A”, based on the facts set out below.

PART III – AGREED FACTS

3. Staff and the Respondent agree, solely for the purposes of this Settlement Agreement, any order of the Commission contemplated hereby, and any other regulatory proceeding commenced by a securities regulatory authority, with the facts and conclusions set out in Part III of this Settlement Agreement. Nothing in this Settlement Agreement is intended to be an admission of civil liability by the Respondent to any person or company; such liability is expressly denied.

A. The Respondent

4. Vanier is a resident of Ontario and has never been registered with the Commission in any capacity.

5. Carl Joseph Gagnon (“Gagnon”) was a resident of Quebec and has never been registered with the Commission in any capacity.

6. Vanier and Gagnon are the same person. The Respondent was in the Quebec witness protection program. The Respondent changed his name from Gagnon to Vanier before 2002.

7. Gagnon has a record of at least 70 convictions for offences under the Criminal Code of Canada, R.S.C. 1985, c. C-46, as amended (the “Criminal Record”), including numerous convictions for fraud.

B. Onco Petroleum Inc.

8. Onco Petroleum Inc. (“Onco”) was incorporated under the laws of Ontario on October 31, 2002 and continued as a federal corporation under the laws of Canada on September 29, 2006.


December 17, 2010 (2010) 33 OSCB 11734

9. Vanier was Chairman of the Board of Onco from October 31, 2002 until April 6, 2006; Vice President and Secretary of Onco from October 31, 2002 until March 31, 2003; and President and Chief Executive Officer of Onco from March 13, 2007 to September 25, 2008.

10. On October 12, 2007, Onco filed a prospectus with the Commission to gain reporting issuer status (the “Prospectus”). No securities were being offered pursuant to the Prospectus.

11. Vanier, as President and Chief Executive Officer of Onco, signed a Certificate of the Corporation dated October 12, 2007, certifying that “the foregoing constitutes full, true and plain disclosure of all material facts relating to the securities previously issued by the issuer as required by Part XV of the Securities Act (Ontario) and the regulations thereunder” (the “Certificate of the Corporation”).

12. Vanier, as a Promoter of Onco, signed a Certificate of Promoters dated October 12, 2007, certifying that “the foregoing constitutes full, true and plain disclosure of all material facts relating to the securities previously issued by the issuer asrequired by Part XV of the Securities Act (Ontario) and the regulations thereunder” (the “Certificate of Promoters”).

13. The Certificate of the Corporation and the Certificate of Promoters were filed with the Prospectus with the Commission on October 12, 2007.

C. Misrepresentations to Staff of the Commission

14. During the course of filing the Prospectus with the Commission, Vanier did not disclose that he was previously known as Gagnon, nor did he disclose the Criminal Record.

15. Under the heading “Use of Available Funds”, the Prospectus stated: “At June 30, 2007, the Company held approximately $20,499,208 in U.S. funds (equivalent to $21,839,856 at that date).”

16. At June 30, 2007, Onco did not have $21,839,856 in available assets. Approximately $20,000,000 was owed to Onco and was evidenced by an unsecured promissory note from William Del Biaggio III (the “Promissory Note”). There was no notation in the Prospectus regarding the Promissory Note.

D. Misrepresentations to Canadian Trading and Quotation System Inc.

17. On August 20, 2007, Vanier filed an application on behalf of Onco with Canadian Trading and Quotation System Inc. (“CNQ”), to have its securities qualified for listing and trading on the CNQ (the “Application”).

18. The Application contained Form 2A - Listing Statement - Certificate of the Issuer, signed by Vanier as Chief Executive Officer of Onco which stated: “Pursuant to a resolution duly passed by its Board of Directors, Onco Petroleum Inc. hereby applies for the listing of the above mentioned securities on CNQ. The foregoing contains full, true and plain disclosure of all material information relating to Onco Petroleum Inc. It contains no untrue statement of material fact and does not omit to state a material fact that is required to be stated or that is necessary to prevent a statement that is being made from being false or misleading in light of the circumstances in which it was made.”

19. The Application also contained Form 2B - Listing Summary containing, among other things, financial information as at December 31, 2006 that listed Current Assets as $23,831,817. The Application contained no reference to the Promissory Note.

20. The Application contained Form 3 - Personal Information Form, requiring the applicant to answer a number of questions and to swear/declare that all the answers are true and correct to the best of their knowledge (the “PIF Affidavit”) The PIF Affidavit was sworn by Vanier on April 18, 2007.

21. In the PIF Affidavit, in response to question 2: “Have you ever had, used or operated under, or carried on business under any name other than the name mentioned in Question 1(a) [above] of this form, or have you ever been known under any other name?”, Vanier answered no.

22. I n the PIF Affidavit, in response to question 4(b): “Have you ever been convicted under any law of any province, territory, state or country for contraventions or criminal offences not noted in 4(a) above [securities-related offences]?”, Vanier answered no.

PART IV – CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND THE PUBLIC INTEREST

23. By engaging in the conduct described above in Part III of this Settlement Agreement, the Respondent has breached Ontario securities law by:


December 17, 2010 (2010) 33 OSCB 11735

(a) failing to provide full, true and plain disclosure of all material facts relating to the securities issued or proposed to be distributed contrary to section 56(1) of the Act;

(b) making statements in an application, preliminary prospectus, prospectus, financial statement or other document required to be filed or furnished under Ontario securities law that, in a material respect and at the time and in light of the circumstances in which it was made, were misleading or untrue or did not state a fact that was required to be stated or that was necessary to make the statement not misleading contrary to section 122(1)(b) of the Act; and

(c) as the President and Chief Executive Officer of Onco did authorize, permit or acquiesce in the commission of the violations of sections 56(1) and 122(1)(b) of the Act, as set out above, by Onco pursuant to section 129.2 of the Act.

24. The Respondent’s conduct was contrary to the public interest.

PART V – TERMS OF SETTLEMENT

25. Vanier agrees to the terms of settlement listed below.

26. The Commission will make an order pursuant to section 127(1) and section 127.1 of the Act that:

(a) The Settlement Agreement is approved;

(b) Trading in and acquisition of any securities by Vanier shall cease for a period of thirteen (13) years commencing thirty (30) days after the date of the Commission’s order, with the exception that Vanier be permitted to trade in and acquire securities within a single account for a registered retirement savings plan (as defined in the Income Tax Act (Canada)) in which he has sole legal and beneficial ownership and interest, provided that:

(i) the securities are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) or are issued by a mutual fund which is a reporting issuer;

(ii) Vanier does not own legally or beneficially more than one percent of the outstanding securities of the class or series of the class in question; and

(iii) Vanier must carry out any permitted trading through a registered dealer and through one account opened in his name only and must close any other accounts;

(c) Any exemptions contained in Ontario securities law do not apply to Vanier for a period of thirteen (13) years commencing thirty (30) days after the date of the Commission’s order;

(d) Vanier is reprimanded;

(e) Vanier resign any positions that he holds as a director or officer of an issuer, registrant, or investment fund manager within thirty (30) days of the date of the Commission’s order;

(f) Vanier is permanently prohibited from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager commencing thirty (30) days after the date of the Commission’s order;

(g) Vanier is permanently prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter; and

(h) Vanier pay the sum of $10,000 towards the Commission’s costs relating to the investigation of this matter.

27. Vanier agrees to personally make any payments ordered above by certified cheque or bank draft when the Commission approves this Settlement Agreement. Vanier will not be reimbursed for, or receive a contribution toward, this payment from any other person or company.


December 17, 2010 (2010) 33 OSCB 11736

PART VI – STAFF COMMITMENT

28. If the Commission approves this Settlement Agreement, Staff will not commence any proceeding under Ontario securities law in relation to the facts set out in Part III of this Settlement Agreement, subject to the provisions of paragraph 29 below.

29. If the Commission approves this Settlement Agreement and Vanier fails to comply with any of the terms of the Settlement Agreement, Staff may bring proceedings under Ontario securities law against Vanier. These proceedings may be based on, but are not limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of the Settlement Agreement.

PART VII – PROCEDURE FOR APPROVAL OF SETTLEMENT

30. The parties will seek approval of this Settlement Agreement at an in camera hearing before the Commission scheduled for August 9, 2010, or on another date agreed to by Staff and Vanier, according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Procedure.

31. Staff and Vanier agree that this Settlement Agreement will form all of the agreed facts that will be submitted at the settlement hearing on Vanier’s conduct, unless the parties agree that additional facts should be submitted at the settlement hearing.

32. If the Commission approves this Settlement Agreement, Vanier agrees to waive all rights to a full hearing, judicial review or appeal of this matter under the Act.

33. If the Commission approves this Settlement Agreement, neither party will make any public statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the settlement hearing.

34. Whether or not the Commission approves this Settlement Agreement, Vanier will not use, in any proceeding, this Settlement Agreement or the negotiation or process of approval of this agreement as the basis for any attack on the Commission’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may otherwise be available.

PART VIII – DISCLOSURE OF SETTLEMENT AGREEMENT

35. If the Commission does not approve this Settlement Agreement or does not make the order attached as Schedule “A” to this Settlement Agreement:

i. this Settlement Agreement and all discussions and negotiations between Staff and the Respondent before the settlement hearing takes place will be without prejudice to Staff and the Respondent; and

ii. Staff and the Respondent will each be entitled to all available proceedings, remedies and challenges, including proceeding to a hearing of the allegations contained in the Statement of Allegations. Any proceedings, remedies and challenges will not be affected by this Settlement Agreement, or by any discussions or negotiations relating to this agreement.

36. Both parties will keep the terms of the Settlement Agreement confidential until the Commission approves the Settlement Agreement and a period of four (4) months has elapsed from the date of the Commission’s order approving the Settlement Agreement. At that time, the parties will no longer have to maintain confidentiality. If the Commission does not approve the Settlement Agreement, both parties must continue to keep the terms of the Settlement Agreement confidential, unless they agree in writing not to do so or if required by law.

PART IX – EXECUTION OF SETTLEMENT AGREEMENT

37. The parties may sign separate copies of this agreement. Together, these signed copies will form a binding agreement.

38. A fax copy of any signature will be treated as an original signature.

Dated this 5th day of August, 2010.

“Robert Vanier” “Silvia DeBastos” Robert Joseph Vanier Witness

“Kathryn Daniels” Deputy Director, Enforcement Branch


December 17, 2010 (2010) 33 OSCB 11737

Schedule “A”



AND



ORDER(sections 127 and 127.1)

WHEREAS on August 6, 2010, the Commission issued a Notice of Hearing pursuant to section 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5 as amended (the "Act"), to consider whether it was in the public interest to approve a settlement agreement entered into between the Robert Joseph Vanier (the “Respondent” or “Vanier”) and Staff of the Commission (“Staff”);

AND WHEREAS the Vanier entered into a Settlement Agreement with Staff dated August 4, 2010 (the "Settlement Agreement") in which he agreed to a settlement of the proceedings commenced by the Notice of Hearing dated March 29, 2010, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and Staff's Statement of Allegations dated March 29, 2010, and upon reading the submissions from counsel for Staff, and upon hearing submissions from counsel for Staff and counsel for Vanier;

AND WHEREAS Vanier acknowledges that the facts set out in Part III of the Settlement Agreement constituted a breach of sections 56(1), 122(1)(b) and 129.2 of the Act and conduct contrary to the public interest under the Act;


IT IS HEREBY ORDERED THAT:

(a) the Settlement Agreement between Vanier and Staff is approved;

(b) Vanier shall cease trading in and acquisitions of any securities for a period of thirteen (13) years commencing thirty (30) days after the date of this order, with the exception that Vanier be permitted to trade in and acquire securities within a single account for a registered retirement savings plan (as defined in the Income Tax Act (Canada)) in which he has sole legal and beneficial ownership and interest, provided that:

(i) the securities are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) or are issued by a mutual fund which is a reporting issuer;

(ii) Vanier does not own legally or beneficially more than one percent of the outstanding securities of the class or series of the class in question; and

(iii) Vanier must carry out any permitted trading through a registered dealer and through one account opened in his name only and must close any other accounts;

(c) any exemptions in Ontario securities law do not apply to Vanier for a period of thirteen (13) years commencing thirty (30) days after the date of this order;

(d) Vanier is hereby reprimanded;

(e) Vanier resign any positions that he holds as a director or officer of an issuer, registrant, or investment fund manager within thirty (30) days of the date of this order;

(f) Vanier is prohibited from becoming or acting as an officer or director of an issuer, registrant or investment fund manager permanently commencing thirty (30) days after the date of this order;


December 17, 2010 (2010) 33 OSCB 11738

(g) Vanier is prohibited from becoming or acting as an registrant, investment fund manager or promoter permanently; and

(h) Vanier agrees to pay costs of the investigation in the amount of $10,000 to the Commission.

Dated this day of August, 2010.

______________________________

December 17, 2010 (2010) 33 OSCB 11739

Chapter 4

Cease Trading Orders

4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Company Name Date of Temporary

Order

Date of Hearing

Date of Permanent

Order

Date of Lapse/Revoke

Inviro Medical Inc. 09 Dec 10 21 Dec 10

4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date of Order or

Temporary Order

Date of Hearing

Date of Permanent

Order

Date of Lapse/ Expire

Date of Issuer

Temporary Order

THERE ARE NO ITEMS FOR THIS WEEK.

4.2.2 Outstanding Management & Insider Cease Trading Orders

Company Name Date of Order or

Temporary Order

Date of Hearing

Date of Permanent

Order

Date of Lapse/ Expire

Date of Issuer Temporary

Order

Pure Energy Visions Corporation 06 Dec 10 17 Dec 10

Cathay Forest Products Corp. 08 Dec 10 20 Dec 10

Cease Trading Orders

December 17, 2010 (2010) 33 OSCB 11740


December 17, 2010 (2010) 33 OSCB 11741

Chapter 7

Insider Reporting

The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2

Guide to Codes Relationship of Insider to Issuer (Rel=n)

1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider

Nature of Transaction (T/O)

00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information

Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the transaction was reported.

1 SEDI® is a registered trademark owned by CDS INC. 2 ©CDS INC.

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11742

Issuer Name Security Insider Name Rel'n Transaction Date

T/O Unit Price

Date/Month End Holdings

Acquired/ Disposed

3P International Energy Corp.

Common Shares Deslauriers, Paul James 4 06/12/2010 51 0.12 366,666 16,666


Common Shares Deslauriers, Paul James 4 06/12/2010 51 0.1 13,334


Common Shares Deslauriers, Paul James 4 06/12/2010 51 0.1 13,334


Common Shares Deslauriers, Paul James 4 06/12/2010 51 0.1 500,000 133,334


Options Deslauriers, Paul James 4 06/12/2010 51 0.12 133,334 -16,666


Options Deslauriers, Paul James 4 06/12/2010 51 0.1 0 -133,334


Warrants Rudensky, Wally 5 23/08/2010 00 70,000


Warrants Rudensky, Wally 5 01/12/2010 11 0 -70,000


Warrants Rudensky, Wally 5 23/08/2010 00


Warrants Rudensky, Wally 5 23/08/2010 00

49 North 2010 Resource Flow-Through Limited Partnership

Units MacNeill, Tom 4 22/10/2010 00

49 North 2010 Resource Flow-Through Limited Partnership

Units MacNeill, Tom 4 22/10/2010 11 10 1 1

99 Capital Corporation Common Shares Monaghan, Mark 5 25/10/2010 10 0.7 70,000 70,000 99 Capital Corporation Common Shares Monaghan, Mark 5 25/10/2010 10 0.6 320,000 250,000 99 Capital Corporation Common Shares Monaghan, Mark 5 03/11/2010 00 99 Capital Corporation Common Shares Monaghan, Mark 5 25/10/2010 10 0.7 70,000 70,000 99 Capital Corporation Common Shares Monaghan, Mark 5 25/10/2010 10 0.6 94,944 24,944 99 Capital Corporation Common Shares Monaghan, Mark 5 03/11/2010 00 99 Capital Corporation Options Monaghan, Mark 5 03/11/2010 00 99 Capital Corporation Options Monaghan, Mark 5 03/11/2010 50 200,000 200,000 99 Capital Corporation Warrants Monaghan, Mark 5 25/10/2010 53 125,000 125,000 99 Capital Corporation Warrants Monaghan, Mark 5 03/11/2010 00 99 Capital Corporation Warrants Monaghan, Mark 5 25/10/2010 53 12,472 12,472 99 Capital Corporation Warrants Monaghan, Mark 5 03/11/2010 00 Absolute Software Corporation

Common Shares Absolute Software Corporation

1 19/11/2010 10 4 5,642,500 13,000

Absolute Software Corporation


1 22/11/2010 10 4 5,781,950 139,450



1 23/11/2010 10 3.932 5,795,050 13,100



1 24/11/2010 10 3.95 5,795,950 900



1 26/11/2010 10 3.86 5,797,950 2,000



1 29/11/2010 10 3.82 5,810,950 13,000



1 30/11/2010 10 3.85 5,824,050 13,100

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 09/12/2010 38 7.85 20,736,104 24,100

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 09/12/2010 38 7.84 20,782,104 46,000

Advanced Explorations Inc. Common Shares Gingerich, John Cater 4 29/11/2010 54 2,458,500 350,000

Advanced Explorations Inc. Warrants Gingerich, John Cater 4 29/11/2010 54 300,000 -350,000

Advanced Explorations Inc. Common Shares Guo, Lei 4 30/11/2010 10 0.697 1,583,334 100,000

AEterna Zentaris Inc. Options Aubut, Marcel 4 08/12/2010 50 175,000 30,000 AEterna Zentaris Inc. Options Blake, Paul 5 08/12/2010 50 319,050 64,050 AEterna Zentaris Inc. Options Dorais, José P. 4 03/05/2006 00 AEterna Zentaris Inc. Options Dorais, José P. 4 08/12/2010 50 30,000 30,000 AEterna Zentaris Inc. Options Engel, Jürgen 4, 5 08/12/2010 50 1,032,750 222,750 AEterna Zentaris Inc. Options Ernst, Jürgen 4 08/12/2010 50 225,000 30,000 AEterna Zentaris Inc. Options Günther, Eckhard 5 08/12/2010 50 178,900 18,900 AEterna Zentaris Inc. Options Lapalme, Pierre 4 08/12/2010 50 50,000 30,000 AEterna Zentaris Inc. Options Limoges, Gérard A. 4 08/12/2010 50 125,000 30,000 AEterna Zentaris Inc. Options MacDonald, Pierre 4 08/12/2010 50 184,000 30,000 AEterna Zentaris Inc. Options Pelliccione, Nicholas J. 5 08/12/2010 50 205,000 50,000 AEterna Zentaris Inc. Options Peukert, Manfred 5 08/12/2010 50 215,000 15,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11743


T/O Unit Price


Acquired/ Disposed

AEterna Zentaris Inc. Options Seeber, Matthias 5 08/12/2010 50 401,975 51,975 AEterna Zentaris Inc. Options Turpin, Dennis 5 08/12/2010 50 641,850 56,850 African Gold Group, Inc. Common Shares Inwentash, Sheldon 6 03/12/2010 54 0.15 13,402,500 3,000,000 African Gold Group, Inc. Warrants Inwentash, Sheldon 6 03/12/2010 54 282,500 -3,000,000 African Gold Group, Inc. Common Shares Pinetree Capital Ltd. 3 02/12/2010 54 13,402,500 3,000,000 African Gold Group, Inc. Warrants Pinetree Capital Ltd. 3 02/12/2010 54 0.15 282,500 -3,000,000 Agnico-Eagle Mines Limited Common Shares Allan, Don 5 06/12/2010 51 48.09 13,479 5,000

Agnico-Eagle Mines Limited Common Shares Allan, Don 5 06/12/2010 10 87.04 8,479 -5,000

Agnico-Eagle Mines Limited Options Allan, Don 5 06/12/2010 51 48.09 255,000 -5,000

Agnico-Eagle Mines Limited Common Shares Blackburn, Alain 5 03/12/2010 51 54.42 10,000 10,000

Agnico-Eagle Mines Limited Common Shares Blackburn, Alain 5 03/12/2010 10 84.41 5,000 -5,000

Agnico-Eagle Mines Limited Common Shares Blackburn, Alain 5 03/12/2010 10 85.61 0 -5,000




Agnico-Eagle Mines Limited Common Shares Blackburn, Alain 5 06/12/2010 10 87.29 2,250 -5,000




Agnico-Eagle Mines Limited Options Blackburn, Alain 5 03/12/2010 51 54.42 260,000 -5,000





Agnico-Eagle Mines Limited Common Shares Girard, Paul-Henri 5 03/12/2010 51 48.09 23,519 20,000

Agnico-Eagle Mines Limited Common Shares Girard, Paul-Henri 5 03/12/2010 10 85 3,519 -20,000

Agnico-Eagle Mines Limited Options Girard, Paul-Henri 5 03/12/2010 51 48.09 185,000 -20,000

Agnico-Eagle Mines Limited Common Shares Leiderman, Mel 4 06/12/2010 51 54.42 7,000 3,000

Agnico-Eagle Mines Limited Common Shares Leiderman, Mel 4 06/12/2010 10 86.757 4,000 -3,000

Agnico-Eagle Mines Limited Options Leiderman, Mel 4 06/12/2010 51 54.42 40,120 -3,000

Agnico-Eagle Mines Limited Common Shares Nasso, James D. 4 03/12/2010 51 54.42 30,189 12,000

Agnico-Eagle Mines Limited Common Shares Nasso, James D. 4 03/12/2010 10 85.157 18,189 -12,000

Agnico-Eagle Mines Limited Options Nasso, James D. 4 03/12/2010 51 54.42 63,120 -12,000

Agnico-Eagle Mines Limited Common Shares Racine, Daniel 5 06/12/2010 51 39.18 31,427 20,000

Agnico-Eagle Mines Limited Common Shares Racine, Daniel 5 06/12/2010 10 87.149 11,427 -20,000





Insider Reporting

December 17, 2010 (2010) 33 OSCB 11744


T/O Unit Price


Acquired/ Disposed

Agnico-Eagle Mines Limited Options Racine, Daniel 5 08/11/2010 51 39.08 -5,000

Agnico-Eagle Mines Limited Options Racine, Daniel 5 08/11/2010 51 39.18 272,700 -5,000




Agnico-Eagle Mines Limited Common Shares Robitaille, Jean 5 03/12/2010 51 23.02 20,502 2,500

Agnico-Eagle Mines Limited Common Shares Robitaille, Jean 5 03/12/2010 11 85.585 18,002 -2,500

Agnico-Eagle Mines Limited Common Shares Robitaille, Jean 5 07/12/2010 51 23.02 19,002 1,000

Agnico-Eagle Mines Limited Common Shares Robitaille, Jean 5 07/12/2010 10 88.25 18,002 -1,000

Agnico-Eagle Mines Limited Options Robitaille, Jean 5 03/12/2010 51 23.02 257,500 -2,500

Agnico-Eagle Mines Limited Options Robitaille, Jean 5 07/12/2010 51 23.02 256,500 -1,000

Agnico-Eagle Mines Limited Common Shares Stockford, Howard Roger 4 08/12/2010 51 54.42 11,818 6,250

Agnico-Eagle Mines Limited Common Shares Stockford, Howard Roger 4 08/12/2010 10 83.95 5,568 -6,250

Agnico-Eagle Mines Limited Options Stockford, Howard Roger 4 08/12/2010 51 54.42 38,870 -6,250

Agrium Inc. Rights Stock Appreciation Rights (SARs)

Engel, Anthony Mathew 7 06/12/2010 38 74.07 5,250 -1,100

Agrium Inc. Options Mittag, Andrew K. 5 02/12/2010 38 24.56 44,325 -1,850 Agrium Inc. Common Shares Wilson, Michael M. 5 07/12/2010 51 15.9 218,910 45,000 Agrium Inc. Common Shares Wilson, Michael M. 5 08/12/2010 47 173,910 -45,000 Agrium Inc. Options Wilson, Michael M. 5 07/12/2010 51 15.9 754,977 -45,000 Air Canada Class B Voting Shares Legge, David 5 06/12/2010 10 3.87 62,826 3,300 Air Canada Class B Voting Shares Legge, David 5 06/12/2010 10 3.85 65,826 3,000 Air Canada Class B Voting Shares Legge, David 5 06/12/2010 10 3.84 69,826 4,000 Air Canada Class B Voting Shares Legge, David 5 06/12/2010 10 3.88 72,026 2,200 Air Canada Class B Voting Shares Legge, David 5 08/12/2010 10 3.85 74,476 2,450 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 06/12/2010 10 0.1691 121,000 1,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 06/12/2010 10 0.169 122,000 1,000 AlarmForce Industries Inc. Common Shares Begun, Pavel 4 06/12/2010 11 7.6 341,000 14,800 AlarmForce Industries Inc. Common Shares Boxer, Richard John

Graham4 09/12/2010 47 7.5 269,900 -1,600

AlarmForce Industries Inc. Common Shares Christopoulos, George 3 29/11/2010 10 7.5 1,607,100 -1,000 AlarmForce Industries Inc. Common Shares Christopoulos, George 3 30/11/2010 10 7.5 1,605,100 -2,000 AlarmForce Industries Inc. Common Shares Christopoulos, George 3 01/12/2010 10 7.54 1,601,100 -4,000 AlarmForce Industries Inc. Common Shares Investmentaktiengesellscha

ft für langfristige Investoren TGV

3 07/12/2010 10 7.5 2,300,104 10,200

Alaska Hydro Corporation Common Shares Grandison, Clifford Allan 4, 5 06/12/2010 10 0.16 1,210,000 10,000 Alaska Hydro Corporation Options Hoole, Michael Edward 4 01/12/2010 50 0.16 415,000 375,000 Alaska Hydro Corporation Options Schmidt, Leonard Alfred 5 03/09/2010 00 Alaska Hydro Corporation Options Schmidt, Leonard Alfred 5 01/12/2010 50 0.16 50,000 50,000 Alexandria Minerals Corporation

Common Shares Thomas, John 3, 4 06/12/2010 10 0.26 1,508,000 -15,000

Alexco Resource Corp. Common Shares Brack, George Leslie 4 03/12/2010 10 8.4231 0 -20,000 Alexco Resource Corp. Common Shares Brack, George Leslie 4 06/12/2010 40 8.9754 -13,700 -13,700 Alexco Resource Corp. Common Shares McIntyre, Robert Leslie 5 01/12/2010 10 7.83 148,656 -75,000 Alexco Resource Corp. Common Shares Thrall, Bradley Allen 5 01/12/2010 10 30,000 Alexco Resource Corp. Common Shares Thrall, Bradley Allen 5 01/12/2010 10 30,000 Alexco Resource Corp. Common Shares Thrall, Bradley Allen 5 01/12/2010 10 520,000 -30,000 Alexco Resource Corp. Common Shares Thrall, Bradley Allen 5 08/12/2010 10 -30,000 Alexco Resource Corp. Options Thrall, Bradley Allen 5 01/12/2010 51 0.8 30,000 Alexco Resource Corp. Options Thrall, Bradley Allen 5 01/12/2010 51 -30,000 Alexco Resource Corp. Options Thrall, Bradley Allen 5 01/12/2010 51 -30,000 Alimentation Couche-Tard Inc.

Unité d'action différée Desrosiers, Roger 4 10/12/2010 35 25.74 7,643 14

Alimentation Couche-Tard Inc.

Unité d'action différée Élie, Jean André 4 10/12/2010 35 25.74 7,191 14


Unité d'action différée Kau, Mélanie 4 10/12/2010 35 25.74 12,217 23

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11745


T/O Unit Price


Acquired/ Disposed


Unité d'action différée Longpré, Roger 4 10/12/2010 35 25.74 11,623 23


Unité d'action différée Sauriol, Jean-Pierre 4 10/12/2010 35 25.74 17,799 35


Options Trowbridge, Kim 7, 5 08/12/2010 51 11.465 84,000 -6,000


Options Trowbridge, Kim 7, 5 10/12/2010 51 11.465 80,000 -4,000


Subordinate Voting Shares Catégorie B

Trowbridge, Kim 7, 5 08/12/2010 51 11.465 196,000 6,000



Trowbridge, Kim 7, 5 08/12/2010 10 25.84 190,000 -6,000



Trowbridge, Kim 7, 5 10/12/2010 51 11.465 194,000 4,000



Trowbridge, Kim 7, 5 10/12/2010 10 25.8 190,000 -4,000


Unité d'action différée Turmel, Jean 4 10/12/2010 35 25.74 20,902 40

Alita Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 10/12/2010 10 11.5 1,000 Alita Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 10/12/2010 10 0.115 1,049,000 1,000 Alita Resources Ltd. Common Shares Powell, Theodore James

Malcolm 4, 6, 5 10/12/2010 10 0.115 1,049,000 1,000

Almaden Minerals Ltd. Common Shares Blythe, Marc Girthon 5 02/12/2010 10 4.53 12,900 -600 Almaden Minerals Ltd. Common Shares Blythe, Marc Girthon 5 02/12/2010 10 4.585 12,100 -800 Almaden Minerals Ltd. Common Shares Blythe, Marc Girthon 5 02/12/2010 10 4.5887 10,500 -1,600 Almaden Minerals Ltd. Common Shares Blythe, Marc Girthon 5 09/12/2010 51 0.94 50,500 40,000 Almaden Minerals Ltd. Options Blythe, Marc Girthon 5 09/12/2010 51 85,000 -40,000 Almaden Minerals Ltd. Common Shares Montgomery, Joseph Hilton 4 10/12/2010 10 4.15 0 -10,000

Almaden Minerals Ltd. Options Montgomery, Joseph Hilton 4 22/11/2010 50 2.73 200,000 50,000

AltaGas Ltd. Common Shares Hodgins, Robert Bruce 4 09/12/2010 10 20.93 2,500 500 AltaGas Ltd. Common Shares Hodgins, Robert Bruce 4 09/12/2010 10 20.93 2,800 100 AltaGas Ltd. Common Shares Hodgins, Robert Bruce 4 09/12/2010 10 20.95 3,100 300 Altus Group Income Fund Class B Units Altus Investors

Management Partnership 3 07/12/2010 36 3,125,956 -29,154

Altus Group Income Fund Units Altus Investors Management Partnership

3 19/05/2005 00


3 07/12/2010 36 29,154 29,154


3 08/12/2010 10 12.95 0 -29,154

Altus Group Income Fund Options MILNER, MICHAEL SEAN 7 06/12/2010 51 7.28 15,943 -7,972

Altus Group Income Fund Units MILNER, MICHAEL SEAN 7 06/12/2010 51 39,243 7,972

Altus Group Income Fund Options Yeoman, Gary 4, 5 07/12/2010 51 7.28 133,445 -26,573 Altus Group Income Fund Units Yeoman, Gary 4, 5 07/12/2010 51 95,989 26,573 AMG Bioenergy Resources Holdings Ltd.

Common Shares Pang, Titkhuen 4, 5 02/12/2010 10 0.05 421,000 23,000

AMG Bioenergy Resources Holdings Ltd.

Common Shares Pang, Titkhuen 4, 5 03/12/2010 10 0.05 434,000 13,000

Amorfix Life Sciences Ltd. Common Shares Interinvest Group of Companies

3 16/08/2010 00 4,862,500

Andean Resources Limited Common Shares Bolitho, Barry Colin 4 03/12/2010 46 37,089

Andean Resources Limited Common Shares Bolitho, Barry Colin 4 03/12/2010 36 68,339 37,089

Andean Resources Limited Performance Rights Bolitho, Barry Colin 4 03/12/2010 56 240,000 160,000

Andean Resources Limited Performance Rights Bolitho, Barry Colin 4 03/12/2010 36 0 -240,000

Andean Resources Limited Common Shares Edwards, Eric Harrison 5 07/07/2010 00

Andean Resources Limited Common Shares Edwards, Eric Harrison 5 06/12/2010 46 6.63 300,000 300,000

Andean Resources Limited Common Shares Edwards, Eric Harrison 5 06/12/2010 10 6.63 175,650 -124,350

Andean Resources Limited Common Shares Edwards, Eric Harrison 5 07/12/2010 10 6.6 87,650 -88,000

Andean Resources Limited Common Shares Gignac, Louis P. 4 03/12/2010 10 6.545 86,666 -80,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11746


T/O Unit Price


Acquired/ Disposed

Andean Resources Limited Common Shares Gignac, Louis P. 4 03/12/2010 30 6.56 169,999 83,333

Andean Resources Limited Common Shares Gignac, Louis P. 4 03/12/2010 54 207,088 37,089



Andean Resources Limited performance rights Gignac, Louis P. 4 03/12/2010 56 37,089

Andean Resources Limited performance rights Gignac, Louis P. 4 03/12/2010 56 37,089

Andean Resources Limited performance rights Gignac, Louis P. 4 03/12/2010 56 240,000 160,000

Andean Resources Limited performance rights Gignac, Louis P. 4 03/12/2010 54 0 -240,000

Andean Resources Limited Common Shares Hubert, wayne 5 03/12/2010 46 3,867,200 46,200

Andean Resources Limited Common Shares Hubert, wayne 5 03/12/2010 36 3,904,289 37,089

Andean Resources Limited Common Shares Hubert, wayne 5 03/12/2010 10 6.52 2,904,289 -1,000,000

Andean Resources Limited Common Shares Hubert, wayne 5 03/12/2010 47 2,322,110 -582,179

Andean Resources Limited Common Shares Hubert, wayne 5 06/12/2010 10 6.63 2,288,110 -34,000

Andean Resources Limited Options Hubert, wayne 5 03/12/2010 50 3.41 106,260 106,260

Andean Resources Limited Performance Rights Hubert, wayne 5 03/12/2010 56 240,000 160,000

Andean Resources Limited Performance Rights Hubert, wayne 5 03/12/2010 36 0 -240,000

Andean Resources Limited Common Shares Hume, Vincent Ian 4 03/12/2010 36 37,089

Andean Resources Limited Common Shares Hume, Vincent Ian 4 03/12/2010 36 4,851,839 37,089

Andean Resources Limited Performance Rights Hume, Vincent Ian 4 03/12/2010 56 240,000 160,000

Andean Resources Limited Performance Rights Hume, Vincent Ian 4 03/12/2010 36 0 -240,000

Andean Resources Limited Common Shares Leclerc, Richard 5 03/12/2010 46 573,542 536,771

Andean Resources Limited Common Shares Lorson, Richard Carl 4 03/12/2010 36 37,089

Andean Resources Limited Common Shares Lorson, Richard Carl 4 03/12/2010 10 6.5626 105,250 -930,000

Andean Resources Limited Common Shares Lorson, Richard Carl 4 03/12/2010 36 737,089 37,089

Andean Resources Limited Performance Rights Lorson, Richard Carl 4 03/12/2010 56 240,000 160,000

Andean Resources Limited Performance Rights Lorson, Richard Carl 4 03/12/2010 36 0 -240,000

Andean Resources Limited Common Shares Winograd, Charles 4 15/04/2010 00

Andean Resources Limited Common Shares Winograd, Charles 4 03/12/2010 46 150,000 150,000

Andean Resources Limited Common Shares Winograd, Charles 4 03/12/2010 36 187,089 37,089

Andean Resources Limited Rights performance rights (common shares)

Winograd, Charles 4 15/04/2010 00






Winograd, Charles 4 03/12/2010 56 240,000 240,000


Winograd, Charles 4 03/12/2010 36 0 -240,000

Anderson Energy Ltd. Options Chicoine, Blaine Morris 5 07/12/2010 52 884,374 -35,000 Anderson Energy Ltd. Options Dau, Brian Harold 4, 5 07/12/2010 52 1,450,600 -50,000 Anderson Energy Ltd. Options Drinnan, Sandra M 5 07/12/2010 52 384,900 -16,800 Anderson Energy Ltd. Options Harvey, Philip Andrew 5 07/12/2010 52 884,374 -35,000 Anderson Energy Ltd. Options Marshall, Jamie Alonzo 5 07/12/2010 52 682,950 -15,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11747


T/O Unit Price


Acquired/ Disposed

Anderson Energy Ltd. Options Spyker, David Michael 5 07/12/2010 52 983,974 -35,000 Anderson Energy Ltd. Options Wong, Mary Darlene 5 07/12/2010 52 1,016,224 -35,000 Andina Minerals Inc. Options Bee, George Michael 5 06/12/2010 50 1.51 1,800,000 500,000 Andina Minerals Inc. Options Downey, Patrick 4 06/12/2010 50 1.51 350,000 100,000 Andina Minerals Inc. Options Harvey, T. Sean 4 06/12/2010 50 1.51 975,000 200,000 Andina Minerals Inc. Options Laing, R. Gregory 4 06/12/2010 50 1.51 560,000 150,000 Andina Minerals Inc. Options Rosselot, Juan Eduardo 4 06/12/2010 50 1.51 490,000 150,000 Andina Minerals Inc. Options Weyrauch, Derrick Horst 5 06/12/2010 50 1.51 500,000 135,000 Andina Minerals Inc. Options Williams, Melvyn 4 06/12/2010 50 1.51 400,000 150,000 Angle Energy Inc. Options Bradley, Noralee Bradley 4 06/12/2010 50 7.78 125,000 25,000 Angle Energy Inc. Options Chow, Clarence Yausang 4 06/12/2010 50 7.78 110,000 25,000 Angle Energy Inc. Options Christie-Burns, Heather

Lynn 5 06/12/2010 50 7.78 572,250 75,000

Angle Energy Inc. Options Fischbuch, Douglas Gregg 4, 5 06/12/2010 50 7.78 576,500 60,000

Angle Energy Inc. Common Shares Gareau, John Martin Forsyth

4 22/11/2010 47 379,000 -7,000


4 22/11/2010 47 -550


4 07/12/2010 47 378,450 -550

Angle Energy Inc. Options Gareau, John Martin Forsyth

4 06/12/2010 50 7.78 125,000 25,000

Angle Energy Inc. Options Mazuryk, Matthew Thomas 5 06/12/2010 50 7.78 300,000 19,000

Angle Energy Inc. Options Muchowski, Edward John 4 06/12/2010 50 7.78 125,000 25,000 Angle Energy Inc. Options Post, Heather Colleen 5 06/12/2010 50 7.78 210,000 26,000 Angus Mining (Namibia) Inc. Common Shares Parnham, Duane 4 07/12/2010 10 0.62 1,160,000 -25,000

Angus Mining (Namibia) Inc. Common Shares Parnham, Duane 4 09/12/2010 10 0.55 1,200,000 40,000

Anvil Mining Limited Common Shares Turner, William Stuart 8, 4, 5 03/12/2010 10 5.595 1,075,061 -115,500 Anvil Mining Limited Common Shares Turner, William Stuart 8, 4, 5 06/12/2010 10 5.587 940,561 -134,500 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/02/2010 30 19.54 402 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/03/2010 30 20.93 450 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/04/2010 30 20.05 452 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/05/2010 30 19.93 454 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/06/2010 30 19.58 456 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/07/2010 30 18.9 458 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/08/2010 30 18.8 460 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/09/2010 30 19.1 462 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/10/2010 30 19.82 464 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 15/11/2010 30 21.96 466 2 ARC Energy Trust Trust Units Anderson, Terry Michael 5 01/12/2010 10 24.6 0 -466 ARC Energy Trust RTU (cash based only) Deboni, Walter 4 10/07/2003 00 ARC Energy Trust RTU (cash based only) Deboni, Walter 4 10/07/2003 00 ARC Energy Trust RTU (cash based only) Deboni, Walter 4 10/07/2003 00 13,688 ARC Energy Trust RTU (cash based only) Dyment, Fred J. 4 20/05/2003 00 ARC Energy Trust RTU (cash based only) Dyment, Fred J. 4 20/05/2003 00 11,442 ARC Energy Trust RTU (cash based only) Gervais, George Edward 5 25/03/2010 00 ARC Energy Trust RTU (cash based only) Gervais, George Edward 5 25/03/2010 00 ARC Energy Trust RTU (cash based only) Gervais, George Edward 5 25/03/2010 00 8,891 ARC Energy Trust RTU (cash based only) Gervais, George Edward 5 15/09/2010 57 -1,922 ARC Energy Trust RTU (cash based only) Gervais, George Edward 5 15/09/2010 57 8,818 -1,901 ARC Energy Trust RTU (cash based only) Roberts, Allan Ross 5 05/05/2010 00 ARC Energy Trust RTU (cash based only) Roberts, Allan Ross 5 05/05/2010 00 ARC Energy Trust RTU (cash based only) Roberts, Allan Ross 5 05/05/2010 00 8,034 ARC Energy Trust Trust Units Van Wielingen, Mac

Howard 4 07/12/2010 10 24.6 82,197 -20,000

ARC Energy Trust Trust Units Van Wielingen, Mac Howard

4 07/12/2010 10 24.64 62,197 -20,000

ARC Energy Trust Trust Units Van Wielingen, Mac Howard

4 07/12/2010 10 24.6 50,965 -25,000

ARC Resources Ltd. Exchangeable Shares Van Wielingen, Mac Howard

4 07/12/2010 90 256,788 -3,500


4 21/05/2003 00


4 07/12/2010 90 3,500 3,500

Arctic Hunter Uranium Inc. Common Shares Hall, Robert 4, 5 07/12/2010 10 0.16 320,000 3,000 Arctic Hunter Uranium Inc. Common Shares Hall, Robert 4, 5 07/12/2010 10 0.2 321,500 1,500 Arcus Development Group Inc.

Common Shares Joe Dwek Management Consultants 2007 Inc.

3 06/12/2010 99 237,691 -50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11748


T/O Unit Price


Acquired/ Disposed

Arcus Development Group Inc.


3 06/12/2010 10 0.2 187,691 -50,000


Common Shares Wengzynowski, William Anthony

4 30/11/2010 00 100,000


Options Wengzynowski, William Anthony

4 30/11/2010 00 300,000

Argonaut Exploration Inc. Common Shares Chebry, Charles Richard 3, 4, 5 08/12/2010 10 0.14 3,106,500 26,000 Argonaut Exploration Inc. Common Shares Chebry, Charles Richard 3, 4, 5 08/12/2010 10 0.15 3,126,500 20,000 Argonaut Exploration Inc. Common Shares Chebry, Charles Richard 3, 4, 5 09/12/2010 10 0.15 20,000 Argonaut Exploration Inc. Common Shares Chebry, Charles Richard 3, 4, 5 09/12/2010 10 0.175 3,141,500 15,000 Argonaut Exploration Inc. Common Shares Chebry, Charles Richard 3, 4, 5 10/12/2010 10 0.24 3,144,500 3,000 Argonaut Exploration Inc. Common Shares Hansen, Dale Lawrence 5 27/10/2010 00 Argonaut Exploration Inc. Common Shares Hansen, Dale Lawrence 5 06/12/2010 10 0.18 10,000 10,000 Argonaut Exploration Inc. Common Shares Hansen, Dale Lawrence 5 08/12/2010 10 0.15 40,000 30,000 Argonaut Exploration Inc. Options Hansen, Dale Lawrence 5 27/10/2010 00 Argonaut Exploration Inc. Options Hansen, Dale Lawrence 5 08/12/2010 50 300,000 300,000 Argonaut Gold Inc. Common Shares Libra Advisors, LLC 3 06/12/2010 10 4.1766 6,637,201 -2,700 Argonaut Gold Inc. Common Shares Libra Advisors, LLC 3 07/12/2010 10 4.1967 6,632,701 -4,500 Arius3D Corp. (Formerly, Rebecca Capital Inc.)

Common Shares Frontier One Company Ltd. 3 08/12/2010 11 36,534,613 -1,985,119

ARMISTICE RESOURCES CORP.


3 02/12/2010 10 0.46 7,430,268 -121,500

Arsenal Energy Inc. Options Hews, William Charles 4 09/12/2010 52 400,000 -25,000 Arsenal Energy Inc. Options MacKay, Ronald Neil 4 09/12/2010 52 400,000 -25,000 Artis Real Estate Investment Trust

Options McLeod, Allan 4 06/12/2010 51 11.25 38,000 -19,900

Artis Real Estate Investment Trust

Units McLeod, Allan 4 06/12/2010 51 11.25 29,900 19,900

Artis Real Estate Investment Trust

Units Townsend, Kenneth 4 26/11/2010 51 11.25 40,049 26,534

Astral Media Inc. Non-Voting Shares Class A

Catellier, Brigitte 5 03/12/2010 10 41.75 2,072 -2,500

Astral Media Inc. Non-Voting Shares Class A

Jérôme-Forget, Monique 4 09/12/2010 00

Astral Media Inc. Unités d'actions différées/Deferred Share Units

Jérôme-Forget, Monique 4 09/12/2010 00

ATCO LTD. Non-Voting Shares Class I

Kiefer, Siegfried W. 7, 5 07/12/2010 51 21.65 6,254 6,100


Kiefer, Siegfried W. 7, 5 07/12/2010 10 58.5 1,354 -4,900


Kiefer, Siegfried W. 7, 5 07/12/2010 10 58.6 154 -1,200

ATCO LTD. Options 43.30 Kiefer, Siegfried W. 7, 5 07/12/2010 51 0 -6,100 Atna Resources Ltd. Common Shares Anglo Pacific Group Plc 3 07/12/2010 11 0.6 8,296,000 -2,063,000 Atna Resources Ltd. Common Shares Miller, III, Lloyd I. 3 07/12/2010 00 Atna Resources Ltd. Common Shares Miller, III, Lloyd I. 3 07/12/2010 00 5,382,924 Atna Resources Ltd. Common Shares Miller, III, Lloyd I. 3 07/12/2010 10 0.5946 6,440,799 1,057,875 Atna Resources Ltd. Common Shares Miller, III, Lloyd I. 3 07/12/2010 00 2,340,916 Atna Resources Ltd. Common Shares Miller, III, Lloyd I. 3 07/12/2010 10 0.5946 3,398,791 1,057,875 Augen Capital Corp Options Bill, Conor 4 08/09/2010 00 Augen Capital Corp Options Bill, Conor 4 08/12/2010 50 0.1 550,000 550,000 Augen Capital Corp Options Brewster, Norman 4 27/09/2010 00 Augen Capital Corp Options Brewster, Norman 4 08/12/2010 50 0.1 600,000 600,000 Augen Capital Corp Options CRUICKSHANK, ALAN 4, 5 28/09/2010 00 Augen Capital Corp Options CRUICKSHANK, ALAN 4, 5 08/12/2010 50 0.1 950,000 950,000 Augen Capital Corp Options Kshatriya, Manish Z. 5 08/12/2010 50 0.1 700,000 500,000 Augen Capital Corp Options Miller, Peter Mansfield 4 27/09/2010 00 Augen Capital Corp Options Miller, Peter Mansfield 4 08/12/2010 50 0.1 400,000 400,000 Augen Capital Corp Options Newman, G. Michael 4 27/09/2010 00 Augen Capital Corp Options Newman, G. Michael 4 08/12/2010 50 0.1 400,000 400,000 Augen Gold Corp. Common Shares Joe Dwek Management

Consultants 2007 Inc. 3 07/12/2010 10 0.45 679,090 -230,000

Augen Gold Corp. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 07/12/2010 10 0.45 157,272 -70,000

Augen Gold Corp. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 07/12/2010 10 0.45 3,104,590 -200,000

Aura Silver Resources Inc. Common Shares Craigie, Eric Roy 4, 5 29/11/2010 10 0.36 585,000 -15,000 Aura Silver Resources Inc. Common Shares Craigie, Eric Roy 4, 5 30/11/2010 10 0.38 570,000 -15,000 Aura Silver Resources Inc. Common Shares Craigie, Eric Roy 4, 5 01/12/2010 10 0.375 555,000 -15,000 Aura Silver Resources Inc. Common Shares Craigie, Eric Roy 4, 5 02/12/2010 51 0.15 605,000 50,000 Aura Silver Resources Inc. Common Shares Craigie, Eric Roy 4, 5 02/12/2010 10 0.37 590,000 -15,000 Aura Silver Resources Inc. Options Craigie, Eric Roy 4, 5 02/12/2010 51 0.15 700,000 -50,000 Aurcana Corporation Common Shares Aguirre, Adrian 4 06/10/2009 10 0.175 2,110,300 -100,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11749


T/O Unit Price


Acquired/ Disposed

Aurcana Corporation Common Shares Aguirre, Adrian 4 02/12/2009 10 0.3161 2,425,300 315,000 Aurcana Corporation Common Shares Aguirre, Adrian 4 02/12/2009 10 0.3139 2,582,300 157,000 Aurcana Corporation Common Shares Aguirre, Adrian 4 07/12/2010 16 0.31 3,559,724 977,424 Aurcana Corporation Warrants Aguirre, Adrian 4 10/12/2008 00 Aurcana Corporation Warrants Aguirre, Adrian 4 07/12/2010 16 488,712 488,712 Aurcana Corporation Common Shares Gieselman, Terese 5 07/12/2010 16 0.31 70,000 25,000 Aurcana Corporation Warrants Gieselman, Terese 5 07/12/2010 16 52,500 12,500 Aurcana Corporation Common Shares Netolitzky, Ronald Kort 4 08/12/2010 11 0.31 4,862,040 161,290 Aurcana Corporation Common Shares Nichols, Michael Andrew 5 15/05/2008 00 Aurcana Corporation Common Shares Nichols, Michael Andrew 5 07/12/2010 16 0.31 16,000 16,000 Aurcana Corporation Warrants Nichols, Michael Andrew 5 15/05/2008 00 Aurcana Corporation Warrants Nichols, Michael Andrew 5 07/12/2010 16 8,000 8,000 Aurcana Corporation Common Shares Nichols, Ronald Frederick 4 07/12/2010 11 0.31 954,812 65,000 Aurcana Corporation Warrants Nichols, Ronald Frederick 4 07/12/2010 11 0.41 1,117,500 32,500 Aurcana Corporation Common Shares Thiessen, Tim 5 08/12/2010 11 0.31 300,000 300,000 Aurcana Corporation Warrants Thiessen, Tim 5 08/12/2010 11 0.31 200,000 150,000 Aurcana Corporation Common Shares TWEEDY, ROBERT 4 06/07/2010 00 Aurcana Corporation Common Shares TWEEDY, ROBERT 4 07/12/2010 16 0.31 350,000 350,000 Aurcana Corporation Warrants TWEEDY, ROBERT 4 06/07/2010 00 Aurcana Corporation Warrants TWEEDY, ROBERT 4 07/12/2010 16 175,000 175,000 Aurcana Corporation Common Shares von Fersen, Nils Olaf 5 30/09/2009 00 50,000 Aurcana Corporation Common Shares von Fersen, Nils Olaf 5 29/11/2010 11 0.31 115,000 65,000 Aurcana Corporation Options von Fersen, Nils Olaf 5 30/09/2009 00 350,000 Aurcana Corporation Options von Fersen, Nils Olaf 5 18/12/2009 50 0.285 450,000 100,000 Auriga Gold Corp. (formerly, Ursa Major International Inc.)

Options Hugo, Victor Johan 5 30/08/2010 00

Auriga Gold Corp. (formerly, Ursa Major International Inc.)

Options Hugo, Victor Johan 5 02/12/2010 50 0.355 50,000 50,000


Options Sutcliffe, Richard Harry 3, 4, 5 02/12/2010 50 0.355 362,500 200,000


Options white, james david alexander

4 02/12/2010 50 0.355 175,000 100,000

Aurizon Mines Ltd. Options Incentive Bergeron, Martin 5 09/12/2010 50 460,000 180,000 Aurizon Mines Ltd. Options Incentive Dionne, Louis 4 09/12/2010 50 7.52 470,000 100,000 Aurizon Mines Ltd. Options Incentive Falzon, Andre Roger 4 09/12/2010 50 7.52 325,000 100,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 06/12/2010 10 7.98 61,570 -500 Aurizon Mines Ltd. Options Incentive Walsh, Roger Patrick 5 09/12/2010 50 7.52 410,000 80,000 Aurizon Mines Ltd. Options Incentive Walton, Ian Stirling 4, 5 09/12/2010 50 7.52 845,000 150,000 Automodular Corporation (formerly Algonquin Mercantile)

Common Shares Dell, Christopher 5 30/03/2009 00

Automodular Corporation (formerly Algonquin Mercantile)

Common Shares Dell, Christopher 5 02/12/2010 97 0.95 12,406 12,406


Common Shares Doyle, Travis 5 02/12/2010 97 0.95 79,146 12,406


Common Shares Gazo, James 5 02/12/2010 97 0.95 19,406 12,406


Common Shares Nutt, Christopher Stephen 5 06/12/2010 97 0.97 256,406 12,406

Avala Resources Ltd. Common Shares Fennell, David 4, 5 07/12/2010 10 1.4 1,264,375 5,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 07/12/2010 10 1.48 1,274,375 10,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 07/12/2010 10 1.43 1,298,375 24,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 07/12/2010 10 1.39 1,300,375 2,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 07/12/2010 10 1.42 1,301,375 1,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 08/12/2010 10 1.32 1,308,075 6,700 Avala Resources Ltd. Common Shares Fennell, David 4, 5 08/12/2010 10 1.33 1,312,875 4,800 Avala Resources Ltd. Common Shares Fennell, David 4, 5 08/12/2010 10 1.29 1,319,375 6,500 Avala Resources Ltd. Common Shares Fennell, David 4, 5 09/12/2010 10 1.26 1,322,375 3,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 09/12/2010 10 1.27 1,334,375 12,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 10/12/2010 10 1.35 1,337,375 3,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 10/12/2010 10 1.37 1,340,375 3,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 10/12/2010 10 1.38 1,343,375 3,000 Avala Resources Ltd. Common Shares Fennell, David 4, 5 10/12/2010 10 1.39 1,352,375 9,000 Avala Resources Ltd. Common Shares Howes, Richard Allan 6 30/07/2010 00 Avala Resources Ltd. Common Shares Howes, Richard Allan 6 24/11/2010 10 1.7 6,000 6,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11750


T/O Unit Price


Acquired/ Disposed

Avante Logixx Inc. Options Bronfman, Bruce Alexander 4 04/10/2010 50 160,000 30,000

Avante Logixx Inc. Options Bronfman, Bruce Alexander 4 03/12/2010 50 182,500 22,500

Avante Logixx Inc. Options De Shane, William Wesley 4 03/12/2010 50 337,500 27,500 Avante Logixx Inc. Options Leeder, James Joseph 4 03/12/2010 50 82,500 22,500 Avante Logixx Inc. Options Martin, Michael James 4 03/12/2010 50 50,000 50,000 Avante Logixx Inc. Options Medjuck, Joel Brian 4 03/12/2010 50 180,000 20,000 Avante Logixx Inc. Options Verner, Leland 4, 5 03/12/2010 50 400,000 50,000 Avenir Diversified Income Trust

Trust Units Clarke Inc. 3 03/12/2010 10 6.35 6,036,300 -63,700

AXMIN Inc. (formerly Asquith Resources Inc.)

Options Kozel, Shirley Anne 5 06/12/2010 50 0.14 550,000 150,000


Options Shirriff, Robert Lindsey 4 06/12/2010 52 2,800,000 -50,000


Options Webster, Judith Lynne 8 09/12/2010 00 675,000

B2Gold Corp. Common Shares Stansbury, Dennis 5 06/12/2010 10 2.75 4,729,300 -20,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 06/12/2010 10 2.73 4,719,300 -10,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 07/12/2010 10 2.77 -20,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 07/12/2010 10 2.77 4,699,300 -20,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 08/12/2010 10 2.72 -10,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 08/12/2010 10 2.72 4,689,300 -10,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 08/12/2010 10 2.74 -10,000 B2Gold Corp. Common Shares Stansbury, Dennis 5 08/12/2010 10 2.74 4,679,300 -10,000 BacTech Environmental Corporation

Common Shares Cimowsky, William Walter 4 02/12/2010 00

BacTech Environmental Corporation

Common Shares Cimowsky, William Walter 4 02/12/2010 36 20,000 20,000


Options Cimowsky, William Walter 4 02/12/2010 00


Options Cimowsky, William Walter 4 07/12/2010 50 0.15 150,000 150,000


Common Shares Gingerich, John Cater 4 02/12/2010 00


Common Shares Gingerich, John Cater 4 02/12/2010 36 4,900 4,900


Common Shares Gingerich, John Cater 4 02/12/2010 00


Common Shares Gingerich, John Cater 4 02/12/2010 36 105,000 105,000


Options Guo, Junxiang 8 02/12/2010 00


Options Guo, Junxiang 8 07/12/2010 50 0.15 75,000


Options Guo, Junxiang 8 07/12/2010 50 75,000


Options Guo, Junxiang 8 07/12/2010 50 75,000 75,000


Common Shares Mihychuk, MaryAnn 4 06/12/2010 00


Options Mihychuk, MaryAnn 4 06/12/2010 00


Options Mihychuk, MaryAnn 4 07/12/2010 50 0.15 100,000 100,000


Common Shares Miller, Paul Charles 5 02/12/2010 00 76,683


Options Miller, Paul Charles 5 02/12/2010 00


Options Miller, Paul Charles 5 07/12/2010 50 300,000 300,000


Common Shares Nagy, Louis Robert 5 02/12/2010 00


Common Shares Nagy, Louis Robert 5 02/12/2010 36 70,000 70,000


Common Shares Nagy, Louis Robert 5 02/12/2010 00


Common Shares Nagy, Louis Robert 5 02/12/2010 36 17,400 17,400


Common Shares Naster, Jay Lawrence 4 02/12/2010 00 1,200


Common Shares Orr, Murray Ross 7 02/12/2010 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11751


T/O Unit Price


Acquired/ Disposed


Common Shares Orr, Murray Ross 7 02/12/2010 36 446,000 446,000


Options Orr, Murray Ross 7 02/12/2010 00


Options Orr, Murray Ross 7 07/12/2010 50 0.15 400,000 400,000

Baffinland Iron Mines Corporation

Common Shares Gareau, Gwen Michelle 5 07/12/2010 54 0.7 27,273 9,091


Common Shares Warrants

Gareau, Gwen Michelle 5 07/12/2010 54 0.04 0 -9,091


Common Shares Matthews, Richard Alexander

5 10/12/2010 54 0.7 125,000 25,000



Matthews, Richard Alexander

5 10/12/2010 54 0.7 0 -25,000


Common Shares McCloskey, Richard Duncan

4 07/12/2010 54 0.7 1,586,605 10,000



McCloskey, Richard Duncan

4 07/12/2010 54 0.7 0 -10,000

Bank of Montreal Performance Share Units Costello, Ellen Marie 5 01/12/2010 56 59.35 -13,936

Bank of Montreal Performance Share Units Costello, Ellen Marie 5 01/12/2010 59 59.35 0 -13,936

Bank of Montreal Performance Share Units Downe, William 5 01/12/2010 56 59.35 -34,901

Bank of Montreal Performance Share Units Downe, William 5 01/12/2010 59 59.35 0 -34,901

Bank of Montreal Performance Share Units Flynn, Thomas Earl 7 01/12/2010 56 59.35 -12,642

Bank of Montreal Performance Share Units Flynn, Thomas Earl 7 01/12/2010 59 59.35 0 -12,642

Bank of Montreal CMLTIP RSU Milroy, Thomas 5 09/09/1998 00 13,931 Bank of Montreal CMLTIP RSU Milroy, Thomas 5 01/12/2010 56 60.21 -13,931 Bank of Montreal CMLTIP RSU Milroy, Thomas 5 01/12/2010 59 60.21 0 -13,931 Bank of Montreal Performance Share Units Milroy, Thomas 5 01/12/2010 56 59.35 -4,944

Bank of Montreal Performance Share Units Milroy, Thomas 5 01/12/2010 59 59.35 0 -4,944

Bank of Montreal Performance Share Units Ouellette, Gilles Gerard 5 01/12/2010 56 59.35 -12,603

Bank of Montreal Performance Share Units Ouellette, Gilles Gerard 5 01/12/2010 59 59.35 0 -12,603

Bank of Montreal Performance Share Units Patten, Rose 5 01/12/2010 56 59.35 -4,557

Bank of Montreal Performance Share Units Patten, Rose 5 01/12/2010 59 59.35 0 -4,557

Bank of Montreal Performance Share Units Techar, Frank J. 5 01/12/2010 56 59.35 -15,039

Bank of Montreal Performance Share Units Techar, Frank J. 5 01/12/2010 59 59.35 0 -15,039

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 07/12/2010 51 21.02 69,181 17,500

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 07/12/2010 10 55.144 51,681 -17,500

Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 06/12/2010 50 545,348 44,940

Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 07/12/2010 51 527,848 -17,500

Bank of Nova Scotia, The Rights Performance Share Units (PSU)

Chrominska, Sylvia Dolores 5 31/03/2003 00 39,285


Chrominska, Sylvia Dolores 5 06/12/2010 56 49,034 9,749


Chrominska, Sylvia Dolores 5 06/12/2010 59 34,967 -14,067

Bank of Nova Scotia, The Options Durland, Michael 5 06/12/2010 50 622,044 191,316 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Durland, Michael 5 20/12/2002 00 83,789


Durland, Michael 5 06/12/2010 56 125,293 41,504

Bank of Nova Scotia, The Options Hodgson, Christopher 7, 5 06/12/2010 50 445,336 79,180 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Hodgson, Christopher 7, 5 14/07/2003 00 57,190


Hodgson, Christopher 7, 5 06/12/2010 56 74,367 17,177

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11752


T/O Unit Price


Acquired/ Disposed


Hodgson, Christopher 7, 5 06/12/2010 59 55,342 -19,025

Bank of Nova Scotia, The Common Shares Kerr, John Custance 4 07/12/2010 51 20.95 11,600 1,000 Bank of Nova Scotia, The Common Shares Kerr, John Custance 4 07/12/2010 10 54.83 10,600 -1,000 Bank of Nova Scotia, The Options Kerr, John Custance 4 07/12/2010 51 8,000 -1,000 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 06/12/2010 51 21.02 224,702 184 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 06/12/2010 10 56.1 224,518 -184 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 07/12/2010 51 21.02 225,208 690 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 07/12/2010 47 224,518 -690 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 06/12/2010 51 868,984 -184 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 06/12/2010 50 978,124 109,140 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 07/12/2010 51 977,434 -690 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Marwah, Sarabjit 5 31/12/2002 00 90,062


Marwah, Sarabjit 5 06/12/2010 56 113,739 23,677


Marwah, Sarabjit 5 06/12/2010 59 82,255 -31,484

Bank of Nova Scotia, The Options McDonald, Stephen 7 06/12/2010 50 644,328 114,276 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) McDonald, Stephen 7 14/11/2003 00 59,887


McDonald, Stephen 7 06/12/2010 56 84,678 24,791

Bank of Nova Scotia, The Options Pitfield, Robert Hartland 5 06/12/2010 50 644,304 79,180 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Pitfield, Robert Hartland 5 14/03/2003 00 66,010


Pitfield, Robert Hartland 5 06/12/2010 56 82,723 16,713


Pitfield, Robert Hartland 5 06/12/2010 59 59,277 -23,446

Bank of Nova Scotia, The Options Porter, Brian J 5 06/12/2010 50 649,176 102,720 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Porter, Brian J 5 20/12/2002 00 81,777


Porter, Brian J 5 06/12/2010 56 104,061 22,284


Porter, Brian J 5 06/12/2010 59 75,926 -28,135

Bank of Nova Scotia, The Options Vanneste, Luc Andre 5 06/12/2010 50 413,743 57,780 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Vanneste, Luc Andre 5 06/06/2003 00 48,639


Vanneste, Luc Andre 5 06/12/2010 56 61,174 12,535


Vanneste, Luc Andre 5 06/12/2010 59 43,757 -17,417

Bank of Nova Scotia, The Options von Hahn, Anatol 5 06/12/2010 50 179,384 44,512 Bank of Nova Scotia, The Rights Deferred Stock

Units (DSU) von Hahn, Anatol 5 15/02/1987 00

Bank of Nova Scotia, The Rights Deferred Stock Units (DSU)

von Hahn, Anatol 5 15/02/1987 00






von Hahn, Anatol 5 15/02/1987 00 30,200


von Hahn, Anatol 5 06/12/2010 56 39,856 9,656


von Hahn, Anatol 5 06/12/2010 59 30,076 -9,780

Bank of Nova Scotia, The Rights Stock Appreciation Rights (SAR)


Bank of Nova Scotia, The Rights Stock Appreciation Rights (SAR)


Bank of Nova Scotia, The Options Waugh, Richard Earl 4, 5 06/12/2010 50 2,811,948 335,980 Bank of Nova Scotia, The Rights Performance

Share Units (PSU) Waugh, Richard Earl 4, 5 26/03/2003 00 246,556


Waugh, Richard Earl 4, 5 06/12/2010 56 319,444 72,888


Waugh, Richard Earl 4, 5 06/12/2010 59 228,341 -91,103

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11753


T/O Unit Price


Acquired/ Disposed

Barrick Gold Corporation Rights Restricted Share Units (cash settled)

Atkinson, Kevin Matthew 7 07/12/2010 56 55.25 10,387 3,535

Barrick Gold Corporation Common Shares Blasutti, Darren John 5 03/12/2010 10 27.25 18,130 18,130 Barrick Gold Corporation Common Shares Blasutti, Darren John 5 03/12/2010 10 55 0 -18,130 Barrick Gold Corporation Options Stock Option

Plan (2004) Blasutti, Darren John 5 03/12/2010 51 27.25 154,676 -18,130


Buchanan, Paul Andrew 7 07/12/2010 56 55.25 4,457 819

Barrick Gold Corporation Options Stock Option Plan (2004)

Dushnisky, Kelvin Paul Michael

5 07/12/2010 50 54.83 74,758



5 07/12/2010 50 54.83 74,758



5 07/12/2010 50 54.83 361,917 74,758

Barrick Gold Corporation Rights Performance Restricted Share Units (cash settled)


5 07/12/2010 56 55.25 37,232 10,467



5 07/12/2010 56 55.25 83,890 10,467


Galbraith, Stephen Robin 7 07/12/2010 50 54.83 15,000 5,000


Galbraith, Stephen Robin 7 07/12/2010 56 55.25 11,418 1,786


Gonzales, Igor 5 07/12/2010 50 54.83 14,844


Gonzales, Igor 5 07/12/2010 50 54.83 14,844


Gonzales, Igor 5 07/12/2010 50 54.83 73,212 14,884


Gonzales, Igor 5 07/12/2010 56 55.25 8,474 2,084


Gonzales, Igor 5 07/12/2010 56 55.25 20,496 2,084


Halverson, Gary Bernard 5 07/12/2010 56 55.25 6,165 3,477


Halverson, Gary Bernard 5 07/12/2010 56 55.25 32,368 10,430

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 51 27.25 25,000 25,000

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 10 54.65 24,500 -500

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 10 54.64 24,000 -500

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 10 54.62 21,200 -2,800

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 10 54.61 6,900 -14,300

Barrick Gold Corporation Common Shares Kinver, Peter James Vivian 5 03/12/2010 10 54.63 0 -6,900


Kinver, Peter James Vivian 5 03/12/2010 51 27.25 513,349 -25,000


Kinver, Peter James Vivian 5 07/12/2010 50 54.83 612,444 99,095






Krcmarov, Robert Ljubomir 5 07/12/2010 50 54.83 112,259 24,564






Lang, Gregory Anthony 5 07/12/2010 50 54.83 70,159 13,875



Insider Reporting

December 17, 2010 (2010) 33 OSCB 11754


T/O Unit Price


Acquired/ Disposed




Mavor, James Whyte 5 07/12/2010 50 54.83 83,915 10,000


Mavor, James Whyte 5 07/12/2010 56 55.25 12,080 2,715


Measom, Blake Lawrence 7 07/12/2010 56 55.25 16,976 3,367


Munk, Peter 4, 5 13/12/2002 00


Munk, Peter 4, 5 07/12/2010 56 55.25 36,200 36,200


Pon, Calvin Francis 5 07/12/2010 50 54.83 65,864 15,000


Pon, Calvin Francis 5 07/12/2010 56 55.25 13,317 2,924


Potter, George Maurice 5 07/12/2010 50 54.83 167,499 27,990






Regent, Aaron William 4, 5 07/12/2010 50 54.83 886,058 154,267





Barrick Gold Corporation Common Shares Ritz, Donald David 5 06/12/2010 51 41.08 2,368 2,368 Barrick Gold Corporation Common Shares Ritz, Donald David 5 06/12/2010 10 54.6 0 -2,368 Barrick Gold Corporation Common Shares Ritz, Donald David 5 08/12/2010 51 42.44 5,988 5,988 Barrick Gold Corporation Common Shares Ritz, Donald David 5 08/12/2010 10 53.26 5,588 -400 Barrick Gold Corporation Common Shares Ritz, Donald David 5 08/12/2010 10 53.25 0 -5,588 Barrick Gold Corporation Common Shares Ritz, Donald David 5 09/12/2010 51 27.25 2,875 2,875 Barrick Gold Corporation Common Shares Ritz, Donald David 5 09/12/2010 10 53.01 2,675 -200 Barrick Gold Corporation Common Shares Ritz, Donald David 5 09/12/2010 10 53 0 -2,675 Barrick Gold Corporation Options Stock Option

Plan (2004) Ritz, Donald David 5 06/12/2010 51 41.08 36,819 -2,368


Ritz, Donald David 5 07/12/2010 50 54.83 59,443 22,624


Ritz, Donald David 5 08/12/2010 51 42.44 53,455 -5,988


Ritz, Donald David 5 09/12/2010 51 27.25 50,580 -2,875






Sokalsky, Jamie Calvin 5 07/12/2010 50 54.83 502,499 95,217





Barrick Gold Corporation Common Shares Veenman, Sybil Elsa 5 06/12/2010 51 29.6 5,000 5,000 Barrick Gold Corporation Common Shares Veenman, Sybil Elsa 5 06/12/2010 10 55 0 -5,000 Barrick Gold Corporation Options Amended Stock

Option Plan 2002 Veenman, Sybil Elsa 5 06/12/2010 51 29.6 5,000 -5,000


Veenman, Sybil Elsa 5 07/12/2010 50 54.83 85,763 27,149


Veenman, Sybil Elsa 5 28/07/2010 00





BCE Inc. Common Shares BCE Inc. 1 08/11/2010 38 33.47 175,000 175,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11755


T/O Unit Price


Acquired/ Disposed

BCE Inc. Common Shares BCE Inc. 1 08/11/2010 38 0 -175,000 BCE Inc. Common Shares BCE Inc. 1 09/11/2010 38 32.863 682,200 682,200 BCE Inc. Common Shares BCE Inc. 1 09/11/2010 38 0 -682,200 BCE Inc. Common Shares BCE Inc. 1 10/11/2010 38 33.188 120,000 120,000 BCE Inc. Common Shares BCE Inc. 1 10/11/2010 38 0 -120,000 BCE Inc. Common Shares BCE Inc. 1 11/11/2010 38 33.352 100,000 100,000 BCE Inc. Common Shares BCE Inc. 1 11/11/2010 38 0 -100,000 BCE Inc. Common Shares BCE Inc. 1 12/11/2010 38 32.98 100,000 100,000 BCE Inc. Common Shares BCE Inc. 1 12/11/2010 38 0 -100,000 BCE Inc. Common Shares BCE Inc. 1 17/11/2010 38 33.535 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 17/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 18/11/2010 38 33.926 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 18/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 19/11/2010 38 34.226 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 19/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 22/11/2010 38 34.503 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 22/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 23/11/2010 38 34.433 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 23/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 24/11/2010 38 34.552 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 24/11/2010 38 0 -150,000 BCE Inc. Common Shares BCE Inc. 1 25/11/2010 38 34.799 99,300 99,300 BCE Inc. Common Shares BCE Inc. 1 25/11/2010 38 0 -99,300 BCE Inc. Common Shares BCE Inc. 1 26/11/2010 38 34.89 95,300 95,300 BCE Inc. Common Shares BCE Inc. 1 26/11/2010 38 0 -95,300 BCE Inc. Common Shares BCE Inc. 1 29/11/2010 38 34.783 175,000 175,000 BCE Inc. Common Shares BCE Inc. 1 29/11/2010 38 0 -175,000 BCE Inc. Common Shares BCE Inc. 1 30/11/2010 38 34.987 150,000 150,000 BCE Inc. Common Shares BCE Inc. 1 30/11/2010 38 0 -150,000 Bear Creek Mining Corporation

Common Shares McLeod-Seltzer, Catherine 4, 5 08/12/2010 10 9.69 1,014,562 -2,000

Bear Creek Mining Corporation







Common Shares Perez, Rosana 5 03/12/2010 10 10 43,000 -10,000


Common Shares Perez, Rosana 5 06/12/2010 10 10 33,000 -10,000


Common Shares Swarthout, Andrew 4, 5 08/12/2010 10 9.7 931,192 -3,400




Common Shares Swarthout, Andrew 4, 5 08/12/2010 10 9.93 929,992 -200










Options Tweddle, Frank R. 4 06/12/2010 00


Options Tweddle, Frank R. 4 10/12/2010 50 75,000 75,000

Beatrix Ventures Inc. Common Shares beukman, eugene 4, 5 07/12/2010 10 0.02 333,650 3,000 Beaufield Resources Inc. Common Shares Dionne, Louis 4 13/12/2005 00 Beaufield Resources Inc. Common Shares Dionne, Louis 4 07/12/2010 10 0.4 200,000 200,000 Beaufield Resources Inc. Common Shares Dionne, Louis 4 07/12/2010 10 0.4 0 -200,000 Beaufield Resources Inc. Options Dionne, Louis 4 07/12/2010 51 0.35 400,000 -200,000 Bell Aliant Regional Communications Income Fund

Units Reevey, Edward 7 02/12/2010 48 - Acquisition by inheritance or disposition by bequest

1,898 398

Bellatrix Exploration Ltd. Common Shares Woo, Ving Yee 5 10/12/2010 10 4.03 229,214 4,200 BELLUS Health Inc. Common Shares Bellini, Marisa 3 02/12/2010 00 BELLUS Health Inc. Common Shares Bellini, Marisa 3 02/12/2010 00 BELLUS Health Inc. Common Shares Bellini, Marisa 3 02/12/2010 00 13,127,393

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11756


T/O Unit Price


Acquired/ Disposed

Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 01/12/2010 30 1.07 525,304 2,334 Bengal Energy Ltd. Common Shares Goudie, Bryan 5 01/12/2010 30 1.07 51,162 2,024 Bengal Energy Ltd. Common Shares Mott, James Alwin 5 01/12/2010 30 1.07 337,595 2,334 Bennett Environmental Inc. Options Blair, Michael Finley

Lawrence 4 07/12/2010 50 2.08 65,000 15,000

Bennett Environmental Inc. Options Cranston, Frederick 5 07/12/2010 50 2.08 369,791 103,125 Bennett Environmental Inc. Options Farrar, James 4 29/06/2010 00 Bennett Environmental Inc. Options Farrar, James 4 07/12/2010 50 2.08 15,000 15,000 Bennett Environmental Inc. Options MacDonald, Jonathan Mark 4 17/06/2009 00

Bennett Environmental Inc. Options MacDonald, Jonathan Mark 4 07/12/2010 50 2.08 15,000 15,000

Bennett Environmental Inc. Options Neville, Ralph Thomas 4 07/12/2010 50 2.08 65,000 15,000 Bennett Environmental Inc. Options Shaw, Jack 5 07/12/2010 50 2.08 1,037,500 137,500 Bennett Environmental Inc. Options Wallace, Christopher 4 07/12/2010 50 2.08 215,000 15,000 Benton Resources Corp. Common Shares Inwentash, Sheldon 3 03/12/2010 10 0.8 3,500,000 500,000 Benton Resources Corp. Common Shares Inwentash, Sheldon 3 07/12/2010 10 0.789 3,553,000 53,000 Biorem Inc. Common Shares Bruijns, Peter 5 02/12/2010 10 0.45 34,200 2,500 BioSyent Inc. Common Shares D'Souza, Alfred 5 06/12/2010 10 0.11 804,500 2,000 BioSyent Inc. Common Shares D'Souza, Alfred 5 07/12/2010 10 0.12 825,500 21,000 Biovest Corp. I Common Shares McCunn, Timothy Joseph 5 18/10/2010 00 250,000 Biovest Corp. I Common Shares Mueller, Michael Peter 4 18/10/2010 00 250,000 Bird Construction Income Fund

Trust Units Nakagawa, Ken 6 03/12/2010 10 34 29,786 -26,805

Bird Construction Income Fund

Trust Units Raboud, Paul Robert 7 03/12/2010 10 34 70,214 -63,195

Bison Gold Resources Inc. Common Shares GC-Global Capital Corp. 3 10/12/2010 36 0.1 2,038,332 1,500,000 Bison Gold Resources Inc. Common Shares GC-Global Capital Corp. 3 10/12/2010 10 0.176 715,832 -1,322,500 Bison Gold Resources Inc. Convertible Notes GC-Global Capital Corp. 3 10/12/2010 36 0.1 $350,000 -$150,000 Bison Gold Resources Inc. Warrants GC-Global Capital Corp. 3 26/11/2009 55 0 -800,000 Bison Gold Resources Inc. Warrants GC-Global Capital Corp. 3 29/11/2010 36 0.1 1,000,000 1,000,000 Bison Gold Resources Inc. Warrants GC-Global Capital Corp. 3 10/12/2010 36 0.1 2,500,000 1,500,000 Blue Note Mining Inc. Common Shares PricewaterhouseCoopers 3 06/12/2010 10 0.147 13,176,649 -50,000 Blue Ribbon Income Fund (formerly Citadel Diversified Investment Trust)

Trust Units Blue Ribbon Income Fund 1 01/11/2010 38 10.4 3,000 3,000

Blue Ribbon Income Fund (formerly Citadel Diversified Investment Trust)

Trust Units Blue Ribbon Income Fund 1 01/11/2010 38 10.4 0 -3,000














Trust Units Blue Ribbon Income Fund 1 03/11/2010 38 10.46 600 600


Trust Units Blue Ribbon Income Fund 1 03/11/2010 38 10.46 0 -600

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11757


T/O Unit Price


Acquired/ Disposed













BlueRush Media Group Corp. (formerly Soyers Capital Limited)

Common Shares Lubin, Laurence 4 03/12/2010 10 0.09 11,711,625 2,000

BlueRush Media Group Corp. (formerly Soyers Capital Limited)

Common Shares Lubin, Laurence 4 08/12/2010 10 0.09 2,000

BNK Petroleum Inc. Options Nelson, Warren James 5 01/12/2010 50 2.85 550,000 50,000 BNP Resources Inc. Common Shares Class A Doody, James Evans 3 06/12/2010 10 0.065 3,560,000 23,000

BNP Resources Inc. Common Shares Class A Doody, James Evans 3 07/12/2010 10 0.065 3,561,000 1,000

BNP Resources Inc. Common Shares Class B Doody, James Evans 3 08/12/2010 10 0.65 204,400 1,000

Boardwalk Real Estate Investment Trust

Trust Units Boardwalk Real Estate Investment Trust

1 30/11/2010 30 42.712 43,700 43,700

Boardwalk Real Estate Investment Trust

Trust Units Boardwalk Real Estate Investment Trust

1 30/11/2010 38 0 -43,700

Boliden AB (publ) Common Shares Evrell, Lennart 5 02/12/2010 10 18.42 20,000 -10,000 Boliden AB (publ) Common Shares Evrell, Lennart 5 06/12/2010 10 19.278 30,000 10,000 BONAVISTA ENERGY TRUST

Trust Units Poelzer, Ronald J.M. 4, 5 08/12/2010 10 28.43 533,363 -25,000

BONAVISTA ENERGY TRUST

Trust Units Poelzer, Ronald J.M. 4, 5 09/12/2010 10 28.57 526,863 -6,500

Bonterra Energy Corp. Common Shares Fink, George Frederick 3, 4, 5 08/12/2010 51 20.5 2,686,376 40,000 Bonterra Energy Corp. Options Fink, George Frederick 3, 4, 5 08/12/2010 51 20.5 40,000 -40,000 Breakwater Resources Ltd. Common Shares carreau, robert 5 06/10/2010 10 6.76 22,181 -15,000

Bridgeport Ventures Inc. Common Shares BEACH, WAYNE 3 02/12/2010 10 1.2 2,709,400 2,000 Bridgeport Ventures Inc. Common Shares BEACH, WAYNE 3 03/12/2010 10 1.08 2,714,400 5,000 Bridgeport Ventures Inc. Common Shares BEACH, WAYNE 3 03/12/2010 10 1.09 2,716,400 2,000 Bridgeport Ventures Inc. Common Shares BEACH, WAYNE 3 08/12/2010 10 1.12 2,718,400 2,000 Brigus Gold Corp. (formerly Apollo Gold Corporation)

Options Burgess, Harry 4 17/11/2010 50 1.675 33,333

Brigus Gold Corp. (formerly Apollo Gold Corporation)

Options Burgess, Harry 4 17/11/2010 50 1.7 133,000 133,000

Brixton Metals Corporation Common Shares Bell, Brian MacAllister 5 07/12/2010 00 870,999

Brixton Metals Corporation Options Bell, Brian MacAllister 5 07/12/2010 00 300,000

Brixton Metals Corporation Common Shares Moodie, Cale 4, 5 07/12/2010 00 1,462,000

Brookfield Asset Management Inc.

Common Shares Class A Limited Voting

Goldgut, Harry 7 02/12/2010 51 6.7259 186,250 96,250


Common Shares Class A Limited Voting

Goldgut, Harry 7 02/12/2010 10 30.643 90,000 -96,250


Options Goldgut, Harry 7 02/12/2010 51 6.7259 1,099,375 -96,250

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11758


T/O Unit Price


Acquired/ Disposed

Brookfield Properties Corporation

Common Shares Zuccotti, John Eugene 4 06/12/2010 51 6.8889 43,000 43,000


Common Shares Zuccotti, John Eugene 4 06/12/2010 10 17.007 0 -43,000


Options Zuccotti, John Eugene 4 06/12/2010 51 378,000 -43,000

Brookfield Soundvest Split Trust (formerly Brascan SoundVest Rising Distribution Split Trust)

Capital Units Brascan SoundVest Rising Distribution Split Trust

1 03/11/2010 38 3.3938 22,500 9,000



1 10/11/2010 38 3.417 16,000 7,000



1 17/11/2010 38 3.4109 25,500 9,500



1 30/11/2010 38 3.2257 34,700 9,200



1 30/11/2010 38 0 -34,700


Preferred Security Brascan SoundVest Rising Distribution Split Trust

1 03/11/2010 38 9.8933 9,000 9,000



1 10/11/2010 38 9.7857 16,000 7,000



1 17/11/2010 38 9.7125 25,500 9,500



1 30/11/2010 38 9.621 34,700 9,200



1 30/11/2010 38 0 -34,700

BTB Real Estate Investment Trust

Trust Units Proteau, Jocelyn 4 03/12/2010 10 0.73 222,700 5,200

Buhler Industries Inc. Common Shares Buhler, John 3, 4 08/12/2010 10 5.99 1,500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 08/12/2010 10 5.99 486,623 -1,500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 06/12/2010 10 5.85 79,100 1,300 Buhler Industries Inc. Common Shares Buhler, John 3, 4 08/12/2010 10 5.99 80,600 1,500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 06/12/2010 10 5.61 3,299,167 98,700 C.A. Bancorp Canadian Realty Finance Corporation

Class A Shares C.A. Bancorp Canadian Realty Finance Corporation

1 01/11/2010 38 6.6 1,000 1,000

C.A. Bancorp Canadian Realty Finance Corporation


1 01/11/2010 38 6.6 0 -1,000



1 02/11/2010 38 6.57 1,000 1,000



1 02/11/2010 38 6.57 0 -1,000



1 03/11/2010 38 6.85 2,000 2,000



1 03/11/2010 38 6.85 0 -2,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11759


T/O Unit Price


Acquired/ Disposed



1 04/11/2010 38 6.79 1,000 1,000



1 04/11/2010 38 6.79 0 -1,000



1 05/11/2010 38 6.6983 1,200 1,200



1 05/11/2010 38 6.6983 0 -1,200



1 05/11/2010 38 6.6983 1,200



1 05/11/2010 38 6.6983 1,200



1 05/11/2010 38 6.6983 -1,200



1 05/11/2010 38 6.6983 -1,200



1 08/11/2010 38 6.72 2,000 2,000



1 08/11/2010 38 6.72 0 -2,000



1 08/11/2010 38 6.72 2,000



1 08/11/2010 38 6.72 2,000



1 08/11/2010 38 6.72 -2,000



1 08/11/2010 38 6.72 -2,000



1 09/11/2010 38 6.7494 11,400 11,400



1 09/11/2010 38 6.7494 0 -11,400



1 10/11/2010 38 6.75 2,000 2,000



1 10/11/2010 38 6.75 0 -2,000



1 11/11/2010 38 6.7551 3,900 3,900



1 11/11/2010 38 6.7551 0 -3,900



1 12/11/2010 38 6.7469 3,500 3,500



1 12/11/2010 38 6.7469 0 -3,500



1 15/11/2010 38 6.8083 2,400 2,400



1 15/11/2010 38 6.8083 0 -2,400

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11760


T/O Unit Price


Acquired/ Disposed



1 16/11/2010 38 6.7656 7,500 7,500



1 16/11/2010 38 6.7656 0 -7,500



1 18/11/2010 38 6.93 1,100 1,100



1 18/11/2010 38 6.93 0 -1,100



1 19/11/2010 38 6.9 1,500 1,500



1 19/11/2010 38 6.9 0 -1,500



1 29/11/2010 38 6.9 4,000 4,000



1 29/11/2010 38 6.9 0 -4,000



1 30/11/2010 38 6.9 5,000 5,000



1 30/11/2010 38 6.9 0 -5,000


Preferred Shares C.A. Bancorp Canadian Realty Finance Corporation

1 01/11/2010 38 21 500 500



1 01/11/2010 38 21 0 -500



1 03/11/2010 38 21 500 500



1 03/11/2010 38 21 0 -500



1 04/11/2010 38 21 1,000 1,000



1 04/11/2010 38 21 0 -1,000



1 26/11/2010 38 21 1,000 1,000



1 26/11/2010 38 21 0 -1,000



1 29/11/2010 38 20.81 1,000 1,000



1 29/11/2010 38 20.81 0 -1,000

C&C Energia Ltd. Common Shares mackenzie, norman john 4 03/12/2010 10 12 193,523 -3,000 Cache Exploration Inc. Common Shares Lentz, David Richard 4 12/02/2010 00 Cache Exploration Inc. Common Shares Lentz, David Richard 4 06/12/2010 51 20,000 20,000 Cache Exploration Inc. Options Lentz, David Richard 4 06/12/2010 51 0.1 80,000 -20,000 Calfrac Well Services Ltd. Deferred Share Units Aguilar, Fernando 5 08/12/2010 59 32.07 833 -4,167 Calfrac Well Services Ltd. Deferred Share Units Aguilar, Fernando 5 08/12/2010 58 - Expiration

of rights 0 -833

Calfrac Well Services Ltd. Performance Share Units Aguilar, Fernando 5 12/05/2008 00

Calfrac Well Services Ltd. Performance Share Units Aguilar, Fernando 5 08/12/2010 56 20,000 20,000

Calfrac Well Services Ltd. Deferred Share Units Baker, Kevin Robert 4 08/12/2010 59 32.07 0 -3,200 Calfrac Well Services Ltd. Deferred Share Units Blair, James S. 4 08/12/2010 59 32.07 0 -5,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11761


T/O Unit Price


Acquired/ Disposed

Calfrac Well Services Ltd. Common Shares Bobier, Dwight Merton 5 07/12/2010 10 32.44 73,627 -2,000 Calfrac Well Services Ltd. Deferred Share Units Fletcher, Gregory Scott 4 08/12/2010 59 32.07 0 -5,000 Calfrac Well Services Ltd. Deferred Share Units Gartner, Lorne 4 08/12/2010 59 32.07 0 -3,200 Calfrac Well Services Ltd. Deferred Share Units Mathison, Ronald 4, 6 08/12/2010 59 32.07 0 -10,000 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 8.35 16,449 3,750 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 9.68 21,449 5,000 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.806 21,149 -300 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.672 21,049 -100 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.691 20,849 -200 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.672 20,749 -100 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.806 20,449 -300 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.67 18,049 -2,400 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.713 17,999 -50 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.68 17,699 -300 Calfrac Well Services Ltd. Common Shares Payne, Frederick Bruce 5 09/12/2010 10 32.67 12,699 -5,000 Calfrac Well Services Ltd. Options 2004 Stock

Option Plan Payne, Frederick Bruce 5 09/12/2010 51 8.35 74,117 -3,750

Calfrac Well Services Ltd. Options 2004 Stock Option Plan

Payne, Frederick Bruce 5 09/12/2010 51 9.68 69,117 -5,000


Rokosh, Gary John 5 07/03/2008 50 16.56 15,000


Rokosh, Gary John 5 07/03/2008 50 16.56 15,000


Rokosh, Gary John 5 07/03/2008 50 16.56 15,000


Rokosh, Gary John 5 03/04/2008 50 22.48 15,000


Rokosh, Gary John 5 03/04/2008 50 22.48 15,000


Rokosh, Gary John 5 03/04/2008 50 22.48 15,000


Rokosh, Gary John 5 01/01/2009 50 8.35 15,000


Rokosh, Gary John 5 01/01/2009 50 8.35 15,000


Rokosh, Gary John 5 01/01/2009 50 8.35 15,000


Rokosh, Gary John 5 01/01/2010 50 20.74 15,000


Rokosh, Gary John 5 01/01/2010 50 20.74 15,000


Rokosh, Gary John 5 01/01/2010 50 20.74 15,000


Rokosh, Gary John 5 13/10/2010 00


Rokosh, Gary John 5 13/10/2010 00 60,000

Calfrac Well Services Ltd. Common Shares Sutherland, Robert 5 10/12/2010 10 8.35 8,821 6,250 Calfrac Well Services Ltd. Common Shares Sutherland, Robert 5 10/12/2010 10 34.766 2,571 -6,250 Calfrac Well Services Ltd. Options 2004 Stock

Option Plan Sutherland, Robert 5 10/12/2010 51 8.35 107,750 -6,250

Calfrac Well Services Ltd. Deferred Share Units SWINTON, ROBERT TIMOTHY

4 08/12/2010 59 32.07 0 -5,000

Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 29/11/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 29/11/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 30/11/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 30/11/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 01/12/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 01/12/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 03/12/2010 38 18.25 500 500 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 03/12/2010 38 0 -500 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 06/12/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 06/12/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 07/12/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 07/12/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 08/12/2010 38 18.25 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 5 08/12/2010 38 0 -1,000 Calian Technologies Ltd. Common Shares Gauthier, Jacqueline 5 08/12/2010 10 18.26 13,548 -2,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 51 27.04 125,563 84,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 51 19.37 142,230 16,667 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 51 10.513 174,230 32,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.06 172,230 -2,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.99 167,830 -4,400 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.98 160,530 -7,300

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11762


T/O Unit Price


Acquired/ Disposed

Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.97 148,530 -12,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.95 139,830 -8,700 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.94 124,330 -15,500 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.93 110,930 -13,400 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.91 110,130 -800 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.9 94,830 -15,300 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.89 90,230 -4,600 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.09 89,230 -1,000 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.08 89,030 -200 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.07 87,530 -1,500 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.05 80,430 -7,100 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.04 75,930 -4,500 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.03 71,730 -4,200 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.02 67,930 -3,800 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.01 59,730 -8,200 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38 58,230 -1,500 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 38.1 57,330 -900 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.96 48,730 -8,600 Cameco Corporation Common Shares Assie, George Bernard 5 06/12/2010 10 37.92 41,563 -7,167 Cameco Corporation Options Assie, George Bernard 5 06/12/2010 51 266,000 -84,000 Cameco Corporation Options Assie, George Bernard 5 06/12/2010 51 249,333 -16,667 Cameco Corporation Options Assie, George Bernard 5 06/12/2010 51 217,333 -32,000 Cameco Corporation Common Shares Chad, Gary Michael Stanley 5 07/12/2010 51 27.04 77,308 30,000

Cameco Corporation Common Shares Chad, Gary Michael Stanley 5 07/12/2010 51 19.37 87,308 10,000

Cameco Corporation Common Shares Chad, Gary Michael Stanley 5 07/12/2010 10 38.9 82,708 -4,600


Cameco Corporation Common Shares Chad, Gary Michael Stanley 5 07/12/2010 10 38.88 77,308 -800















Cameco Corporation Options Chad, Gary Michael Stanley 5 07/12/2010 51 135,000 -30,000

Cameco Corporation Options Chad, Gary Michael Stanley 5 07/12/2010 51 125,000 -10,000

Cameco Corporation Common Shares Neuburger, David Mark 5 07/12/2010 10 38.7 25,099 -2,650 Canaccord Financial Inc. Rights Restricted Share

Units Cuthbert, Michael John 5 01/12/2010 56 11.673 28,746

Canaccord Financial Inc. Rights Restricted Share Units

Cuthbert, Michael John 5 01/12/2010 56 11.673 27,377 27,377


Ellis, Darren 7 01/12/2010 56 11.673 35,932


Ellis, Darren 7 01/12/2010 56 11.673 56,084 34,221

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11763


T/O Unit Price


Acquired/ Disposed


Finlay, Robert James Dundas

7 01/12/2010 56 11.673 35,932


Finlay, Robert James Dundas

7 01/12/2010 56 11.673 40,990 34,221


Fitzpatrick, Giles Edwin Thomas Muscat

7 01/12/2010 56 11.673 35,932


Fitzpatrick, Giles Edwin Thomas Muscat

7 01/12/2010 56 11.673 56,009 34,221


Gabel, Thomas Edward 7 01/12/2010 56 11.673 42,448 3,698


HACKETT, DAMIEN 5 01/12/2010 56 11.673 35,932


HACKETT, DAMIEN 5 01/12/2010 56 11.673 57,338 34,221


Lyon, Adam 7 01/12/2010 56 11.673 9,803 2,201


MacFayden, Donald Duncan

7 01/12/2010 56 11.673 21,113 1,849


Mills, Jason Richard 8 01/12/2010 56 11.673 7,865 2,773


Mills, Jason Richard 8 01/12/2010 56 11.673 8,526 661


Sofocleous, Sofocles 7 01/12/2010 56 11.673 35,932


Sofocleous, Sofocles 7 01/12/2010 56 11.673 58,058 34,221


Solodar, Jon 7 01/12/2010 56 11.673 42,878 3,698

Canacol Energy Ltd. Common Shares Hensman, Stuart Philip 4 09/12/2010 51 0.1 140,000 140,000 Canacol Energy Ltd. Common Shares Hensman, Stuart Philip 4 09/12/2010 51 0.19 280,000 140,000 Canacol Energy Ltd. Common Shares Hensman, Stuart Philip 4 09/12/2010 51 0.35 440,000 160,000 Canacol Energy Ltd. Options (Common

Shares)Hensman, Stuart Philip 4 09/12/2010 51 1,254,000 -140,000

Canacol Energy Ltd. Options (Common Shares)

Hensman, Stuart Philip 4 09/12/2010 51 1,114,000 -140,000

Canacol Energy Ltd. Options (Common Shares)

Hensman, Stuart Philip 4 09/12/2010 51 954,000 -160,000

Canada Bread Company, Limited

Common Shares Lan, Richard Allan 4, 5 09/12/2010 10 45.86 3,500 1,000

Canadian Apartment Properties Real Estate Investment Trust

Trust Units Stein, Michael 4, 5 10/12/2010 15 17.3 390,606 34,000

Canadian Energy Services & Technology Corp.

Common Shares Boyer, Colin D 4 01/12/2010 10 27 25,160 -18,000

Canadian Energy Services & Technology Corp.

Common Shares Boyer, Colin D 4 08/12/2010 10 26.16 9,160 -14,000

Canadian Helicopters Income Fund

Trust Units Lafleur, Robert Jean 7 07/12/2010 10 16.2 13,583 -1,200


Trust Units Payette, Claude 7 06/12/2010 10 16.87 9,174 -300













Canadian High Income Equity Fund

Units Canadian High Income Equity Fund

1 01/11/2010 38 11.7 3,000 3,000



1 01/11/2010 38 11.7 0 -3,000



1 03/11/2010 38 11.75 500 500



1 03/11/2010 38 11.75 0 -500



1 10/11/2010 38 11.65 3,000 3,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11764


T/O Unit Price


Acquired/ Disposed



1 10/11/2010 38 11.65 0 -3,000



1 16/11/2010 38 11.5 3,000 3,000



1 16/11/2010 38 11.5 0 -3,000



1 23/11/2010 38 11.7 3,000 3,000



1 23/11/2010 38 11.7 0 -3,000



1 24/11/2010 38 11.65 3,000 3,000



1 24/11/2010 38 11.65 0 -3,000



1 26/11/2010 38 11.7 3,000 3,000



1 26/11/2010 38 11.7 0 -3,000



1 30/11/2010 38 11.75 3,000 3,000



1 30/11/2010 38 11.75 0 -3,000

Canadian Imperial Bank of Commerce

Options Baxendale, Sonia 5 06/12/2010 50 78.5 134,921 22,445


Rights BVU Baxendale, Sonia 5 06/12/2010 30 32.17 52,994 30,550


Rights PSU (cash settled) Baxendale, Sonia 5 06/12/2010 30 78.45 28,419 10,452


Options Capatides, Michael 7, 5 06/12/2010 50 78.5 116,425 14,371


Rights BVU Capatides, Michael 7, 5 06/12/2010 30 32.17 33,003 17,625


Rights PSU (cash settled) Capatides, Michael 7, 5 06/12/2010 30 78.45 20,383 6,692


Common Shares Lalonde, Ronald Anthony Marshall

7, 5 06/12/2010 47 83,046 -547


Options Lalonde, Ronald Anthony Marshall

7, 5 06/12/2010 50 78.5 165,510 13,686


Rights BVU Lalonde, Ronald Anthony Marshall

7, 5 06/12/2010 30 32.17 34,330 17,065


Rights PSU (cash settled) Lalonde, Ronald Anthony Marshall

7, 5 06/12/2010 30 78.45 21,868 6,373


Options McCaughey, Gerald T 4, 5 06/12/2010 50 78.5 679,828 47,080


Rights BVU McCaughey, Gerald T 4, 5 06/12/2010 30 32.17 117,763 65,968


Rights PSU (cash settled) McCaughey, Gerald T 4, 5 06/12/2010 30 78.45 78,464 21,925


Options Nesbitt, Richard William 7, 5 06/12/2010 50 78.5 209,488 39,320


Rights BVU Nesbitt, Richard William 7, 5 06/12/2010 30 32.17 78,141 45,958


Rights PSU (cash settled) Nesbitt, Richard William 7, 5 06/12/2010 30 78.45 45,583 18,311


Options Venn, Richard 7, 5 06/12/2010 50 78.5 167,430 9,854


Rights BVU Venn, Richard 7, 5 06/12/2010 30 32.17 23,451 13,092


Rights PSU (cash settled) Venn, Richard 7, 5 06/12/2010 30 78.45 14,701 4,588


Options Williamson, J. David 5 06/12/2010 50 78.5 136,069 13,686


Rights BVU Williamson, J. David 5 06/12/2010 30 32.17 32,687 17,494


Rights PSU (cash settled) Williamson, J. David 5 06/12/2010 30 78.45 18,812 6,373


Common Shares Woods, Thomas 7, 5 07/12/2010 51 45.5 65,521 15,000


Common Shares Woods, Thomas 7, 5 07/12/2010 10 77.09 50,521 -15,000


Options Woods, Thomas 7, 5 06/12/2010 50 78.5 13,686

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11765


T/O Unit Price


Acquired/ Disposed


Options Woods, Thomas 7, 5 06/12/2010 50 78.5 13,686


Options Woods, Thomas 7, 5 06/12/2010 50 78.5 129,601 13,686


Options Woods, Thomas 7, 5 07/12/2010 51 -15,000


Options Woods, Thomas 7, 5 07/12/2010 51 -15,000


Options Woods, Thomas 7, 5 07/12/2010 51 15,000


Options Woods, Thomas 7, 5 07/12/2010 51 15,000


Options Woods, Thomas 7, 5 07/12/2010 51 114,601 -15,000


Rights BVU Woods, Thomas 7, 5 06/12/2010 30 32.17 34,050 16,785


Rights PSU (cash settled) Woods, Thomas 7, 5 06/12/2010 30 78.45 20,780 6,373

Canadian International Minerals Inc.

Common Shares Bruland, Tor 4 16/11/2010 51 0.13 150,000 150,000

Canadian International Minerals Inc.

Options Bruland, Tor 4 16/11/2010 51 200,000 -150,000

Canadian National Railway Company

Common Shares Creel, Keith E. 5 07/12/2010 51 22.407 18,464 5,500


Common Shares Creel, Keith E. 5 07/12/2010 10 67.064 12,964 -5,500


Options Creel, Keith E. 5 07/12/2010 51 22.407 305,700 -5,500


Common Shares Finn, Sean 5 07/12/2010 51 44.925 22,418 6,000


Common Shares Finn, Sean 5 07/12/2010 10 67.415 16,418 -6,000


Options Finn, Sean 5 07/12/2010 51 44.925 137,900 -6,000

Canadian Natural Resources Limited

Common Shares Janson, Peter John 5 06/12/2010 30 20,858 15,076


Common Shares Janson, Peter John 5 06/12/2010 30 42.59 19,842 -1,016


Common Shares Janson, Peter John 5 07/12/2010 30 42.61 13,564 -6,278


Common Shares Markin, Allan 4 09/12/2010 51 29.925 2,088,611 196,335


Common Shares Markin, Allan 4 08/12/2010 10 42.11 11,272,708 -196,335


Options Markin, Allan 4 09/12/2010 51 29.925 1,530,000 -196,335


Common Shares McKay, Timothy Shawn 5 08/12/2010 51 35000 35,000


Common Shares McKay, Timothy Shawn 5 08/12/2010 51 29.925 1,055,306 35,000


Common Shares McKay, Timothy Shawn 5 08/12/2010 10 42.55 1,020,306 -35,000


Options McKay, Timothy Shawn 5 08/12/2010 51 29.925 35,000


Options McKay, Timothy Shawn 5 08/12/2010 51 29.925 635,000 -35,000


Common Shares Zeidler, Lynn Marie 5 07/12/2010 51 29.925 24,800


Common Shares Zeidler, Lynn Marie 5 07/12/2010 51 29.925 24,800


Common Shares Zeidler, Lynn Marie 5 07/12/2010 10 43.07 -24,800


Common Shares Zeidler, Lynn Marie 5 07/12/2010 10 43.07 -24,800


Options Zeidler, Lynn Marie 5 07/12/2010 51 29.925 -24,800


Options Zeidler, Lynn Marie 5 07/12/2010 51 29.925 -24,800

Canadian Oil Recovery & Remediation Enterprises Ltd.

Common Shares Gress, Alexander Edward 4 07/12/2010 10 0.214 767,166 3,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11766


T/O Unit Price


Acquired/ Disposed





Canadian Overseas Petroleum Limited

Common Shares Millholland, Arthur Sherman 4, 5 23/07/2010 37 454,250 -1,362,750


Options Millholland, Arthur Sherman 4, 5 23/07/2010 37 250,000 -750,000


Subscription Rights Millholland, Arthur Sherman 4, 5 07/08/2009 00


Subscription Rights Millholland, Arthur Sherman 4, 5 01/12/2010 15 0.5 378,000 378,000


Warrants Millholland, Arthur Sherman 4, 5 23/07/2010 37 83,375 -250,125

Canadian Pacific Railway Limited

Options Sissons, C. David 5 07/12/2010 51 42.05 37,850 -3,600

Canadian Tire Corporation, Limited

Options Arnett, Michael George 5 09/12/2010 59 118,562 -10,000

Canadian Tire Corporation, Limited

Options McCann, Dean Charles 7, 5 07/12/2010 59 42,188 -4,000

Canadian Western Bank Common Shares Baker, Adrian 4, 5 09/12/2010 10 29 16,194 2,600 Canadian Western Bank Options Baker, Adrian 4, 5 09/12/2010 51 21.459 16,412 -10,000 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 09/12/2010 51 21.459 13,709 2,600 Canadian Western Bank Options Morrison, Peter Kenneth 5 09/12/2010 51 21.459 19,719 -10,000 CANADIAN ZINC CORPORATION

Common Shares MacPherson, John 4 30/06/2010 10 100,000

CANADIAN ZINC CORPORATION

Common Shares MacPherson, John 4 30/06/2010 10 100,000


Common Shares MacPherson, John 4 06/12/2010 10 0.68 30,000 -20,000









Canam Group Inc. Options Blatchford, Samuel 5 04/12/2010 52 7.5 10,000 -37,500 Canam Group Inc. Options Blatchford, Samuel 5 08/12/2010 52 7.5 -37,500 Canam Group Inc. Options Dutil, Marc 4, 5 04/12/2010 52 7.5 10,000 -10,000 Canam Group Inc. Options Dutil, Marc 4, 5 08/12/2010 52 7.5 -10,000 Canam Group Inc. Options Gosselin, Jasmin 5 04/12/2010 52 7.5 2,500 -5,000 Canam Group Inc. Options Gosselin, Jasmin 5 08/12/2010 52 7.5 -5,000 Canam Group Inc. Options Nadeau, Joël 5 04/12/2010 52 7.5 7,500 -10,000 Canam Group Inc. Options Nadeau, Joël 5 08/12/2010 52 7.5 -10,000 Canam Group Inc. Options Paquet, Annie 5 04/12/2010 52 7.5 2,000 -3,000 Canam Group Inc. Options Paquet, Annie 5 08/12/2010 52 7.5 -3,000 Canam Group Inc. Options Parizeau, Robert 4 04/12/2010 52 7.5 0 -15,000 Canam Group Inc. Options Parizeau, Robert 4 06/12/2010 52 7.5 -15,000 Canam Group Inc. Options Rocco, Russell 5 04/12/2010 52 7.5 2,500 -6,000 Canam Group Inc. Options Rocco, Russell 5 08/12/2010 52 7.5 -6,000 Canam Group Inc. Options Thibodeau, Jean 5 04/12/2010 52 7.5 6,000 -5,000 Canam Group Inc. Options Thibodeau, Jean 5 08/12/2010 52 7.5 -5,000 Canam Group Inc. Options Vincent, Richard 5 04/12/2010 52 7.5 4,000 -5,000 Canam Group Inc. Options Vincent, Richard 5 08/12/2010 52 7.5 -5,000 Canexus Income Fund Trust Units Bourgeois, Brian Paul 5 02/12/2010 10 6.846 27,000 1,000 Canexus Income Fund Trust Units Bourgeois, Brian Paul 5 02/12/2010 10 6.845 28,200 1,200 Canexus Income Fund Trust Units Bourgeois, Brian Paul 5 02/12/2010 10 6.806 29,600 1,400 Canexus Income Fund Trust Units Bourgeois, Brian Paul 5 02/12/2010 10 6.826 31,000 1,400 Canexus Income Fund Convertible Debentures

8% Convertible Unsecured Subordinate Debentures

KIRTON, Nicholas Grenville 4 18/08/2005 00

Canexus Income Fund Convertible Debentures 8% Convertible Unsecured Subordinate Debentures

KIRTON, Nicholas Grenville 4 09/12/2010 90 $25,000 $25,000

Canexus Income Fund Convertible Debentures 8% Convertible Unsecured Subordinate Debentures

KIRTON, Nicholas Grenville 4 09/12/2010 90 $0 -$25,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11767


T/O Unit Price


Acquired/ Disposed

Canexus Income Fund Trust Units KIRTON, Nicholas Grenville 4 18/08/2005 00

Canexus Income Fund Trust Units KIRTON, Nicholas Grenville 4 09/12/2010 90 16,692 16,692

Canexus Income Fund Trust Units KIRTON, Nicholas Grenville 4 09/12/2010 90 0 -25,114






Canexus Income Fund Trust Units KIRTON, Nicholas Grenville 4 09/12/2010 90 112 112

Canfor Pulp Income Fund Fund Units Sitar, Thomas 6 31/12/2008 30 6.66 18,451 141 Canfor Pulp Income Fund Fund Units Sitar, Thomas 6 31/12/2009 30 2.98 34,509 58 Canfor Pulp Income Fund Fund Units Sitar, Thomas 6 22/11/2010 30 13.74 926 117 Canfor Pulp Income Fund Fund Units Sitar, Thomas 6 06/12/2010 30 15.83 0 -926 Canstar Resources Inc. Common Shares Reid, Thomas Patrick 4 06/12/2010 10 0.14 832,890 15,000 Canuc Resources Corporation

Common Shares Lohman, Gary Howard Tracy

5 02/12/2010 10 0.155 193,000 3,000

Canuc Resources Corporation

Common Shares Lohman, Gary Howard Tracy

5 02/12/2010 10 0.195 200,000 7,000

CANYON CREEK FOOD COMPANY LTD.

Common Shares Halina, Brian Allan 3 01/12/2010 10 0.02 1,097,000 3,000





Canyon Services Group Inc. Common Shares Weinberger, Dennis James 3, 4, 5 03/12/2010 10 11.2 2,423,620 -29,800


Canyon Services Group Inc. Common Shares Weinberger, Dennis James 3, 4, 5 03/12/2010 15 11.23 2,420,620 -100









Capital Power Corporation Common Shares EPCOR Utilities Inc. 3 09/07/2009 00 8,334,000 Capital Power Corporation Common Shares EPCOR Utilities Inc. 3 02/12/2010 15 24 0 -8,334,000 Capital Power Corporation Exchangeable Common

LP Units of Capital Power LP

EPCOR Utilities Inc. 3 02/12/2010 36 48,291,000 -8,334,000

Capital Power Corporation Exchangeable Common LP Units of Capital Power LP

EPCOR Utilities Inc. 3 02/12/2010 70 47,041,000 -1,250,000

Capital Power Corporation Special Voting Shares EPCOR Utilities Inc. 3 02/12/2010 38 0.0001 48,291,000 -8,334,000 Capital Power L.P. Exchangeable Limited

Partnership Units EPCOR Utilities Inc. 3 02/12/2010 36 48,291,000 -8,334,000

Capital Power L.P. Exchangeable Limited Partnership Units

EPCOR Utilities Inc. 3 02/12/2010 70 24 47,041,000 -1,250,000

Capstone Mining Corp. Common Shares Brack, George Leslie 8 26/11/2010 10 4.5533 50,000 Capstone Mining Corp. Common Shares Brack, George Leslie 8 26/11/2010 40 4.5533 -50,000 -50,000 Capstone Mining Corp. Common Shares Brack, George Leslie 8 03/12/2010 51 1.49 0 50,000 Capstone Mining Corp. Options Brack, George Leslie 8 03/12/2010 51 150,000 -50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11768


T/O Unit Price


Acquired/ Disposed

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 27/05/2010 99 0 -3,482,005

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 99 4,041,005 -141,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 22 0 -121,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 22 4,061,005 3,482,005

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 22 4,182,005 121,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 99 4,182,005 141,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 01/05/2010 22 7,833,005 3,651,000

Carfinco Income Fund Trust Units Graf, Tracy Alfred 4, 5 04/10/2010 11 6.5 43,000 Carfinco Income Fund Trust Units Graf, Tracy Alfred 4, 5 04/11/2010 11 6.5 608,972 43,000 Catalyst Paper Corporation Common Shares Third Avenue Management

LLC3 08/12/2010 10 0.165 54,826,506 -167,000

Catalyst Paper Corporation Common Shares Third Avenue Management LLC

3 09/12/2010 10 0.165 54,716,506 -110,000

Cathedral Energy Services Ltd.

Common Shares MAXWELL, RODERICK DONALD

4 02/12/2010 10 8.1 81,800 -11,300

Cathedral Energy Services Ltd.

Common Shares MAXWELL, RODERICK DONALD

4 03/12/2010 10 8.1 75,000 -6,800

CB Gold Inc. Warrants Baynham, Giles Edward 4 29/10/2010 00 111,111 CB Gold Inc. Warrants Capponi, Fabio 4 11/05/2009 00 77,778 CB Gold Inc. Warrants Martinez, Hernan 4 29/10/2010 00 592,498 CB Gold Inc. Warrants RUBIN, SUSAN LEE 5 01/05/2010 00 22,222 CE Franklin Ltd. Rights Performance

Share Units KOPER, Ronald Lawrence 5 01/06/2006 56 7,418

CE Franklin Ltd. Rights Restricted Share Units

KOPER, Ronald Lawrence 5 01/06/2006 56 7,418


KOPER, Ronald Lawrence 5 01/06/2006 56 6,033 6,033

CE Franklin Ltd. Common Shares TATHAM, Roderick Hugh 4 07/12/2010 57 7.6 7,373 3,664

CE Franklin Ltd. Options TATHAM, Roderick Hugh 4 30/05/2007 51 -15,000



CE Franklin Ltd. Options TATHAM, Roderick Hugh 4 30/05/2007 51 -169




TATHAM, Roderick Hugh 4 07/12/2010 57 7.6 14,199 -3,664

Celestica Inc. Subordinate Voting Shares

Celestica Inc. 1 30/09/2010 10 8.35 1,615,896


Celestica Inc. 1 30/09/2010 10 8.25 8,635,296 1,615,896


Celestica Inc. 1 30/11/2010 10 9.016 16,762,450 8,127,154

Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 01/12/2010 30 16.56 10,946 67 Celtic Exploration Ltd. Common Shares Lalani, Sadiq 5 06/12/2010 51 8.52 175,500 31,500 Celtic Exploration Ltd. Common Shares Lalani, Sadiq 5 06/12/2010 10 17.08 155,500 -20,000 Celtic Exploration Ltd. Stock Options Lalani, Sadiq 5 06/12/2010 51 8.52 550,000 -31,500 Celtic Exploration Ltd. Common Shares Shea, Michael 5 01/12/2010 30 16.56 11,189 68 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 01/12/2010 30 16.56 12,841 78 Centerra Gold Inc. Common Shares Atkinson, Ian 5 06/12/2010 10 22.36 11,576 -24 Centerra Gold Inc. Common Shares Atkinson, Ian 5 06/12/2010 10 22.4 1,576 -10,000 Centerra Gold Inc. Common Shares Atkinson, Ian 5 09/12/2010 51 11.17 11,600 10,024 Centerra Gold Inc. Options Atkinson, Ian 5 09/12/2010 51 77,149 -10,024 Centerra Gold Inc. Common Shares Drielsma, Stephen Johan

Hankes7 06/12/2010 10 22.77 2,000 -1,000

Centerra Gold Inc. Common Shares Drielsma, Stephen Johan Hankes

7 06/12/2010 10 22.73 1,900 -100


7 06/12/2010 10 22.74 1,800 -100

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11769


T/O Unit Price


Acquired/ Disposed


7 06/12/2010 10 22.75 1,500 -300


7 06/12/2010 10 22.76 500 -1,000

Centerra Gold Inc. Common Shares Reid, Gordon Dunlop 7 01/10/2007 00 Centerra Gold Inc. Common Shares Reid, Gordon Dunlop 7 01/10/2007 00 Centerra Gold Inc. Common Shares Reid, Gordon Dunlop 7 01/10/2007 00 Centerra Gold Inc. Common Shares Reid, Gordon Dunlop 7 01/10/2007 00 Centerra Gold Inc. Common Shares Reid, Gordon Dunlop 7 01/10/2007 00 4,850 Centric Health Corporation (formerly Alegro Health Corp.)

Common Shares Badali, Katherine 5 03/12/2010 10 0.78 484,824 -6,500

Centric Health Corporation (formerly Alegro Health Corp.)





Common Shares Badali, Katherine 5 07/12/2010 51 0.2 672,324 200,000




Options Badali, Katherine 5 07/12/2010 51 0.2 -200,000


Options Badali, Katherine 5 07/12/2010 51 0.2 700,000 -200,000

Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 08/12/2008 15 3.2736 -5,500 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 09/12/2008 15 3.158 -2,500 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 10/12/2008 15 3.0342 -7,000 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 11/12/2008 15 3.0833 -6,000 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 10/12/2010 10 6.91 150,000 70,000 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 10/12/2010 10 6.91 36,900 30,000 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 08/12/2008 10 3.2736 15,500 -5,500 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 09/12/2008 10 3.158 13,000 -2,500 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 10/12/2008 10 3.0342 6,000 -7,000 Ceres Global Ag Corp. Common Shares Muir, Thomas Pinaud 5 11/12/2008 10 3.0833 0 -6,000 Ceres Global Ag Corp. Common Shares Redleaf, Andrew 3 08/12/2010 11 6.9662 0 -1,172,067 Ceres Global Ag Corp. Common Shares Redleaf, Andrew 3 08/12/2010 11 6.9662 0 -484,566 Cervus Equipment Corporation

Common Shares harris, gary wayne 4 23/11/2010 30 11.5 38 38

Cervus Equipment Corporation

Common Shares harris, gary wayne 4 23/11/2010 10 13.95 0 -38

Cervus Equipment Corporation

Common Shares harris, gary wayne 4 03/12/2010 10 14.05 96,051 -4,500

CGI Group Inc. Subordinate Voting Shares Classe A

Groupe CGI inc. 1 07/12/2010 38 0 -3,267,700

CGI Group Inc. Options Ihrig, Peter Gorard 5 02/12/2010 51 11.39 152,709 -10,416 CGI Group Inc. Options Ihrig, Peter Gorard 5 02/12/2010 51 9.31 142,292 -10,417 CGI Group Inc. Options Ihrig, Peter Gorard 5 02/12/2010 51 12.54 126,667 -15,625 CGI Group Inc. Subordinate Voting

Shares Classe A Ihrig, Peter Gorard 5 02/12/2010 51 11.39 10,416 10,416


Ihrig, Peter Gorard 5 02/12/2010 51 9.31 20,833 10,417


Ihrig, Peter Gorard 5 02/12/2010 51 12.54 36,458 15,625


Ihrig, Peter Gorard 5 02/12/2010 10 16.062 0 -36,458

Chai-Na-Ta Corp. Common Shares Zen, Derek 4, 6 07/12/2010 11 0.047 12,116,844 2,069,608 Chai-Na-Ta Corp. Common Shares Zen, Derek 4, 6 07/12/2010 10 0.04 12,182,944 66,100 Chai-Na-Ta Corp. Common Shares Zen, William 6 07/12/2010 11 0.047 12,116,844 2,069,608 Chai-Na-Ta Corp. Common Shares Zen, William 6 07/12/2010 10 0.04 12,182,944 66,100 Chai-Na-Ta Corp. Common Shares ZWP Investments Limited 3 07/12/2010 11 0.047 12,116,844 2,069,608 Chai-Na-Ta Corp. Common Shares ZWP Investments Limited 3 07/12/2010 10 0.04 12,182,944 66,100 Channel Resources Ltd. Common Shares Kong, David TokPay 4 10/12/2010 10 0.365 0 -100,000 Chartwell Technology Inc. Common Shares Parken, Darold H. 4, 5 07/12/2010 47 0.75 750,000 -250,000 Chesswood Income Fund Trust Units Shafran, Barry Wade 7 01/12/2010 90 6.15 46,241 -6,935 Chesswood Income Fund Trust Units Shafran, Barry Wade 7 01/12/2010 10 6.15 6,935 Chesswood Income Fund Trust Units Shafran, Barry Wade 7 01/12/2010 90 6.15 32,617 6,935 Chesswood Income Fund Trust Units Stevenson, Lisa Ann 7 09/12/2010 47 15,170 -700

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11770


T/O Unit Price


Acquired/ Disposed

China Gold International Resources Corp. Ltd.

Common Shares China National Gold Group Hong Kong Limited

3 01/12/2010 16 4.36 154,348,730 86,828,670


Common Shares He, Yingbin Ian 4 07/12/2010 51 2.2 60,000 50,000


Options He, Yingbin Ian 4 07/12/2010 51 2.2 250,000 -50,000


Common Shares Jiang, Xiangdong 4, 5 08/12/2010 51 2.2 133,500 120,000


Common Shares Jiang, Xiangdong 4, 5 08/12/2010 51 5.75 125,900 -7,600


Common Shares Jiang, Xiangdong 4, 5 08/12/2010 51 5.74 125,400 -500






Options Jiang, Xiangdong 4, 5 08/12/2010 51 2.2 80,000 -120,000


Common Shares Rapid Result Investments Limited

3 01/12/2010 00


Common Shares Rapid Result Investments Limited

3 01/12/2010 16 4.36 83,423,624 83,423,624

CI Financial Corp. Common Shares Anderson, Peter W. 5 10/12/2010 10 21.6 646,766 -25,000 CI Financial Corp. Debentures 3.30%

Debentures due 2012 Bank of Nova Scotia, The 3 06/12/2010 10 101.17 $1,174,000 $20,000

CI Financial Corp. Debentures 4.19% Debentures due 2014

Bank of Nova Scotia, The 3 03/12/2010 10 102.55 $14,573,000 $11,845,000


Bank of Nova Scotia, The 3 07/12/2010 10 102.51 $25,398,000 $10,825,000


Bank of Nova Scotia, The 3 09/12/2010 10 102.61 $25,361,000 -$37,000

CI Financial Corp. Common Shares Donato, Marcelo A. 7 06/12/2010 10 21.6 69,839 -5,000 CI Financial Corp. Common Shares Iannicca, Fabio 7 06/12/2010 51 21.61 20,785 785 CI Financial Corp. Options Iannicca, Fabio 7 06/12/2010 51 12.57 39,743 -2,442 CI Financial Corp. Common Shares Kerr, Neal A. 7 06/12/2010 10 21.45 66,558 -10,000 CI Financial Corp. Common Shares MacPhail, Stephen A. 5 07/12/2010 51 21.55 780,862 44,051 CI Financial Corp. Common Shares MacPhail, Stephen A. 5 10/12/2010 10 21.5 736,811 -44,051 CI Financial Corp. Options MacPhail, Stephen A. 5 07/12/2010 51 11.6 436,234 -111,666 CI Financial Corp. Options MacPhail, Stephen A. 5 07/12/2010 51 15.59 415,268 -20,966 CIBT Education Group Inc. (formerly Capital Alliance Group Inc.)

Common Shares Chu, Toby 4, 5 06/12/2010 10 0.465 3,281,347 10,500

CIBT Education Group Inc. (formerly Capital Alliance Group Inc.)






Cineplex Galaxy Income Fund

Options Kent, Jeff 5 06/12/2010 59 23 100,000 -30,000


Options Kent, Jeff 5 06/12/2010 59 23 90,000 -10,000


Options Nelson, Gordon 5 06/12/2010 59 22.83 202,500 -15,000

Cirrus Energy Corporation Options $1.21 Brussa, John Albert 4 06/12/2010 52 16,666 -16,667 Cirrus Energy Corporation Options $1.21 Carter, Robert Brian 4 14/09/2010 52 1.21 16,667 -16,333 Cirrus Energy Corporation Common Shares Disbrow, Robert 3 06/12/2010 10 0.72 8,004,000 4,000 Cirrus Energy Corporation Common Shares Disbrow, Robert 3 08/12/2010 10 0.7 8,006,500 2,500 Cirrus Energy Corporation Options $1.21 Macdonald, Keith Elliott 4 14/09/2010 52 33,333 -33,333 Cirrus Energy Corporation Options $1.21 Taylor, David Robert 4, 5 14/09/2010 52 66,666 -63,334 Citadel Income Fund (formerly Crown Hill Fund)

Warrants to purchase trust units

Pushka, Wayne Lawrence 7 06/12/2010 10 0.06 1,663,000 -265,000

Citadel Income Fund (formerly Crown Hill Fund)

Warrants to purchase trust units

Pushka, Wayne Lawrence 7 07/12/2010 10 0.06 1,658,000 -5,000

Clairvest Group Inc. Common Shares Krediet, John 4 03/12/2010 10 13.21 502,900 2,800 Clairvest Group Inc. Common Shares Krediet, John 4 08/12/2010 10 13.3 503,000 100 Clarke Inc. Convertible Debentures

6% Dec 2012 (CKI.DB) Anthony, Rex 4 08/12/2009 10 86 $0 -$2,000

Clarke Inc. Convertible Debentures 6% Dec 2012 (CKI.DB)

Armoyan, George 6 26/09/2001 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11771


T/O Unit Price


Acquired/ Disposed


Armoyan, George 6 02/12/2010 10 99.25 $9,000 $9,000


Armoyan, George 6 26/09/2001 00


Armoyan, George 6 02/12/2010 10 99.25 $10,000 $10,000

Clarke Inc. Common Shares Normandeau, Robert 4, 5 02/12/2010 10 4.1 99,100 600 Clarke Inc. Common Shares Normandeau, Robert 4, 5 03/12/2010 10 4.1 99,200 100 Clarke Inc. Common Shares PELLERIN, CHARLES 4 07/12/2010 10 4.2 63,800 1,200 Clarke Inc. Common Shares PELLERIN, CHARLES 4 07/12/2010 10 4.24 64,100 300 Clarke Inc. Common Shares PELLERIN, CHARLES 4 08/12/2010 10 4.2 65,500 1,400 Clarke Inc. Common Shares PELLERIN, CHARLES 4 08/12/2010 10 4.21 67,100 1,600 Clarke Inc. Common Shares PELLERIN, CHARLES 4 09/12/2010 10 4.2 67,900 800 CML Healthcare Income Fund

Units Bristow, Paul John 5 03/12/2010 30 11.984 321,678 19,267

CML Healthcare Income Fund

Units Bristow, Paul John 5 07/12/2010 10 12 318,178 -3,500


Units Bristow, Paul John 5 07/12/2010 10 12.01 316,678 -1,500




Units Bristow, Paul John 5 07/12/2010 10 12.06 305,478 -700






Units Nicholson, Kent 5 03/12/2010 30 11.984 13,772 9,060


Units Weber, Thomas S. 5 03/12/2010 30 11.984 14,948 12,826


Units Wentzell, Kent 5 03/12/2010 30 11.984 3,220 1,255

CO2 Solution Inc. Options FRADETTE, SYLVIE 5 06/04/2010 52 476,200 -2,400 CO2 Solution Inc. Options FRADETTE, SYLVIE 5 08/12/2010 50 576,200 100,000 CO2 Solution Inc. Options FRADETTE, SYLVIE 5 09/12/2010 52 -2,400 CO2 Solution Inc. Options Manherz, Robert 4 08/12/2010 50 43,333 20,000 CO2 Solution Inc. Options Okell, Kimberley 4 08/12/2010 50 64,000 20,000 CO2 Solution Inc. Options Okell, Kimberley 4 09/12/2010 50 20,000 CO2 Solution Inc. Options Parent, Linda 5 06/04/2010 52 300,000 -10,000 CO2 Solution Inc. Options Parent, Linda 5 08/12/2010 50 325,000 25,000 CO2 Solution Inc. Options Parent, Linda 5 09/12/2010 52 -10,000 CO2 Solution Inc. Options Pelletier, Martin P. 4 08/12/2010 50 20,000 CO2 Solution Inc. Options Pelletier, Martin P. 4 08/12/2010 50 64,000 20,000 CO2 Solution Inc. Options Price, Evan 4 08/12/2010 50 30,000 CO2 Solution Inc. Options Price, Evan 4 08/12/2010 50 30,000 CO2 Solution Inc. Options Price, Evan 4 08/12/2010 50 51,667 30,000 CO2 Solution Inc. Options Proteau, Jocelyn 4 08/12/2010 50 20,000 CO2 Solution Inc. Options Proteau, Jocelyn 4 08/12/2010 50 60,000 20,000 Coalspur Mines Limited Common Shares

(Ordinary) Wusaty, Eugene 5 17/08/2009 11 2,000,000

Coalspur Mines Limited Common Shares (Ordinary)

Wusaty, Eugene 5 17/08/2009 11 2,000,000


Wusaty, Eugene 5 15/01/2010 11 600,000


Wusaty, Eugene 5 15/01/2010 11 600,000


Wusaty, Eugene 5 15/01/2010 11 600,000


Wusaty, Eugene 5 27/10/2010 00


Wusaty, Eugene 5 27/10/2010 00 2,600,000

Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 11 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 11 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 30/09/2009 50 2,750,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11772


T/O Unit Price


Acquired/ Disposed

Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 27/10/2010 00 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 27/10/2010 00 Coalspur Mines Limited Options (Unlisted) Wusaty, Eugene 5 27/10/2010 00 22,000,000 Coastal Contacts Inc. Common Shares Mason, Jeffrey Robert 4 06/12/2010 10 -50,100 Coastal Contacts Inc. Common Shares Mason, Jeffrey Robert 4 06/12/2010 11 50,100 -50,100 Coastal Contacts Inc. Options Mason, Jeffrey Robert 4 06/12/2010 11 -20,500 Coastal Contacts Inc. Options Mason, Jeffrey Robert 4 06/12/2010 11 20,500 -20,500 Colorado Resources Ltd. Common Shares Flower, Brian 4 03/12/2010 54 0.1 183,333 16,667 Colorado Resources Ltd. Options Flower, Brian 4 09/10/2009 00 Colorado Resources Ltd. Options Flower, Brian 4 26/11/2010 50 200,000 200,000 Colorado Resources Ltd. Warrants Flower, Brian 4 03/12/2010 54 149,999 -16,667 Colorado Resources Ltd. Common Shares Gieselman, Terese 5 05/10/2010 00 250,000 Colorado Resources Ltd. Options Gieselman, Terese 5 05/10/2010 00 Colorado Resources Ltd. Options Gieselman, Terese 5 26/11/2010 50 250,000 250,000 Colorado Resources Ltd. Warrants Gieselman, Terese 5 05/10/2010 00 250,000 Colorado Resources Ltd. Options Hering, Carl William 4 26/11/2010 50 20,000 Colorado Resources Ltd. Options Hering, Carl William 4 26/11/2010 50 20,000 Colorado Resources Ltd. Options Hering, Carl William 4 26/11/2010 50 200,000 200,000 Colorado Resources Ltd. Options Nagy, Lawrence J 4 09/10/2009 00 Colorado Resources Ltd. Options Nagy, Lawrence J 4 26/11/2010 50 200,000 200,000 Colt Resources Inc. Common Shares Useche Gutierrez, Aurelio

Antonio4 08/12/2010 10 0.7 98,771 7,000

Columbus Gold Corp. Options Atzmon, Gil 4 06/12/2010 50 625,000 100,000 Columbus Gold Corp. Common Shares Carrelton Asset

Management3 07/12/2010 10 0.5136 3,817,400 125,000

Columbus Gold Corp. Options Gianulis, Peter Lawrence 4 06/12/2010 50 450,000 100,000 Columbus Gold Corp. Options Giustra, Robert 4, 5 06/12/2010 50 1,118,500 118,500 Columbus Gold Corp. Options Gustafson, Donald L. 4 06/12/2010 50 450,000 100,000 Columbus Gold Corp. Options Schuster, Joel 5 06/12/2010 50 350,000 100,000 Columbus Gold Corp. Options Wallace, Andy Bert 2 06/01/2005 00 Columbus Gold Corp. Options Wallace, Andy Bert 2 15/08/2008 50 200,000 200,000 Columbus Gold Corp. Options Wallace, Andy Bert 2 28/01/2010 50 350,000 150,000 Columbus Gold Corp. Options Wallace, Andy Bert 2 06/12/2010 50 450,000 100,000 COMPASS Income Fund Trust Units COMPASS Income Fund 1 08/12/2010 38 10.74 24,792,411 1,000 Compass Petroleum Ltd. Common Shares Case, Gordon Kenneth 4 03/12/2010 10 1.2448 24,200 4,200 Computer Modelling Group Ltd.

Common Shares Hiebert, Allan David 5 06/12/2010 10 24.5 145,300 -2,700

Computer Modelling Group Ltd.

Common Shares Hiebert, Allan David 5 06/12/2010 10 24.55 145,000 -300


Common Shares Kutney, Ronald David 5 07/12/2010 10 25.4 119,500 -8,200


Common Shares Kutney, Ronald David 5 07/12/2010 10 25.41 118,900 -600


Common Shares Kutney, Ronald David 5 08/12/2010 10 25.4 77,800 -41,100


Common Shares Kutney, Ronald David 5 08/12/2010 10 25.41 77,700 -100


Common Shares McCready, Kenneth Frank 4 06/12/2010 10 24.25 46,050 -15,500


Common Shares Nghiem, Long X 5 09/12/2010 10 26 254,800 -50,000

Consolidated Thompson Iron Mines Limited (formerly Consolidated Thompson-Lundmark Gold Mines Limited)

Common Shares Duchesne, Marc 5 07/12/2010 51 3.8 58,000 50,000


Common Shares Duchesne, Marc 5 07/12/2010 10 12.213 8,000 -50,000


Options Duchesne, Marc 5 07/12/2010 51 428,500 -50,000


Common Shares Vallée, Hubert 5 06/12/2010 51 3.8 53,020 50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11773


T/O Unit Price


Acquired/ Disposed


Common Shares Vallée, Hubert 5 06/12/2010 10 12.191 3,020 -50,000


Options Vallée, Hubert 5 06/12/2010 51 319,600 -50,000

Constellation Software Inc. Common Shares Keaveny, Ian 7 06/12/2010 38 48 -8,300 -8,300 Constellation Software Inc. Common Shares Pethakas, Steve 5 01/01/2010 00 Constellation Software Inc. Common Shares Pethakas, Steve 5 07/12/2010 30 42.146 213 213 Constellation Software Inc. Common Shares Pethakas, Steve 5 01/01/2010 00 Constellation Software Inc. Common Shares Pethakas, Steve 5 04/08/2010 00 Constellation Software Inc. Common Shares Pethakas, Steve 5 07/12/2010 30 42.146 308 308 Continental Gold Limited (formerly Cronus Resources Ltd.)

Common Shares Allen, Robert William 3, 4, 5 09/12/2010 10 9.1084 21,132,404 -900,000

Continental Gold Limited (formerly Cronus Resources Ltd.)

Common Shares Koch, Gustavo Jose 5 09/12/2010 10 9.47 469,138 1,050

Continental Minerals Corporation

Common Shares Copeland, David James 4, 5 05/12/2005 10 1.56 1,843,263 -135,000


Common Shares Copeland, David James 4, 5 05/12/2005 11 1.56 1,745,763 -97,500


Common Shares Copeland, David James 4, 5 06/12/2010 99 2,070,196 27,277


Preferred Shares Copeland, David James 4, 5 30/04/2003 00


Preferred Shares Copeland, David James 4, 5 30/04/2003 00 49,991


Preferred Shares Copeland, David James 4, 5 30/04/2003 00 97,600

Copper Reef Mining Corporation

Common Shares Masson, Stephen Leo 3 03/12/2010 11 0.12 4,378,500 100,000


Common Shares Masson, Stephen Leo 3 03/12/2010 11 0.12 5,668,181 300,000


Warrants Masson, Stephen Leo 3 03/12/2010 11 0.2 700,000 100,000


Warrants Masson, Stephen Leo 3 03/12/2010 11 0.2 1,050,000 300,000


Common Shares thompson, edward george 4 03/12/2010 16 0.12 671,000 150,000


Warrants thompson, edward george 4 03/12/2010 16 0.2 188,000 150,000

CORAL GOLD RESOURCES LTD.

Common Shares Wolfin, Louis 4, 5 07/12/2010 10 0.76 816,801 -50,000

Corridor Resources Inc. Common Shares Foster, John Douglas 4 02/12/2010 10 7.2 0 -9,375 Corsa Capital Ltd. Common Shares Benner, Colin Keith 4 06/05/2009 00 Corsa Capital Ltd. Common Shares Benner, Colin Keith 4 08/12/2010 36 0.45 555,500 555,500 Corsa Capital Ltd. Common Shares Benner, Colin Keith 4 03/12/2010 51 0.55 2,050,000 150,000 Corsa Capital Ltd. Options Benner, Colin Keith 4 03/12/2010 51 0 -150,000 Corsa Capital Ltd. Options Benner, Colin Keith 4 09/12/2010 50 1,150,000 1,150,000 Corsa Capital Ltd. Subscription Receipt Benner, Colin Keith 4 08/12/2010 36 0.45 0 -555,500 Corsa Capital Ltd. Common Shares Charter, Donald Kinloch 4 08/12/2010 36 2,606,000 556,000 Corsa Capital Ltd. Options Charter, Donald Kinloch 4 08/12/2010 50 0.55 3,000,000 3,000,000 Corsa Capital Ltd. Subscription Receipt Charter, Donald Kinloch 4 08/12/2010 36 0 -556,000 Corsa Capital Ltd. Common Shares Craig, John Hunter 4 08/12/2010 00 390,000 Corsa Capital Ltd. Options Craig, John Hunter 4 08/12/2010 00 500,000 Corsa Capital Ltd. Common Shares Lorito Holdings S.a.r.l. 3 15/10/2010 11 1,000,000 500,000 Corsa Capital Ltd. Common Shares Lorito Holdings S.a.r.l. 3 09/12/2010 36 19,889,000 18,889,000 Corsa Capital Ltd. Warrants Lorito Holdings S.a.r.l. 3 09/12/2010 36 0 -18,889,000 Corsa Capital Ltd. Common Shares Zebra Holdings and

Investments S.a.r.l. 3 15/10/2010 11 1,000,000 500,000

Corsa Capital Ltd. Common Shares Zebra Holdings and Investments S.a.r.l.

3 09/12/2010 36 19,889,000 18,889,000

Corsa Capital Ltd. Warrants Zebra Holdings and Investments S.a.r.l.

3 09/12/2010 36 0 -18,889,000

CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan

Belisle, Fernand 4 30/11/2010 56 20.95 2,113 895

CORUS Entertainment Inc. Non-Voting Shares Class B

Cassaday, John 3 06/12/2010 47 497,999 -5,572

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11774


T/O Unit Price


Acquired/ Disposed


Erker, Dennis 4 30/11/2010 56 20.95 28,840 895


Hursh, Carolyn Anne 4 30/11/2010 56 20.95 268


Hursh, Carolyn Anne 4 30/11/2010 56 20.95 5,066 979


Leaney, Wendy Ann 4 01/09/1999 00


Leaney, Wendy Ann 4 30/11/2010 56 20.95 298 298


ROGERS, Ronald D. 4 09/12/2003 00


ROGERS, Ronald D. 4 30/11/2010 56 20.95 597 597


Royer, Terrance Eldon 4 30/11/2010 56 20.95 29,537 1,104


Shaw, Julie Marie 4 30/11/2010 56 20.95 1,642 268

Cott Corporation Common Shares Gibbons, David 4 03/12/2010 47 253,510 -40,000 Cott Corporation Common Shares Savage, Graham William 4 03/12/2010 10 8.38 55,952 -35,000 Covenant Resources Ltd. Options Edgar, Richard Norman 4 02/12/2010 50 300,000 100,000 Covenant Resources Ltd. Common Shares Lantz, Thomas Grant 4 03/12/2010 00 200,000 Covenant Resources Ltd. Warrants Lantz, Thomas Grant 4 03/12/2010 00 200,000 Covenant Resources Ltd. Options Port, Frank 4, 5 02/12/2010 50 0.34 1,625,000 1,000,000 Craig Wireless Systems Ltd Subordinate Voting

SharesFraser, William C. 4 07/12/2010 10 0.5 -22,500

Craig Wireless Systems Ltd Subordinate Voting Shares

Fraser, William C. 4 07/12/2010 10 0.5 27,500 -27,500


Fraser, William C. 4 07/12/2010 10 0.51 7,500 -20,000


Fraser, William C. 4 07/12/2010 10 0.52 7,500


Fraser, William C. 4 07/12/2010 10 0.52 0 -7,500

Crescent Point Energy Corp. Restricted Share Units Bannister, Peter 4 01/07/2010 56 20,630 1,000

Crescent Point Energy Corp. Common Shares Christie, Derek Wayne 5 02/12/2010 10 42.51 94,668 -10,000

Crescent Point Energy Corp. Common Shares Christie, Derek Wayne 5 06/12/2010 30 95,330 662

Crescent Point Energy Corp. Common Shares Christie, Derek Wayne 5 06/12/2010 30 923 20



Crescent Point Energy Corp. Restricted Share Units Gillard, D. Hugh 4 01/07/2010 56 20,630 1,000

Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 31/03/2009 30 21.6 135

Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 31/03/2009 30 21.6 54,489 109

CRH Medical Corporation Options Webb, Ian A. 4 09/12/2010 50 1.38 200,000 25,000 CRS Electronics Inc. Common Shares Reed, Kevin 4, 5 03/12/2010 10 0.488 302,000 25,000 CRS Electronics Inc. Common Shares Reed, Kevin 4, 5 06/12/2010 10 0.45 311,500 9,500 CRS Electronics Inc. Common Shares Reed, Kevin 4, 5 07/12/2010 10 0.42 327,500 16,000 CRS Electronics Inc. Common Shares Reed, Kevin 4, 5 07/12/2010 10 0.43 340,500 13,000 Cyberplex Inc. Common Shares Anthony, Tjan 4 03/12/2010 51 0.26 50,000 15,000 Cyberplex Inc. Options Anthony, Tjan 4 03/12/2010 51 40,000 -15,000 CYGAM Energy Inc. Options Rawji, Sherali 4, 5 28/11/2010 52 1.31 1,100,000 -250,000 Cypress Development Corp. Options Chow, Amanda 4 14/11/2010 52 0.11 592,000 -272

Day4 Energy Inc. Common Shares RUBIN, GEORGE 5 06/12/2010 10 0.603 1,289,500 -30,500 Daylight Energy Ltd. Common Shares PROCTOR, CAMERON

MACLEAN5 08/12/2010 10 9.98 6,302 -263

DeeThree Exploration Ltd. Common Shares MURRAY, TREVOR 5 03/12/2010 10 4 227,500 -50,000 Denison Mines Corp. (formerly International Uranium Corporation)

Special Warrants Flow-Through

Dengler, W. Robert 4 04/12/2006 00

Denison Mines Corp. (formerly International Uranium Corporation)


Dengler, W. Robert 4 09/12/2010 16 3 30,000 30,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11775


T/O Unit Price


Acquired/ Disposed



Edgar, Brian Douglas 4 22/03/2005 00



Edgar, Brian Douglas 4 09/12/2010 16 3 50,000 50,000



Hochstein, Ronald F. 4, 5 02/06/2003 00



Hochstein, Ronald F. 4, 5 09/12/2010 11 3 10,000 10,000



Lundin, Lukas Henrik 4, 5 03/03/2003 00



Lundin, Lukas Henrik 4, 5 09/12/2010 11 3 50,000 50,000



Rand, William Archibald 4 09/05/1997 00



Rand, William Archibald 4 09/12/2010 16 3 30,000 30,000

Dia Bras Exploration Inc. Options Shonnard, Mark Claiborne 7, 5 20/11/2009 00

Dia Bras Exploration Inc. Options Shonnard, Mark Claiborne 7, 5 20/11/2009 00 100,000

Diagnos Inc. Common Shares Inwentash, Sheldon 6 03/12/2010 10 0.3 132,500 -9,500 Diagnos Inc. Common Shares Inwentash, Sheldon 6 06/12/2010 10 0.3 105,000 -27,500 DIAZ RESOURCES LTD. Common Shares Lamond, Robert William 3, 4, 6, 5 07/12/2010 10 0.115 24,781,793 5,000 Digifonica International Inc. Common Shares CAI, CHEN 5 29/11/2010 00 Digifonica International Inc. Options 1 common share

& 1/2 share purchase warrant

CAI, CHEN 5 29/11/2010 00

Digifonica International Inc. Options directors and officers

CAI, CHEN 5 29/11/2010 00

Digifonica International Inc. Special Warrants exchangeable for Common Shares

CAI, CHEN 5 29/11/2010 00

Digifonica International Inc. Units CAI, CHEN 5 29/11/2010 00 Digifonica International Inc. Warrants CAI, CHEN 5 29/11/2010 00 Dorel Industries Inc. Subordinate Voting

Shares Class B Dorel Industries Inc. 1 01/11/2010 30 34.59 2,500

Dorel Industries Inc. Subordinate Voting Shares Class B

Dorel Industries Inc. 1 01/11/2010 38 34.59 2,500 2,500


Dorel Industries Inc. 1 08/11/2010 30 33.35 6,300




Dorel Industries Inc. 1 18/11/2010 30 34 67,300


Dorel Industries Inc. 1 18/11/2010 38 34 67,300 67,300


Dorel Industries Inc. 1 23/11/2010 30 33.5 13,500




Dorel Industries Inc. 1 26/11/2010 30 33.5 900


Dorel Industries Inc. 1 26/11/2010 38 33.5 900 900

DragonWave Inc. Common Shares Allen, Peter 4, 5 04/12/2010 30 7.31 444,736 493 DragonWave Inc. Common Shares Farrar, David Russell 7, 5 04/12/2010 30 7.31 235,939 329 DragonWave Inc. Common Shares LAWLOR, JOHN RICHARD 5 04/12/2010 30 7.31 2,105 184

DragonWave Inc. Common Shares Solheim, Alan, Glen 5 04/12/2010 30 7.31 56,707 329 Drive Products Income Fund Units Class B LP units of

Drive Products Limited Partnership

Fleming, Bradley 5 12/10/2010 22 2.5 -75,000

Drive Products Income Fund Units Class B LP units of Drive Products Limited Partnership

Fleming, Bradley 5 12/11/2010 22 2.5 0 -75,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11776


T/O Unit Price


Acquired/ Disposed

Duluth Metals Limited Common Shares Stock Option Plan

Dee, Marvin 5 09/12/2010 00 125,000

Dundee Corporation Subordinate Voting Shares Class A

Dundee Corporation 1 30/11/2010 38 19.627 4,200 4,200

Dundee Corporation Subordinate Voting Shares Class A

Dundee Corporation 1 30/11/2010 38 19.627 0 -4,200

DundeeWealth Inc. (formerly Dundee Wealth Management Inc.)

Notes 5.10% Unsecured Series 1 Notes due September 25, 2014

Bank of Nova Scotia, The 3 07/12/2010 10 105.8 $7,519,000 $42,000


Notes 5.10% Unsecured Series 1 Notes due September 25, 2014

Bank of Nova Scotia, The 3 09/12/2010 10 105.44 $7,559,000 $40,000


Common Shares Dundee Corporation 3 30/11/2010 30 1,156,372 -550,916


Common Shares Ferman, Bruce Aaron 5 06/12/2010 10 21.07 8,761 -10,000


Common Shares Ferman, Bruce Aaron 5 07/12/2010 57 16,204 7,443


Restricted Share Awards Ferman, Bruce Aaron 5 08/10/2008 00 14,887


Restricted Share Awards Ferman, Bruce Aaron 5 07/12/2010 57 7,444 -7,443


Common Shares Pattillo, Robert 5 03/12/2010 10 20.9 2,000 -6,693

E-L Financial Corporation Limited

Common Shares Dominion and Anglo Investment Corporation Limited

3 03/12/2010 47 500 1,343,123 -3,100

Eacom Timber Corporation Options Belisle, Patrick 5 23/08/2010 50 150,000

Eacom Timber Corporation Options Belisle, Patrick 5 23/08/2010 50 300,000 125,000

Eaglewood Energy Inc. Options Sarssam, Mark 4 01/12/2010 50 0.8 450,000 100,000 Eastmain Resources Inc. Common Shares BEZEAU, JAMES

LAWRENCE 5 09/12/2010 51 0.72 175,300 80,000

Eastmain Resources Inc. Options BEZEAU, JAMES LAWRENCE

5 09/12/2010 51 0.72 400,000 -80,000

easyhome Ltd. Performance Share Units Yeilding, David 5 13/09/2010 00

easyhome Ltd. Performance Share Units Yeilding, David 5 07/12/2010 56 5,000 5,000

ECU Silver Mining Inc. Common Shares MASON, MICHAEL THOMAS

4 03/12/2010 10 1.17 85,000 -50,000

Eldorado Gold Corporation Common Shares AUSTON, JOHN SAUNDERS

4 02/12/2010 51 7.12 50,500 42,500


4 02/12/2010 10 18.45 50,300 -200


4 02/12/2010 10 18.439 14,800 -35,500


4 02/12/2010 10 18.48 8,000 -6,800

Eldorado Gold Corporation Options AUSTON, JOHN SAUNDERS

4 02/12/2010 51 7.12 129,606 -42,500

Eldorado Gold Corporation Common Shares Rubenstein, Jonathan A. 4 07/05/2009 00

Eldorado Gold Corporation Common Shares Rubenstein, Jonathan A. 4 06/12/2010 10 18.94 2,000 2,000

Elgin Mining Inc. (formerly Phoenix Coal Inc.)

Common Shares Buchan, Robert Mackay 4 27/06/2008 00


Common Shares Buchan, Robert Mackay 4 03/12/2010 10 1.39 100,000 100,000





EMC Metals Corp. Common Shares Lupien, William A. 6 03/12/2010 11 0.19 22,252,833 2,000,000 EMC Metals Corp. Common Shares Lupien, William A. 6 06/12/2010 10 0.39 23,252,833 1,000,000 Enbridge Inc. Common Shares Meyer, Arthur Donald 7 01/12/2010 30 50.73 31,330 220

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11777


T/O Unit Price


Acquired/ Disposed

Enbridge Inc. Common Shares Meyer, Arthur Donald 7 06/12/2010 51 19.1 59,930 28,600 Enbridge Inc. Common Shares Meyer, Arthur Donald 7 06/12/2010 10 56.65 31,330 -28,600 Enbridge Inc. Common Shares Meyer, Arthur Donald 7 09/09/2010 30 47.67 1,503 40 Enbridge Inc. Options $19.10 ($38.20) -

February 21, 2011 Expiry Meyer, Arthur Donald 7 06/12/2010 51 0 -28,600

Enbridge Inc. Common Shares Wuori, Stephen John 5 01/12/2010 30 56.48 124,122 21 Enbridge Inc. Common Shares Wuori, Stephen John 5 07/12/2010 47 56.55 120,122 -4,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/06/2010 30 44.71 68 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/06/2010 30 44.71 1,005 18 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/09/2010 30 49.89 1,013 8 Endeavour Mining Corporation

Common Shares Koutsouras, Bill 4, 5 07/12/2010 10 2.9846 0 -403,750

Endeavour Mining Corporation

Warrants Koutsouras, Bill 4, 5 07/12/2010 10 1.05 0 -37,500

Ensign Energy Services Inc. Options Dagenais, Glenn Orval James

5 09/12/2010 50 14 915,000 175,000

Ensign Energy Services Inc. Options Geddes, Robert Harold 5 06/12/2010 59 13.52 1,200,000 -200,000

Ensign Energy Services Inc. Options Geddes, Robert Harold 5 09/12/2010 50 14 1,500,000 300,000

Ensign Energy Services Inc. Options Kautz, Edward 5 09/12/2010 50 14 945,000 175,000

Ensign Energy Services Inc. Options Schledwitz, Thomas 5 09/12/2010 50 14 530,000 125,000

Epsilon Energy Ltd. Common Shares Arandjelovic, Zoran 4 08/12/2010 10 2.6863 793,300 4,800 Equitable Group Inc. Options Options granted Ayanoglou, Savas John 5 07/12/2010 50 24.75 67,000 12,500

Equitable Group Inc. Options Options granted Downie, David 5 07/12/2010 50 24.75 28,000 5,000

Equitable Group Inc. Options Options granted Farella, Isabelle 5 25/05/2010 00

Equitable Group Inc. Options Options granted Farella, Isabelle 5 07/12/2010 50 24.75 3,000 3,000

Equitable Group Inc. Options Options granted Fryer, Scott Allan 5 07/12/2010 50 18,400 3,000

Equitable Group Inc. Options Options granted Graham, Kimberley 5 07/12/2010 50 24.75 20,000 10,000

Equitable Group Inc. Options Options granted Kukulowicz, Kimberly 7 07/12/2010 50 24.75 15,000 5,000

Equitable Group Inc. Options Options granted Markman, Caryn Melanie 5 07/12/2010 50 24.75 12,500 5,000

Equitable Group Inc. Options Options granted Simoes, Joao Da Costa 5 07/12/2010 50 24.75 13,000 5,000

Equitable Group Inc. Options Options granted Soni, David Deepak 5 07/12/2010 50 24.75 40,000 5,000

Equitable Group Inc. Options Options granted Sperling, Jody Lynn 5 07/12/2010 50 24.75 21,000 5,000

Equitable Group Inc. Options Options granted Yu, David 5 07/12/2010 50 24.75 21,000 5,000

ERA Carbon Offsets Ltd. Common Shares Harris, Graham 4 01/12/2010 10 0.27 171,000 -31,250 Erdene Resource Development Corporation

Common Shares Carnell, David 4 09/12/2010 90 0 -20,000

Erdene Resource Development Corporation

Common Shares Carnell, David 4 09/12/2010 90 0 -15,500

Esperanza Resources Corp. Common Shares Miles, David Lindsay 5 02/12/2010 10 2.43 9,400 -600

Esperanza Resources Corp. Common Shares Miles, David Lindsay 5 03/12/2010 10 2.43 0 -9,400

Essential Energy Services Ltd.

Common Shares KIRTON, Nicholas Grenville 4 29/04/2010 00


Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 100,000 100,000


Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 0 -100,000

Essex Angel Capital Inc. Options Expiring December 7, 2020

Galdi, Richard Joseph 5 29/07/2010 00


Galdi, Richard Joseph 5 07/12/2010 50 0.1 635,580 635,580


Krueger, Jason Ralph Daniel

4 29/07/2010 00


Krueger, Jason Ralph Daniel

4 07/12/2010 50 0.1 106,920 106,920

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11778


T/O Unit Price


Acquired/ Disposed


Labiak, Michael Leonard 5 29/07/2010 00


Labiak, Michael Leonard 5 07/12/2010 50 0.1 1,060,290 1,060,290


Magnus, Joseph Michael 4 29/07/2010 00


Magnus, Joseph Michael 4 07/12/2010 50 0.1 106,920 106,920


Meldrum, Mark 4, 5 29/07/2010 00


Meldrum, Mark 4, 5 07/12/2010 50 0.1 1,060,290 1,060,290

Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 06/12/2010 10 1.04 986,500 2,500 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 06/12/2010 10 1.05 987,000 500 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 07/12/2010 10 0.99 989,600 2,600 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 07/12/2010 10 1 992,000 2,400 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 07/12/2010 10 0.97 994,500 2,500 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 07/12/2010 10 0.96 997,000 2,500 Etrion Corporation Options Alvarez-Bolado, Fernando 7 04/01/2010 00 200,000

Etrion Corporation Options Alvarez-Bolado, Fernando 7 07/12/2010 50 0.66 248,960 48,960

Etrion Corporation Options Azrac, Aksel 4 07/12/2010 50 0.66 195,000 70,000 Etrion Corporation Options Craig, John Hunter 4 07/12/2010 50 0.66 290,000 70,000 Etrion Corporation Options Heppenstall, C. Ashley 4, 6 07/12/2010 50 0.66 290,000 70,000 Etrion Corporation Options Lundin, Ian Henrik 4, 5 07/12/2010 50 0.66 170,000 70,000 Etrion Corporation Options Soden, Garrett 5 07/12/2010 50 0.66 1,650,000 100,000 Etrion Corporation Options Sommer, Michael 7 11/09/2009 00 1,000,000 Etrion Corporation Options Sommer, Michael 7 07/12/2010 50 0.66 1,200,000 200,000 European Goldfields Limited Options Dimitriadis, Dimitris 5 02/12/2010 50 285,000 75,000

European Goldfields Limited Options Forward, Patrick William 5 02/12/2010 50 175,000 75,000

European Goldfields Limited Options Gokool, Varshan Baboolal 5 02/12/2010 50 137,500 75,000

European Goldfields Limited Common Shares Konig, Martyn 4, 5 08/12/2010 10 13.45 454,457 20,000

European Goldfields Limited Options Konig, Martyn 4, 5 02/12/2010 50 2,125,000 825,000

European Goldfields Limited Options Morgan-Wynne, Timothy 4, 5 02/12/2010 50 1,650,000 550,000

European Goldfields Limited Options Paxford, Deborah 5 02/12/2010 50 112,500 50,000

European Goldfields Limited Options Rachovides, Mark 4, 5 02/12/2010 50 910,000 550,000

European Goldfields Limited Options Sharpe, Steven Lawrence 5 02/12/2010 50 175,000 100,000

Everett Resources Ltd. Common Shares Plouffe, Sébastien 5 09/12/2010 10 0.05 105,000 -300,000 Everton Resources Inc. Common Shares Audet, André 4 02/12/2010 10 0.36 1,150,850 -10,000 Evertz Technologies Limited Common Shares Campbell, Brian Scott 5 09/12/2010 51 2.5 2,400,000 240,000

Evertz Technologies Limited Options Campbell, Brian Scott 5 09/12/2010 51 2.5 50,000 -240,000

Evertz Technologies Limited Common Shares Colclough, Christopher Michael

4 09/12/2010 51 4000 4,000

Evertz Technologies Limited Common Shares Colclough, Christopher Michael

4 09/12/2010 51 2.5 5,000 4,000

Evertz Technologies Limited Options Colclough, Christopher Michael

4 09/12/2010 51 2.5 20,000 -4,000

Evertz Technologies Limited Common Shares Pistor, Thomas Vincent 4 09/12/2010 51 2.5 58,000 4,000

Evertz Technologies Limited Options Pistor, Thomas Vincent 4 09/12/2010 51 2.5 20,000 -4,000

Exeter Resource Corporation

Options Bavin, Julian Richard Frank 4 06/12/2010 50 6.2 375,000 75,000


Options Bond, Cecil Robert 5 06/12/2010 50 6.2 1,125,000 150,000


Options Montpellier, Louis George 4 07/12/2010 50 6.2 950,000 150,000


Options Scheving, Douglas Wayne 3, 4 07/12/2010 50 6.2 335,000 75,000


Options Walsh, Roger Patrick 4 09/09/2010 51 2.65 400,000 25,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11779


T/O Unit Price


Acquired/ Disposed


Options Walsh, Roger Patrick 4 09/09/2010 10 7.15 375,000 -25,000































Fairfax Financial Holdings Limited

Subordinate Voting Shares

Gunn, Robert John 4 08/12/2010 10 399.97 750 250



Gunn, Robert John 4 18/04/2007 00



Gunn, Robert John 4 09/12/2010 10 399 250 250

Fiber Optic Systems Technology, Inc.

Common Shares LONE, ALLEN 3, 4, 6, 5 06/12/2010 10 0.095 97,000 23,000









Fiera Sceptre Inc. Special Shares Class B Voting

FIERA CAPITAL S.E.C. 3 01/09/2010 00 21,357,336

Fiera Sceptre Inc. Subordinate Voting Shares Class A

FIERA CAPITAL S.E.C. 3 01/09/2010 00

Finning International Inc. Common Shares Villegas, Juan Carlos 5 09/12/2010 10 25.07 9,975 -500 Finning International Inc. Common Shares Villegas, Juan Carlos 5 09/12/2010 10 25.06 9,575 -400 Finning International Inc. Common Shares Villegas, Juan Carlos 5 09/12/2010 10 25.05 5,450 -4,125 Finning International Inc. Common Shares Whitehead, Douglas

William Geoffrey 4, 5 08/12/2010 90 24.77 29,496 16,096

Finning International Inc. Common Shares Whitehead, Douglas William Geoffrey

4, 5 08/12/2010 90 24.77 55,103 -16,096

First Asset CanBanc Split Corp.

Class A Shares Ross Smith Capital Group L.P.

3 02/12/2010 10 22.7 102,200 400


Class A Shares Ross Smith Capital Group L.P.

3 08/12/2010 10 22.82 103,200 1,000


Preferred Shares Ross Smith Capital Group L.P.

3 08/12/2010 10 13.65 102,900 1,100

First Capital Realty Inc. Convertible Debentures 6.25% Unsecured subordinated

First Capital Realty Inc. 1 12/11/2010 38 1.0825 $1,000,000 $1,000,000


First Capital Realty Inc. 1 12/11/2010 38 1.0825 $0 -$1,000,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11780


T/O Unit Price


Acquired/ Disposed


First Capital Realty Inc. 1 16/11/2010 38 1.08 $41,000 $41,000


First Capital Realty Inc. 1 16/11/2010 38 1.08 $0 -$41,000









First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 06/12/2010 51 4.3 60,875 50,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 06/12/2010 51 4.32 95,875 35,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 06/12/2010 51 4.41 145,875 50,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 06/12/2010 51 5 160,875 15,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 06/12/2010 51 4.65 185,875 25,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 06/12/2010 51 4.3 290,625 -50,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 06/12/2010 51 4.32 255,625 -35,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 06/12/2010 51 4.41 205,625 -50,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 06/12/2010 51 5 190,625 -15,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 06/12/2010 51 4.65 165,625 -25,000 First Point Minerals Corp. Common Shares Gammon, John Blundell 4 06/12/2010 10 0.91 78,000 -50,000 First Point Minerals Corp. Common Shares McDonald, John Angus 4 07/12/2010 10 60,000 -11,500 First Uranium Corporation Options Caron, Mario 4 03/12/2010 00 First Uranium Corporation Options Caron, Mario 4 03/12/2010 50 127,000 127,000 First Uranium Corporation Options Gunn, Adam Donald 7 24/11/2010 00 First Uranium Corporation Options Gunn, Adam Donald 7 25/11/2010 00 First Uranium Corporation Restricted Stock Units Gunn, Adam Donald 7 24/11/2010 00 First Uranium Corporation Restricted Stock Units Gunn, Adam Donald 7 25/11/2010 00 FIRSTSERVICECORPORATION


Hayman, Paul A. W. 2 13/08/2010 99 50,235 -50,235

FIRSTSERVICECORPORATION


Hayman, Paul A. W. 2 06/12/2010 10 28 46,235 -1,500



Roy, Kevin 2 06/12/2010 10 28.15 45,800 -1,000



Roy, Kevin 2 06/12/2010 10 28.2 44,800 -1,000

Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 51 4.91 127,776 2,000 Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 51 4.91 132,776 5,000 Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 51 4.91 135,776 3,000 Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 10 17.97 133,776 -2,000 Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 10 17.99 128,776 -5,000 Flint Energy Services Ltd. Common Shares Lingard, William John 4, 5 06/12/2010 10 18.07 125,776 -3,000 Flint Energy Services Ltd. Options Lingard, William John 4, 5 06/12/2010 51 463,000 -2,000 Flint Energy Services Ltd. Options Lingard, William John 4, 5 06/12/2010 51 458,000 -5,000 Flint Energy Services Ltd. Options Lingard, William John 4, 5 06/12/2010 51 455,000 -3,000 Foremost Income Fund Trust Units Allen, Roy H. 4 03/12/2010 10 6.1 87,100 2,400 Fortis Inc. Common Shares King, Glen 7 01/12/2010 30 32.705 106 1 Fortis Inc. Common Shares King, Glen 7 01/12/2010 30 32.705 11,094 90 Fortis Inc. Common Shares Leeners, Michele Irene 7 01/09/2010 30 28.59 160 Fortis Inc. Common Shares Leeners, Michele Irene 7 01/09/2010 30 28.59 16,557 160 Fortis Inc. Common Shares Smith, Karl W. 7 01/12/2010 30 31.371 73,231 155 Fortis Inc. Common Shares Walker, John C. 7 01/12/2010 30 31.371 7,029 37 Fortis Inc. Common Shares Walker, John C. 7 01/12/2010 30 31.371 47,908 423 Fortis Inc. Common Shares Walker, John C. 7 01/12/2010 30 31.371 266 2 Fortress Paper Ltd. Common Shares Class A

voting without par value Ciotola, Alfonso 5 09/12/2010 10 42.85 19,866 -25,900

Fortress Paper Ltd. Common Shares Class A voting without par value

Ciotola, Alfonso 5 09/12/2010 10 43.5 19,066 -800


Ciotola, Alfonso 5 09/12/2010 10 43.51 18,866 -200


Ciotola, Alfonso 5 09/12/2010 10 43.15 17,366 -1,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11781


T/O Unit Price


Acquired/ Disposed


Ciotola, Alfonso 5 09/12/2010 10 42.9 17,166 -200


Ciotola, Alfonso 5 09/12/2010 10 42.88 16,666 -500

Foundation Resources Inc. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 30/08/2010 00


3 30/11/2010 97 0.2 200,000 200,000


3 07/12/2010 54 0.25 300,000 100,000


3 08/12/2010 54 0.25 100,000


3 08/12/2010 10 0.31 200,000 -100,000

Frontera Copper Corporation Notes 2010 Senior Unsecured Notes

Detmold, John 6 29/04/2010 10 830 $70


Detmold, John 6 06/05/2010 10 800 $9


Detmold, John 6 29/04/2010 10 810 $10

Frontera Copper Corporation Notes New Series 1A Notes

Detmold, John 6 18/02/2009 00


Detmold, John 6 29/04/2010 10 830 $70


Detmold, John 6 29/04/2010 10 0.83 $65,100 $65,100


Detmold, John 6 29/04/2010 10 810 $10


Detmold, John 6 29/04/2010 10 0.81 $74,400 $9,300


Detmold, John 6 06/05/2010 10 800 $9


Detmold, John 6 06/05/2010 10 0.8 $82,770 $8,370


Detmold, John 6 08/12/2010 10 0.8505 $13,770 -$69,000


Detmold, John 6 08/12/2010 10 0.8504 $770 -$13,000


Detmold, John 6 08/12/2010 10 0.8503 $0 -$770

Frontier Rare Earths Limited Options (Ordinary Shares) Dhir, Anu 4 17/11/2010 00 267,240

Frontier Rare Earths Limited Options (Ordinary Shares) Grennan, Edward 'Eamonn' Francis

4 17/11/2010 00 133,620

Frontier Rare Earths Limited Options (Ordinary Shares) Kenny, James 4 08/11/2010 00 1,781,602

Frontier Rare Earths Limited Options (Ordinary Shares) Kenny, Philip 4 08/11/2010 00 445,400

Frontier Rare Earths Limited Options (Ordinary Shares) McGuinness, Paul Anthony 4 08/11/2010 00 874,258

Frontier Rare Earths Limited Options (Ordinary Shares) Smith, Hudson Stuart 5 08/11/2010 00 874,258

Frontier Rare Earths Limited Options (Ordinary Shares) Sonn, Crispin Franklyn 4 17/11/2010 00 267,240

Gabriel Resources Ltd. Common Shares Kirk, Harry Wayne 4 10/12/2010 51 2.65 70,603 25,000 Gabriel Resources Ltd. Common Shares Kirk, Harry Wayne 4 10/12/2010 10 7.7136 45,603 -25,000 Gabriel Resources Ltd. Options Kirk, Harry Wayne 4 10/12/2010 51 2.65 180,000 -25,000 GeneNews Limited Options Dreismann, Heiner 4, 5 30/11/2010 50 0.27 1,144,500 20,000 Geologix Explorations Inc. Common Shares Thody, Graham Campbell 4 10/12/2010 10 0.81 36,854 -8,600 George Weston Limited Rights -Deferred Share

Units Baillie, A. Charles 4 01/12/2010 56 15,275 637

George Weston Limited Rights -Deferred Share Units

Bryant, Warren 4 01/12/2010 56 868 425


Dart, Robert John 6 01/12/2010 56 9,094 637


Eby, Peter 4 01/12/2010 56 18,144 1,083


Fraser, Anne Louise 4 01/12/2010 56 4,801 637


Graham, Anthony R. 4 01/12/2010 56 14,374 637

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11782


T/O Unit Price


Acquired/ Disposed


Lacey, John Stewart 7 01/12/2010 56 2,574 637


Marcoux, Isabelle 4 01/12/2010 56 6,929 637


Prichard, John Robert Stobo

4 01/12/2010 56 13,985 637


Rahilly, Thomas Francis 4 01/12/2010 56 9,477 637

Gildan Activewear Inc. Common Shares Baylis, Robert M. 4 06/12/2010 51 6.88 49,708 3,680 Gildan Activewear Inc. Common Shares Baylis, Robert M. 4 06/12/2010 10 28.82 46,028 -3,680 Gildan Activewear Inc. Options Baylis, Robert M. 4 06/12/2010 51 6.88 8,620 -3,680 Gildan Activewear Inc. Common Shares Bell, Garry 5 03/12/2010 51 6.88 16,831 12,000 Gildan Activewear Inc. Common Shares Bell, Garry 5 03/12/2010 10 28.87 4,831 -12,000 Gildan Activewear Inc. Common Shares Bell, Garry 5 03/12/2010 51 8.64 72,831 68,000 Gildan Activewear Inc. Common Shares Bell, Garry 5 03/12/2010 10 28.99 4,831 -68,000 Gildan Activewear Inc. Options Bell, Garry 5 03/12/2010 51 6.88 74,033 -12,000 Gildan Activewear Inc. Options Bell, Garry 5 03/12/2010 51 8.64 6,033 -68,000 Gildan Activewear Inc. Common Shares Heller, George Jason 4 03/12/2010 10 29.17 4,000 2,000 Gildan Activewear Inc. Common Shares Sam Yu Sum, Georges 5 06/12/2010 51 6.88 67,016 15,296 Gildan Activewear Inc. Common Shares Sam Yu Sum, Georges 5 06/12/2010 10 28.78 51,720 -15,296 Gildan Activewear Inc. Options Sam Yu Sum, Georges 5 06/12/2010 51 6.88 45,564 -15,296 Gildan Activewear Inc. Common Shares Strubel, Richard P. 4 09/12/2010 51 6.88 52,485 3,920 Gildan Activewear Inc. Common Shares Strubel, Richard P. 4 09/12/2010 10 29.45 51,508 -977 Gildan Activewear Inc. Options Strubel, Richard P. 4 09/12/2010 51 6.88 9,176 -3,920 Glenbriar Technologies Inc. Common Shares Ross, James Henry 4 07/12/2010 10 0.02 2,879,164 40,000

Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 06/12/2010 10 23.35 652,441 -3,400 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 23.35 643,841 -8,600 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 23.9 -4,500 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 23.91 -900 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24 -900 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.15 -100 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.19 -1,100 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.2 -800 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 23.9 208,214 -4,500 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 23.91 207,314 -900 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24 206,414 -900 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.15 206,314 -100 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.19 205,214 -1,100 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 07/12/2010 10 24.2 204,414 -800 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 08/12/2010 10 23.9 201,614 -2,800 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 08/12/2010 10 23.91 200,814 -800 Glentel Inc. Common Shares Skidmore, A. Allan 4, 6, 5 08/12/2010 10 24 200,714 -100 Glentel Inc. Common Shares Skidmore, Cary 5 31/05/2003 00 Glentel Inc. Common Shares Skidmore, Cary 5 08/12/2010 11 24.7 5,000 5,000 Glentel Inc. Common Shares Skidmore, Cary 5 08/12/2010 11 24.7 46,000 -5,000 Glentel Inc. Common Shares Skidmore, Thomas 4, 6, 5 08/12/2010 11 24.7 194,051 10,000 Glentel Inc. Common Shares Skidmore, Thomas 4, 6, 5 10/12/2010 10 26.234 192,051 -2,000 Glentel Inc. Common Shares Skidmore, Thomas 4, 6, 5 08/12/2010 11 24.7 999,894 -10,000 Globex Mining Enterprises Inc.

Common Shares STOCH, JACK 3, 4, 5 09/12/2010 10 2.28 1,877,462 2,000

Gluskin Sheff + Associates Inc.

Deferred Share Units Beeston, Paul 5 09/12/2010 56 1,859 14


Deferred Share Units CARTY, DONALD 4 09/12/2010 56 3,979 30


Restricted Share Units Ginsler, Brian Leslie 5 09/12/2010 56 8,301 59



Ginsler, Brian Leslie 5 02/12/2010 10 18.5 13,475 10,500



Ginsler, Brian Leslie 5 03/12/2010 10 18.5 13,875 400


Deferred Share Units Gobert, Wilfred Arthur 4 09/12/2010 56 5,869 44


Deferred Share Units Solway, Herbert 4 09/12/2010 56 7,525 54


Deferred Share Units Themens, Pierre-Andre 4 09/12/2010 56 6,017 43


Deferred Share Units Wallin, Pamela 4 09/12/2010 56 5,846 42


Deferred Share Units Weiss, Robert Samson 4 09/12/2010 56 8,539 61

GLV Inc. Subordinate Voting Shares GLV.A

CHABOT, Julie 7 21/06/2010 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11783


T/O Unit Price


Acquired/ Disposed

GLV Inc. Subordinate Voting Shares GLV.A

CHABOT, Julie 7 21/06/2010 00

GMIncome & Growth Fund Units GMIncome & Growth Fund 1 03/12/2010 38 11.9 8,800 600



GMIncome & Growth Fund Units GMIncome & Growth Fund 1 08/12/2010 38 11.67 11,900 1,300


GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.25 2,026,832 -8,000 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.29 2,018,032 -8,800 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.3 1,973,032 -45,000 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.35 1,970,132 -2,900 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.36 1,968,932 -1,200 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.4 1,963,532 -5,400 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.41 1,963,332 -200 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.43 1,962,632 -700 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.42 1,962,332 -300 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.45 1,960,132 -2,200 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 03/12/2010 10 12.46 1,959,832 -300 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 06/12/2010 10 12.25 1,926,432 -33,400 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 06/12/2010 10 12.26 1,925,532 -900 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 06/12/2010 10 12.27 1,923,832 -1,700 GMP Capital Inc. Common Shares Wekerle, Michael W. 7 06/12/2010 10 12.35 1,534,832 -389,000 Gold Canyon Resources Inc. Common Shares Christopherson, Douglas

Gene4 01/12/2010 10 2.39 -7,500

Gold Canyon Resources Inc. Common Shares Christopherson, Douglas Gene

4 01/12/2010 10 2.39 -7,500


4 01/12/2010 10 2.4 -12,500


4 01/12/2010 10 2.4 -12,500


4 01/12/2010 10 2.41 -5,000


4 01/12/2010 10 2.41 -5,000


4 01/12/2010 10 2.49 -15,000


4 01/12/2010 10 2.49 -15,000


4 01/12/2010 10 2.49 1,120,000 -15,000


4 01/12/2010 10 2.5 1,095,500 -24,500


4 01/12/2010 10 2.51 1,085,500 -10,000


4 01/12/2010 10 2.53 1,072,500 -13,000


4 01/12/2010 10 2.54 1,052,500 -20,000


4 01/12/2010 10 2.56 1,042,500 -10,000


4 01/12/2010 10 2.6 1,037,600 -4,900


4 02/12/2010 10 2.52 1,032,600 -5,000


4 02/12/2010 10 2.54 1,015,100 -17,500


4 02/12/2010 10 2.55 1,007,700 -7,400


4 02/12/2010 10 2.56 996,700 -11,000


4 03/12/2010 10 2.51 991,700 -5,000


4 03/12/2010 10 2.53 991,200 -500


4 03/12/2010 10 2.54 981,200 -10,000


4 03/12/2010 10 2.55 977,200 -4,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11784


T/O Unit Price


Acquired/ Disposed


4 03/12/2010 10 2.58 972,200 -5,000


4 06/12/2010 10 2.5 962,200 -10,000


4 07/12/2010 10 2.38 957,200 -5,000


4 09/12/2010 10 2.39 949,700 -7,500


4 09/12/2010 10 2.4 937,200 -12,500


4 09/12/2010 10 2.41 932,200 -5,000


4 09/12/2010 10 2.42 920,000 -12,200


4 09/12/2010 10 2.45 915,000 -5,000


4 09/12/2010 10 2.47 910,000 -5,000


4 09/12/2010 10 2.5 905,000 -5,000


4 09/12/2010 10 2.51 900,000 -5,000

Gold Canyon Resources Inc. Common Shares Schmitz, Ron A. 4 09/12/2010 10 2.44 218,807 -30,000

Gold Canyon Resources Inc. Common Shares Schmitz, Ron A. 4 09/12/2010 10 2.54 217,607 -1,200

Gold Port Resources Ltd. Options Ambrose, Allen Vernon 4 02/11/2010 52 0.12 820,000 -50,000 Gold Standard Ventures Corp.

Common Shares Mathewson, David 4, 5 07/12/2010 10 0.587 963,250 2,000

Gold Standard Ventures Corp.





Common Shares Silas, Richard 4, 5 13/07/2010 22 868,750 650,000


Common Shares Waldkirch, Michael 5 13/07/2010 00 685,250


Options Waldkirch, Michael 5 13/07/2010 00 200,000

Goldcorp Inc. Common Shares DEISLEY, DAVID LEE 5 06/12/2010 51 24.46 26,000 5,000 Goldcorp Inc. Common Shares DEISLEY, DAVID LEE 5 06/12/2010 10 47.85 21,000 -5,000 Goldcorp Inc. Common Shares DEISLEY, DAVID LEE 5 07/12/2010 97 47.63 20,750 -250 Goldcorp Inc. Options DEISLEY, DAVID LEE 5 06/12/2010 51 24.46 250,000 -5,000 Goldcorp Inc. Common Shares Sedestrom, Cheryl 5 06/12/2010 51 161,884 101,400 Goldcorp Inc. Common Shares Sedestrom, Cheryl 5 06/12/2010 10 47.85 60,484 -101,400 Goldcorp Inc. Options Sedestrom, Cheryl 5 06/12/2010 51 25.74 275,000 -101,400 Goldcorp Inc. Common Shares Tudela, Anna Maria 5 06/12/2010 51 39.77 18,582 15,000 Goldcorp Inc. Common Shares Tudela, Anna Maria 5 06/12/2010 10 47.92 3,582 -15,000 Goldcorp Inc. Options Tudela, Anna Maria 5 06/12/2010 51 39.77 110,000 -15,000 Golden Dawn Minerals Inc. Common Shares Schwabl, Hans 4 29/11/2010 00 100,000 Golden Dawn Minerals Inc. Options Schwabl, Hans 4 29/11/2010 00 Golden Dawn Minerals Inc. Options Schwabl, Hans 4 03/12/2010 50 0.1 200,000 200,000 Golden Dawn Minerals Inc. Options Wiese, Wolfgang 4, 5 15/08/2009 00 252,000 Golden Dawn Minerals Inc. Options Wiese, Wolfgang 4, 5 03/12/2010 50 0.1 1,707,000 1,455,000 Golden Dawn Minerals Inc. Common Shares Wright, Frank Ralph 4 09/12/2010 11 0.08 362,500 62,500 Golden Dawn Minerals Inc. Warrants Wright, Frank Ralph 4 12/03/2010 00 Golden Dawn Minerals Inc. Warrants Wright, Frank Ralph 4 09/12/2010 11 0.12 31,250 31,250 Golden Predator Corp. Options Harris, William 4 09/12/2010 50 0.68 315,000 65,000 Golden Predator Corp. Options Lee, Janet 5 09/12/2010 50 0.68 315,000 65,000 Golden Predator Corp. Options Legg, John William 4, 5 09/12/2010 50 0.68 1,175,000 250,000 Golden Predator Corp. Options O'Brien, Michael Charles 5 09/12/2010 50 0.68 295,000 65,000 Golden Predator Corp. Options O'Brien, Michael Charles 5 09/12/2010 50 0.68 360,000 65,000 Golden Predator Corp. Options RAYMENT, BARRY

DONALD4 09/12/2010 50 0.68 315,000 65,000

Golden Predator Corp. Options Sheriff, William Morris 6 09/12/2010 50 0.68 1,200,000 250,000 Golden Predator Corp. Options Skimming, Thomas 4 09/12/2010 50 0.68 315,000 65,000 Golden Share Mining Corporation

Common Shares Clarke, Thomas William 4 07/12/2010 10 0.145 1,362,500 10,000

Golden Share Mining Corporation

Common Shares Clarke, Thomas William 4 10/12/2010 10 0.145 1,367,500 5,000

GOLDEYE EXPLORATIONS LIMITED


3 08/12/2010 10 0.085 374,999 -500,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11785


T/O Unit Price


Acquired/ Disposed

Gran Tierra Energy Inc. Common Shares KIRTON, Nicholas Grenville 4 27/03/2008 00

Gran Tierra Energy Inc. Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 26,550 26,550



Gran Tierra Energy Inc. Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 0 -30,000



Grande Cache Coal Corporation

Common Shares Davies, Barry T. 4 06/12/2010 10 10.656 325,000 -50,000






Common Shares KIRTON, Nicholas Grenville 4 12/01/2009 00


Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 40,000 40,000


Common Shares KIRTON, Nicholas Grenville 4 09/12/2010 90 0 -40,000


Common Shares Metz, Lloyd 5 06/12/2010 51 2.44 50,000 50,000


Common Shares Metz, Lloyd 5 06/12/2010 51 1.01 116,666 66,666


Options Metz, Lloyd 5 06/12/2010 51 2.44 175,000 -50,000


Options Metz, Lloyd 5 06/12/2010 51 1.01 108,334 -66,666


Common Shares Stan, Robert Henry 3, 4, 5 06/12/2010 10 10.618 96,132 -150,000

Great Bear Resources Ltd. Common Shares Nesbitt, Archibald Jonathon 4 08/12/2010 10 0.26 55,000 30,000

Great Canadian Gaming Corporation

Common Shares McGrogan, James 5 10/12/2010 51 2.62 12,187 10,000


Options McGrogan, James 5 10/12/2010 51 2.62 79,440 -10,000


Common Shares Phouikhoune-Phinith, Chindavone

5 09/11/2010 00 1,397

Great Panther Silver Limited Common Shares Archer, Robert Alexander 4, 5 03/12/2010 51 0.9 1,402,600 22,500

Great Panther Silver Limited Common Shares Archer, Robert Alexander 4, 5 03/12/2010 10 2.5 1,390,100 -12,500


Great Panther Silver Limited Common Shares Archer, Robert Alexander 4, 5 06/12/2010 51 0.9 1,407,600 27,500


Great Panther Silver Limited Options Archer, Robert Alexander 4, 5 03/12/2010 51 0.9 527,500 -22,500

Great Panther Silver Limited Options Archer, Robert Alexander 4, 5 06/12/2010 51 0.9 500,000 -27,500

Great Panther Silver Limited Common Shares Foy, Kaare 4, 5 07/12/2010 51 0.9 197,400 80,000

Great Panther Silver Limited Common Shares Foy, Kaare 4, 5 07/12/2010 10 2.51 189,600 -7,800




Great Panther Silver Limited Options Foy, Kaare 4, 5 07/12/2010 51 0.9 75,000 -80,000

Great Panther Silver Limited Common Shares Iskanius, Raakel Suzanne 5 03/12/2010 51 0.9 50,000 50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11786


T/O Unit Price


Acquired/ Disposed

Great Panther Silver Limited Common Shares Iskanius, Raakel Suzanne 5 03/12/2010 10 2.5 8,000 -42,000

Great Panther Silver Limited Common Shares Iskanius, Raakel Suzanne 5 03/12/2010 10 2.51 0 -8,000

Great Panther Silver Limited Options Iskanius, Raakel Suzanne 5 03/12/2010 51 0.9 200,000 -50,000

Great Western Minerals Group Ltd.

Options Davidson, James George 5 06/12/2010 00

Great Western Minerals Group Ltd.

Options Davidson, James George 5 06/12/2010 50 0.45 600,000 600,000

Greencastle Resources Ltd. Common Shares Pirie, James 4, 5 07/12/2010 51 0.15 640,000 100,000

Greencastle Resources Ltd. Common Shares Pirie, James 4, 5 07/12/2010 10 0.39 540,000 -100,000

Greencastle Resources Ltd. Options Pirie, James 4, 5 07/12/2010 51 1,760,000 -100,000

Greenscape Capital Group Inc.

Common Shares Geisthardt, Robert Michael 5 01/12/2010 00 42,500


Common Shares Scharfe, Bradley Nixon 3 08/12/2010 10 0.275 5,555,161 10,000






Common Shares Slusarchuk, Bryan James Rees

4 30/11/2010 10 0.295 207,532 -125,000


Common Shares Slusarchuk, Bryan James Rees

4 06/12/2010 10 0.2854 219,032 11,500

Guardian Capital Group Limited

Non-Voting Shares Class A

Christodoulou, John 4, 6, 5 06/12/2010 10 8.7163 3,390,600 8,600



Christodoulou, John 4, 6, 5 07/12/2010 10 8.8 3,400,600 10,000



Minic Investments Limited 3 06/12/2010 10 8.7163 3,390,600 8,600



Minic Investments Limited 3 07/12/2010 10 8.8 3,400,600 10,000

Guyana Goldfields Inc. Options Bondy, Robert Allan 4 06/12/2010 50 200,000 50,000 Guyana Goldfields Inc. Options Ferry, Alan 4 07/12/2010 50 9.97 300,000 50,000 Guyana Goldfields Inc. Options Lemasson, Claude 5 06/12/2010 50 9.97 1,000,000 250,000 Guyana Goldfields Inc. Options Murphy, Paul 5 07/12/2010 50 9.97 400,000 50,000 Guyana Goldfields Inc. Options Sheridan, Patrick John 4 07/12/2010 50 9.97 2,510,000 750,000 Guyana Goldfields Inc. Options Williams, Richard David 4 06/12/2010 50 9.97 150,000 50,000 Guyana Precious Metals Inc. Common Shares Bondy, Robert Allan 3 30/06/2010 00 475,000

Guyana Precious Metals Inc. Common Shares Bondy, Robert Allan 3 09/11/2010 10 0.145 375,000 -100,000





H&R Real Estate Investment Trust

Options Goldberg, Shawn 5 08/12/2010 51 16.569 41,667 -8,333


Options Goldberg, Shawn 5 08/12/2010 51 9.309 25,000 -16,667


Options Goldberg, Shawn 5 08/12/2010 51 15.429 0 -25,000


Units Goldberg, Shawn 5 08/12/2010 51 16.569 10,098 8,333






Units Goldberg, Shawn 5 08/12/2010 10 19.5 39,365 -12,400


Units Goldberg, Shawn 5 08/12/2010 10 19.51 38,565 -800



Insider Reporting

December 17, 2010 (2010) 33 OSCB 11787


T/O Unit Price


Acquired/ Disposed

















Halo Resources Ltd. Common Shares Inwentash, Sheldon 3, 6 01/12/2010 10 0.5132 2,300,000 250,000 Hammond Power Solutions Inc.

Options Plan July 22 2005 MACADAM, DON 4 06/12/2010 51 25,000 -10,000

Hammond Power Solutions Inc.

Options Plan July 22 2005 MACADAM, DON 4 06/12/2010 10 1.93 35,000 10,000

Harry Winston Diamond Corporation

Deferred Share Units Loubier, Jean-Marc 4 09/12/2010 00

Harry Winston Diamond Corporation

Deferred Share Units Loubier, Jean-Marc 4 09/12/2010 56 1,000 1,000

Heatherdale Resources Ltd. Common Shares Brommeland, Lena Kathryn 5 01/12/2010 16 1 180,000 30,000

Heatherdale Resources Ltd. Warrants Brommeland, Lena Kathryn 5 17/11/2009 00

Heatherdale Resources Ltd. Warrants Brommeland, Lena Kathryn 5 01/12/2010 53 1.2 30,000 30,000

Heatherdale Resources Ltd. Warrants Copeland, David James 4, 5 19/11/2009 00

Heatherdale Resources Ltd. Warrants Copeland, David James 4, 5 26/11/2010 53 100,000 100,000

Heatherdale Resources Ltd. Common Shares Kritsos, Xenia 5 01/10/2010 00

Heatherdale Resources Ltd. Common Shares Kritsos, Xenia 5 01/10/2010 00

Heatherdale Resources Ltd. Common Shares Kritsos, Xenia 5 01/12/2010 16 1 5,000 5,000

Heatherdale Resources Ltd. Warrants Kritsos, Xenia 5 01/10/2010 00

Heatherdale Resources Ltd. Warrants Kritsos, Xenia 5 01/10/2010 00

Heatherdale Resources Ltd. Warrants Kritsos, Xenia 5 01/12/2010 16 5,000 5,000

Heatherdale Resources Ltd. Warrants Smith, Patrick 5 01/10/2010 00

Heatherdale Resources Ltd. Warrants Smith, Patrick 5 26/11/2010 53 1.2 25,000 25,000

Heatherdale Resources Ltd. Common Shares Thiessen, Ronald William 7 01/12/2010 11 1 1,199,381 25,000

Heatherdale Resources Ltd. Warrants Thiessen, Ronald William 7 17/11/2009 00

Heatherdale Resources Ltd. Warrants Thiessen, Ronald William 7 01/12/2010 53 1.2 25,000 25,000

Heatherdale Resources Ltd. Common Shares Thomson, Judy Marilyn 4 17/11/2009 00

Heatherdale Resources Ltd. Common Shares Thomson, Judy Marilyn 4 01/12/2010 16 1 7,500 7,500

Heatherdale Resources Ltd. Warrants Thomson, Judy Marilyn 4 17/11/2009 00

Heatherdale Resources Ltd. Warrants Thomson, Judy Marilyn 4 01/12/2010 53 7,500 7,500

Homburg Invest Inc. Multiple Voting Shares HII.B

Homburg Invest Inc. 1 03/12/2010 38 4.2 10,200 200

Homburg Invest Inc. Subordinate Voting Shares HII.A

Homburg Invest Inc. 1 03/12/2010 38 4.25 11,600 1,000





Insider Reporting

December 17, 2010 (2010) 33 OSCB 11788


T/O Unit Price


Acquired/ Disposed




Homburg Invest Inc. 1 09/12/2010 38 4.11 14,700 100

Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48 200 200 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48 0 -200 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48.25 600 600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48.25 0 -600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 47.99 300 300 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 47.99 0 -300 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48 100 100 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 01/12/2010 38 48 0 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 03/12/2010 10 47.66 24,800 -200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 03/12/2010 10 47.65 23,600 -1,200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 03/12/2010 10 47.6 20,000 -3,600 Home Capital Group Inc. Common Shares Thompson, Leslie 4 01/12/2010 00 200 Homeland Energy Group Ltd.

Options Gupta, Ajay 5 13/07/2010 00

HudBay Minerals Inc. Common Shares Garofalo, David 7, 5 07/12/2010 30 17.33 78,527 539 HUMBOLDT CAPITAL CORPORATION

Common Shares Humboldt Capital Corporation

1 08/12/2010 38 2.2 800 800

HUMBOLDT CAPITAL CORPORATION

Common Shares Humboldt Capital Corporation

1 08/12/2010 38 2.2 0 -800

Huntingdon Real Estate Investment Trust

Convertible Debentures Series C

George, Zachary R. 4 30/11/2010 10 101.3 $417,000 -$20,000

Huntingdon Real Estate Investment Trust

Convertible Debentures Series C

George, Zachary R. 4 08/12/2010 10 101 $397,000 -$20,000

Hyperion Exploration Corp. Common Shares Gee, Timmy 5 01/12/2010 00 58,333 Hyperion Exploration Corp. Common Shares Gee, Timmy 5 01/12/2010 00 68,366 Hyperion Exploration Corp. Common Shares Gee, Timmy 5 01/12/2010 00 39,968 Hyperion Exploration Corp. Options Gee, Timmy 5 01/12/2010 00 298,064 Hyperion Exploration Corp. Warrants Gee, Timmy 5 01/12/2010 00 58,333 Hyperion Exploration Corp. Warrants Gee, Timmy 5 01/12/2010 00 89,913 Hyperion Exploration Corp. Warrants Gee, Timmy 5 01/12/2010 00 39,968 Hyperion Exploration Corp. Options Heath, Ryan John McColl 5 01/12/2010 00 220,000 ICS COPPER SYSTEMS LTD.

Common Shares Class A voting

Chisholm, Graham Alistair 3, 4, 5 08/12/2010 11 0.08 5,015,070 112,500

ICS COPPER SYSTEMS LTD.


Fynn, David Alan 5 08/12/2010 11 0.08 62,500 62,500



TREADGOLD,LAWRENCE, GARNET

4 26/08/2010 00



TREADGOLD,LAWRENCE, GARNET

4 08/12/2010 11 0.08 125,000 125,000

IESI-BFC Ltd. (formerly BFI Canada Ltd.)

Common Shares Flood, Charles F. 7 03/12/2010 10 22.54 143,109 -2,000


Common Shares Peckham, Gordon Drew 7 02/12/2010 10 22.25 14,390 -1,000


Common Shares Sutherland-Yoest, David 4 06/12/2010 10 22.43 80,000 -20,000

IGM Financial Inc. Common Shares IGM Financial Inc. 1 17/11/2010 38 41.632 40,000 40,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 17/11/2010 38 0 -40,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 18/11/2010 38 42.017 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 18/11/2010 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/11/2010 38 41.775 40,000 40,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/11/2010 38 0 -40,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/11/2010 38 42.02 13,000 13,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/11/2010 38 0 -13,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 24/11/2010 38 41.776 49,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 24/11/2010 38 41.776 49,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 24/11/2010 38 41.776 49,800 49,800 IGM Financial Inc. Common Shares IGM Financial Inc. 1 24/11/2010 38 0 -49,800 IGM Financial Inc. Common Shares IGM Financial Inc. 1 25/11/2010 38 42.254 800 800 IGM Financial Inc. Common Shares IGM Financial Inc. 1 25/11/2010 38 0 -800 IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/11/2010 38 42.409 46,500 46,500 IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/11/2010 38 0 -46,500 IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/11/2010 38 42.821 50,000 50,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/11/2010 38 0 -50,000 Imaging Dynamics Company Ltd.

Common Shares McNeill, Wayne Duncan 3 03/12/2010 10 0.06 20,665,000 -150,000

Imaging Dynamics Company Ltd.

Common Shares McNeill, Wayne Duncan 3 06/12/2010 10 0.06 20,657,000 -8,000

Imaging Dynamics Company Ltd.

Common Shares McNeill, Wayne Duncan 3 07/12/2010 10 0.051 19,112,000 -1,545,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11789


T/O Unit Price


Acquired/ Disposed

IMAX Corporation Rights stock appreciation rights

Lister, Robert D. 5 06/12/2010 59 82,500 -37,500

IMAX Corporation Common Shares MacNeil, Edward 5 07/12/2010 51 2.87 2,000 2,000 IMAX Corporation Common Shares MacNeil, Edward 5 07/12/2010 10 27 0 -2,000 IMAX Corporation Options 1:1 MacNeil, Edward 5 07/12/2010 51 2.87 61,750 -2,000 IMAX Corporation Common Shares Sparacio, Joseph 5 06/12/2010 51 4.16 15,000 15,000 IMAX Corporation Common Shares Sparacio, Joseph 5 06/12/2010 10 26.28 0 -15,000 IMAX Corporation Options 1:1 Sparacio, Joseph 5 06/12/2010 51 4.16 144,000 -15,000 Imperial Oil Limited Rights Carleton, Sean Richard 5 03/12/2010 59 46,600 -2,350 Imperial Oil Limited Rights Carleton, Sean Richard 5 03/12/2010 59 41,400 -5,200 Imperial Oil Limited Rights Carleton, Sean Richard 5 06/12/2010 56 55,000 13,600 Imperial Oil Limited Rights Downie, James Andrew 7 03/12/2010 59 11,200 -500 Imperial Oil Limited Rights Downie, James Andrew 7 03/12/2010 59 10,100 -1,100 Imperial Oil Limited Rights Downie, James Andrew 7 06/12/2010 56 17,000 6,900 Imperial Oil Limited Rights Ford, Christopher Moore 7 03/12/2010 59 52,484 -5,100 Imperial Oil Limited Rights Ford, Christopher Moore 7 03/12/2010 59 47,284 -5,200 Imperial Oil Limited Rights Ford, Christopher Moore 7 06/12/2010 56 57,184 9,900 Imperial Oil Limited Rights Hoeg, Krystyna Theresa 4 06/12/2010 56 6,000 2,000 Imperial Oil Limited Common Shares Imperial Oil Limited 1 07/12/2010 38 37.443 33,450 33,450 Imperial Oil Limited Common Shares Imperial Oil Limited 1 07/12/2010 38 37.443 0 -33,450 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 03/12/2010 59 65,600 -3,700 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 03/12/2010 59 57,500 -8,100 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 06/12/2010 56 74,100 16,600 Imperial Oil Limited Rights March, Bruce Harold 4, 5 06/12/2010 56 109,800 23,200 Imperial Oil Limited Rights March, Bruce Harold 4, 5 06/12/2010 56 133,000 23,200 Imperial Oil Limited Rights Masschelin, Paul 5 01/05/2010 00 Imperial Oil Limited Rights Masschelin, Paul 5 06/12/2010 56 20,600 20,600 Imperial Oil Limited Rights Milne, Meredith Colin 7 03/12/2010 59 40,200 -3,000 Imperial Oil Limited Rights Milne, Meredith Colin 7 03/12/2010 59 36,400 -3,800 Imperial Oil Limited Rights Milne, Meredith Colin 7 06/12/2010 56 46,300 9,900 Imperial Oil Limited Rights MINTZ, JACK MAURICE 4 03/12/2010 59 7,000 -1,000 Imperial Oil Limited Rights MINTZ, JACK MAURICE 4 06/12/2010 56 9,000 2,000 Imperial Oil Limited Rights Scott, Thomas Glenn 5 01/07/2010 00 Imperial Oil Limited Rights Scott, Thomas Glenn 5 06/12/2010 56 19,550 19,550 Imperial Oil Limited Rights Smith, Simon Massey 7 03/12/2010 59 110,350 -6,700 Imperial Oil Limited Rights Smith, Simon Massey 7 03/12/2010 59 97,550 -12,800 Imperial Oil Limited Rights Smith, Simon Massey 7 06/12/2010 56 122,550 25,000 Imperial Oil Limited Rights Sutherland, David Stewart 4 29/04/2010 00 Imperial Oil Limited Rights Sutherland, David Stewart 4 06/12/2010 56 2,000 2,000 Imperial Oil Limited Rights Whittaker, Sheelagh 4 03/12/2010 59 8,500 -500 Imperial Oil Limited Rights Whittaker, Sheelagh 4 03/12/2010 59 7,500 -1,000 Imperial Oil Limited Rights Whittaker, Sheelagh 4 06/12/2010 56 9,500 2,000 Imperial Oil Limited Rights Young, Victor Leyland 4 03/12/2010 59 8,500 -500 Imperial Oil Limited Rights Young, Victor Leyland 4 03/12/2010 59 7,500 -1,000 Imperial Oil Limited Rights Young, Victor Leyland 4 06/12/2010 56 9,500 2,000 In-Touch Survey Systems Ltd.

Common Shares Selepova, Pavla 5 03/12/2010 51 0.12 87,500 65,000

In-Touch Survey Systems Ltd.

Options Selepova, Pavla 5 03/12/2010 51 0.12 130,000 -65,000

Indexplus Income Fund Trust Units IndexPlus Income Fund 1 08/12/2010 38 12.1 27,330,379 800 Indigo Exploration Inc. Common Shares Henneberry, Ralph Timothy 4, 5 09/12/2010 10 0.37 328,333 10,000

Indigo Exploration Inc. Common Shares NGEx Resources Inc. 3 07/12/2010 10 0.32 0 -3,000,000 Industrial Alliance Insurance and Financial Services Inc.

Common Shares GAUTHIER, MICHEL 5 09/12/2010 51 23.44 36,656 6,000

Industrial Alliance Insurance and Financial Services Inc.

Common Shares GAUTHIER, MICHEL 5 09/12/2010 10 36 30,656 -6,000


Options GAUTHIER, MICHEL 5 09/12/2010 51 23.44 62,000 -6,000


Common Shares Stickney, Michael Lee 5 01/02/2000 00






Common Shares Stickney, Michael Lee 5 18/05/2005 37 12,450

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11790


T/O Unit Price


Acquired/ Disposed


Common Shares Stickney, Michael Lee 5 18/05/2005 37 3,900 1,950

Inlet Resources Ltd. Common Shares AUYEUNG, MARTIN 4 08/12/2010 00 45,000 Inmet Mining Corporation Common Shares Astritis, Steven 5 08/12/2010 90 13,438 3,303 Inmet Mining Corporation Common Shares Astritis, Steven 5 08/12/2010 90 4,062 -3,303 Inmet Mining Corporation Performance Units Astritis, Steven 5 08/12/2010 58 - Expiration

of rights 46,000 -4,000

Inmet Mining Corporation Common Shares Balint, Frank 5 08/12/2010 90 9,218 2,346 Inmet Mining Corporation Common Shares Balint, Frank 5 08/12/2010 90 3,049 -2,346 Inmet Mining Corporation Performance Units Balint, Frank 5 08/12/2010 57 34,000 -3,000 Inmet Mining Corporation Common Shares Ford, R. Craig 7 08/12/2010 90 6,994 1,879 Inmet Mining Corporation Common Shares Ford, R. Craig 7 08/12/2010 90 2,507 -1,879 Inmet Mining Corporation Performance Units Ford, R. Craig 7 08/12/2010 58 - Expiration

of rights 34,000 -3,000

Inmet Mining Corporation Common Shares Herr, Robert Scott 5 08/12/2010 90 3,835 1,594 Inmet Mining Corporation Common Shares Herr, Robert Scott 5 08/12/2010 90 2,540 -1,594 Inmet Mining Corporation Performance Units Herr, Robert Scott 5 08/12/2010 58 - Expiration

of rights 34,000 -3,000

Inmet Mining Corporation Common Shares Kaufman, Wendy 5 08/12/2010 90 7,491 1,878 Inmet Mining Corporation Common Shares Kaufman, Wendy 5 08/12/2010 90 2,488 -1,878 Inmet Mining Corporation Performance Units Kaufman, Wendy 5 08/12/2010 58 - Expiration

of rights 34,000 -3,000

Inmet Mining Corporation Common Shares Leucadia National Corporation

3 29/11/2010 00 5,600,000

Inmet Mining Corporation Common Shares Lowe, Sunny 5 08/12/2010 90 1,340 523 Inmet Mining Corporation Common Shares Lowe, Sunny 5 08/12/2010 90 747 -523 Inmet Mining Corporation Common Shares Martinez-Caro, Fernando 5 08/12/2010 90 794 452 Inmet Mining Corporation Common Shares Martinez-Caro, Fernando 5 08/12/2010 90 1,014 -452 Inmet Mining Corporation Common Shares Pirie, Ian David 7 08/12/2010 90 6,545 1,943 Inmet Mining Corporation Common Shares Pirie, Ian David 7 08/12/2010 90 2,541 -1,943 Inmet Mining Corporation Performance Units Pirie, Ian David 7 08/12/2010 58 - Expiration

of rights 34,000 -3,000

Inmet Mining Corporation Common Shares Slattery, D. James 5 08/12/2010 90 10,394 3,355 Inmet Mining Corporation Common Shares Slattery, D. James 5 08/12/2010 90 4,176 -3,355 Inmet Mining Corporation Performance Units Slattery, D. James 5 08/12/2010 58 - Expiration

of rights 46,000 -4,000

Inmet Mining Corporation Common Shares Smith, Cheryl 5 08/12/2010 90 2,492 600 Inmet Mining Corporation Common Shares Smith, Cheryl 5 08/12/2010 90 849 -600 Inmet Mining Corporation Common Shares TEVENDALE, STUART

ANDERSON5 08/12/2010 90 2,198 674

Inmet Mining Corporation Common Shares TEVENDALE, STUART ANDERSON

5 08/12/2010 90 965 -674

Inmet Mining Corporation Common Shares Tilk, Jochen 4, 5 08/12/2010 90 28,139 6,312 Inmet Mining Corporation Common Shares Tilk, Jochen 4, 5 08/12/2010 90 7,901 -6,312 Inmet Mining Corporation Performance Units Tilk, Jochen 4, 5 08/12/2010 58 - Expiration

of rights 103,000 -10,000

Inmet Mining Corporation Common Shares Truyens, Josh 5 08/12/2010 90 435 254 Inmet Mining Corporation Common Shares Truyens, Josh 5 08/12/2010 90 579 -254 Inter Pipeline Fund Deferred Unit Right Murphy, Paul John 5 06/12/2010 57 15.03 61,161 -12,138 Inter-Citic Minerals Inc. Common Shares BROWN, Donald 4 06/12/2010 10 1.7368 85,000 5,000 Inter-Citic Minerals Inc. Common Shares BROWN, Donald 4 10/12/2010 10 1.9085 79,000 -6,000 International Datacasting Corporation

Common Shares Adamou, Adam Evagoras 4 15/12/2009 00

International Datacasting Corporation

Common Shares Adamou, Adam Evagoras 4 15/12/2009 00 1,270,000

International Minerals Corporation

Common Shares Appleyard, Nicholas David 5 10/02/2010 00


Common Shares Appleyard, Nicholas David 5 03/12/2010 51 4.25 10,000 10,000


Common Shares Appleyard, Nicholas David 5 03/12/2010 10 6.82 0 -10,000


Common Shares Appleyard, Nicholas David 5 03/12/2010 51 4 25,000 25,000


Common Shares Appleyard, Nicholas David 5 03/12/2010 10 6.85 0 -25,000


Options Appleyard, Nicholas David 5 03/12/2010 51 4.25 145,000 -10,000


Options Appleyard, Nicholas David 5 03/12/2010 51 4 120,000 -25,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11791


T/O Unit Price


Acquired/ Disposed

International Tower Hill Mines Ltd.

Common Shares PONTIUS, Jeffrey A. 5 01/12/2010 10 9.78 742,332 -50,000













InterOil Corporation Common Shares VINSON, CHRISTIAN M 4, 5 03/12/2010 10 77.02 93,000 -35,000 InterOil Corporation Common Shares VINSON, CHRISTIAN M 4, 5 09/12/2010 51 33.82 15,000 InterOil Corporation Common Shares VINSON, CHRISTIAN M 4, 5 09/12/2010 51 43.22 108,000 15,000 InterOil Corporation Common Shares VINSON, CHRISTIAN M 4, 5 09/12/2010 51 33.82 123,000 15,000 InterOil Corporation Common Shares VINSON, CHRISTIAN M 4, 5 09/12/2010 51 33.82 131,333 8,333 InterOil Corporation Options VINSON, CHRISTIAN M 4, 5 09/12/2010 51 43.22 140,000 -15,000 InterOil Corporation Options VINSON, CHRISTIAN M 4, 5 09/12/2010 51 33.82 125,000 -15,000 InterOil Corporation Options VINSON, CHRISTIAN M 4, 5 09/12/2010 51 33.82 116,667 -8,333 IROC Energy Services Corp. Common Shares Alford, Thomas Malcolm 3, 4, 5 07/12/2010 10 1.05 391,900 12,000

IROC Energy Services Corp. Common Shares Alford, Thomas Malcolm 3, 4, 5 09/12/2010 10 1.1 393,400 1,500

Isotechnika Pharma Inc. Common Shares Paladin Labs Inc. 3 07/12/2010 10 0.2267 24,546,712 -193,000 Ivanhoe Mines Ltd. Options Walsh, Roger Patrick 4 01/06/2005 50 8.04 150,000 Ivanhoe Mines Ltd. Options Walsh, Roger Patrick 4 01/06/2005 50 8.04 150,000 Jaguar Financial Corporation Common Shares Jaguar Financial

Corporation1 08/11/2010 38 0.08 15,500 15,500

Jaguar Financial Corporation Common Shares Jaguar Financial Corporation

1 10/11/2010 38 0.07 16,000 500

Javelina Resources Ltd. Options Chulick, John Joseph 4 28/10/2010 00 Javelina Resources Ltd. Options Chulick, John Joseph 4 07/12/2010 50 0.2 100,000 100,000 Javelina Resources Ltd. Options Gibson, Dennis George 5 28/10/2010 00 Javelina Resources Ltd. Options Gibson, Dennis George 5 06/12/2010 50 0.2 50,000 50,000 Javelina Resources Ltd. Options YERLY, Blaise F. 7 28/10/2010 00 Javelina Resources Ltd. Options YERLY, Blaise F. 7 07/12/2010 50 0.2 125,000 125,000 Jiminex Inc. Options Ierfino, Edward 4 10/12/2010 50 300,000 50,000 Jiminex Inc. Common Shares Joe Dwek Management

Consultants 2007 Inc. 3 06/12/2010 10 0.31 1,259,666 -33,000

Jiminex Inc. Common Shares Parres, Audrey 4 08/12/2010 10 0.2 615,000 20,000 Jiminex Inc. Options Parres, Audrey 4 10/12/2010 50 420,000 50,000 Jiminex Inc. Common Shares Parres, James Richard

Brent4, 5 07/12/2010 10 0.2219 699,000 35,000

Jiminex Inc. Options Parres, James Richard Brent

4, 5 10/12/2010 50 520,000 50,000

Jiminex Inc. Options Willy, Allan James 4, 5 10/12/2010 50 350,000 50,000 Jite Technologies Inc. Common Shares Jite Technologies Inc. 1 08/12/2010 38 0.52 305,000 30,000 Jite Technologies Inc. Common Shares Jite Technologies Inc. 1 09/12/2010 38 0.52 310,000 5,000 Jovian Capital Corporation Common Shares Employee Share Purchase

Plan1 30/11/2010 30 7.85 36,085 200

Jovian Capital Corporation Common Shares Employee Share Purchase Plan

1 30/11/2010 30 7.76 36,285 200

Jovian Capital Corporation Common Shares Employee Share Purchase Plan

1 01/12/2010 30 7.81 36,351 66

Just Energy Income Fund (formerly Energy Savings Income Fund)

Trust Units GAHN, ROBERT SCOTT 5 02/12/2010 10 14.064 312,322 -800


Trust Units GAHN, ROBERT SCOTT 5 02/12/2010 10 14.148 308,122 -4,200






Trust Units GAHN, ROBERT SCOTT 5 02/12/2010 10 14.311 -3,700

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11792


T/O Unit Price


Acquired/ Disposed












Trust Units GAHN, ROBERT SCOTT 5 02/12/2010 10 14.28 -100





































Insider Reporting

December 17, 2010 (2010) 33 OSCB 11793


T/O Unit Price


Acquired/ Disposed








Rights Unit Appreciation SILVER, MARK 5 08/12/2010 56 112,738 8,817

Katanga Mining Limited Common Shares Isaacs, Steven Neil 4 02/12/2010 10 1.281 965,000 90,000 Katanga Mining Limited Common Shares Isaacs, Steven Neil 4 06/12/2010 10 1.215 1,025,000 60,000 Keegan Resources Inc. Common Shares Haslinger, Richard Josef 4 02/12/2010 10 9.2 30,000 -5,000 Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 02/12/2010 10 10.85 0 -500 Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 06/12/2010 10 10.5 500 500 Kimber Resources Inc. Options Bergen, Raymond Dennis 4 07/12/2010 52 1.5 230,000 -50,000 Kinross Gold Corporation Common Shares Baker, Rick Allen 5 06/12/2010 10 19 24,741 -1,329 Knick Exploration Inc. Common Shares Inwentash, Sheldon 3, 6 03/12/2010 00 2,167,000 Knick Exploration Inc. Warrants Inwentash, Sheldon 3, 6 03/12/2010 00 1,583,500 Knick Exploration Inc. Common Shares Pinetree Capital Ltd. 3 03/12/2010 00 2,167,000 Knick Exploration Inc. Warrants Pinetree Capital Ltd. 3 03/12/2010 00 1,583,500 Lanesborough Real Estate Investment Trust

Convertible Debentures Series F Convertible Debentures

Lanesborough Real Estate Investment Trust

1 06/12/2010 38 94 $9,000 $3,000




1 06/12/2010 38 $6,000 -$3,000




1 07/12/2010 38 94 $9,000 $3,000




1 07/12/2010 38 $6,000 -$3,000




1 08/12/2010 38 94 $9,000 $3,000




1 08/12/2010 38 $6,000 -$3,000




1 09/12/2010 38 $3,000 -$3,000




1 10/12/2010 38 $0 -$3,000


Convertible Debentures Series G


1 07/12/2010 38 72.5 $4,000 $4,000




1 08/12/2010 38 72.25 $8,000 $4,000




1 09/12/2010 38 72.25 $12,000 $4,000

Lara Exploration Ltd. Common Shares Miles, David Lindsay 5 02/12/2010 10 1.32 6,000 -4,000 Lara Exploration Ltd. Common Shares Miles, David Lindsay 5 09/12/2010 10 1.22 0 -6,000 LAURENTIAN BANK OF CANADA

Unités d'actions de performance différées-UAPD / DPSUs

Berbiche, Yassir 5 07/12/2010 56 2,864 1,420

LAURENTIAN BANK OF CANADA

Unités d'actions restreintes différées-UARD / DRSUs

Berbiche, Yassir 5 07/12/2010 56 3,584 1,771


Unités actions performance-UAP/Performance Share Units-PSUs

Bernard, Luc 5 07/12/2010 56 5,553 3,168


Unités d'actions restreintes-UAR/Restricted Share Units-RSUs

Bernard, Luc 5 07/12/2010 56 11,288 3,851



Desjardins, François 7, 5 07/12/2010 56 11,594 3,114

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11794


T/O Unit Price


Acquired/ Disposed



Desjardins, François 7, 5 07/12/2010 56 17,266 3,784



Duby, Philippe 5 07/12/2010 56 6,427 1,420



Duby, Philippe 5 25/07/2001 00



Duby, Philippe 5 07/12/2010 56 1,299 1,299



Hurtubise, Paul 5 07/12/2010 56 4,985 1,562



Hurtubise, Paul 5 07/12/2010 56 7,031 2,143



Lauzon, Michel C. 5 07/12/2010 56 8,930 3,551



Lauzon, Michel C. 5 07/12/2010 56 6,754 4,314



Lopresti, André 5 07/12/2010 56 890 464



Lopresti, André 5 07/12/2010 56 2,941 879



Marquis, Louis 5 07/12/2010 56 2,847 1,403



Marquis, Louis 5 07/12/2010 56 2,351 1,143



Minville, Pierre 5 07/12/2010 56 2,826 1,420



Minville, Pierre 5 07/12/2010 56 2,417 1,180



Pelletier, Stéfanie 5 07/12/2010 56 964 464



Pelletier, Stéfanie 5 14/06/2010 00



Pelletier, Stéfanie 5 07/12/2010 56 350 350



Pilon, Lorraine 5 07/12/2010 56 5,308 2,677



Pilon, Lorraine 5 07/12/2010 56 4,747 2,386



Robitaille, Réjean 4, 5 22/04/2002 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11795


T/O Unit Price


Acquired/ Disposed



Robitaille, Réjean 4, 5 07/12/2010 56 12,291 12,291



Robitaille, Réjean 4, 5 07/12/2010 56 44,645 13,285



Trudeau, Michel Claude 7, 5 07/12/2010 56 8,156 2,130


Unités actions restreintes Marchés capitaux-UARMC / CMRSUs

Trudeau, Michel Claude 7, 5 13/09/1999 00


Unités actions restreintes Marchés capitaux-UARMC / CMRSUs

Trudeau, Michel Claude 7, 5 07/12/2010 56 45.766 2,562 2,562

Legacy Oil + Gas Inc. Common Shares Charron, John Paul 4 01/12/2010 10 13.5 826,668 -3,700 Legacy Oil + Gas Inc. Common Shares Charron, John Paul 4 02/12/2010 10 13.342 726,668 -100,000 Legacy Oil + Gas Inc. Common Shares Charron, John Paul 4 02/12/2010 10 13.4 576,668 -150,000 Legacy Oil + Gas Inc. Common Shares Charron, John Paul 4 06/12/2010 10 14.1 476,668 -100,000 Legacy Oil + Gas Inc. Common Shares Charron, John Paul 4 06/12/2010 10 14.145 451,668 -25,000 Leon's Furniture Limited Common Shares Cooney, John Andrew 5 01/11/2010 30 9.4425 4,643 1,776 Leon's Furniture Limited Non-Voting Shares Cooney, John Andrew 5 01/11/2010 30 9.4425 64,224 -1,776 Leon's Furniture Limited Common Shares Leon, Edward F. 4 01/11/2010 30 9.4425 19,611 2,049 Leon's Furniture Limited Common Shares Leon, Edward F. 4 02/12/2010 10 14 17,211 -2,400 Leon's Furniture Limited Common Shares Leon, Edward F. 4 03/12/2010 10 14 7,611 -9,600 Leon's Furniture Limited Common Shares Leon, Edward F. 4 06/12/2010 10 14 2,049 -5,562 Leon's Furniture Limited Common Shares Leon, Edward F. 4 23/05/2003 00 Leon's Furniture Limited Common Shares Leon, Edward F. 4 08/12/2010 99 24,000 24,000 Leon's Furniture Limited Common Shares Leon, Edward F. 4 08/12/2010 10 15 14,000 -10,000 Leon's Furniture Limited Common Shares Leon, Edward F. 4 08/12/2010 99 0 -24,000 Leon's Furniture Limited Non-Voting Shares Leon, Edward F. 4 01/11/2010 30 9.4425 156,389 -2,049 Leon's Furniture Limited Common Shares Leon, Mark 4 01/11/2010 30 9.4425 377,938 2,049 Leon's Furniture Limited Non-Voting Shares Leon, Mark 4 01/11/2010 30 9.4425 181,762 -2,049 Leon's Furniture Limited Common Shares Leon, Terrence 5 01/11/2010 30 9.4425 641,021 2,732 Leon's Furniture Limited Non-Voting Shares Leon, Terrence 5 01/11/2010 30 9.4425 211,079 -2,732 Leon's Furniture Limited Common Shares MacNelly, Bob 5 01/11/2010 30 9.4425 85,353 2,049 Leon's Furniture Limited Non-Voting Shares MacNelly, Bob 5 01/11/2010 30 9.4425 138,699 -2,049 Leon's Furniture Limited Common Shares Scarangella, Dominic 5 01/11/2010 30 9.4425 101,485 1,639 Leon's Furniture Limited Non-Voting Shares Scarangella, Dominic 5 01/11/2010 30 9.4425 150,799 -1,639 Lexaria Corp. Common Shares Bunka, Christopher 4, 5 07/12/2010 10 0.23 2,478,521 10,000 Lithium Americas Corp. Common Shares Latin American Minerals

Inc. 3 03/12/2010 10 1.55 0 -8,400,000

Logan International Inc. (formerly Destiny Resource Services Corp.)

Rights Restricted Stock Units

Barr, David 4 04/03/2010 00



Barr, David 4 13/05/2010 56 8,869 8,869



Coppe, David 4, 6, 1 01/03/2010 00



Coppe, David 4, 6, 1 13/05/2010 56 8,869 8,869



David, Kennedy 4, 6 04/03/2010 00



David, Kennedy 4, 6 13/05/2010 56 8,869 8,869


Options Hage, Gerald 4, 1, 5 04/03/2010 00


Options Hage, Gerald 4, 1, 5 13/05/2010 50 193,327 193,327



Hage, Gerald 4, 1, 5 04/03/2010 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11796


T/O Unit Price


Acquired/ Disposed



Hage, Gerald 4, 1, 5 13/05/2010 56 78,267 78,267


Options Jones, David 1, 5 04/03/2010 00


Options Jones, David 1, 5 13/05/2010 50 64,163 64,163



Jones, David 1, 5 04/03/2010 00



Jones, David 1, 5 13/05/2010 56 25,976 25,976


Options Keister, Lawrence 5 13/05/2010 00


Options Keister, Lawrence 5 14/05/2010 50 47,090 47,090



Keister, Lawrence 5 13/05/2010 00



Keister, Lawrence 5 14/05/2010 56 19,064 19,064



Mcdermott, Paul 4, 6 01/03/2010 00



Mcdermott, Paul 4, 6 13/05/2010 56 8,869 8,869

Longford Energy Inc. Options Moulds, Darren 5 02/12/2010 00 250,000 Lucara Diamond Corp. Options Lundin, Lukas Henrik 4 03/12/2010 52 1.22 400,000 -100,000 MacDonald, Dettwiler and Associates Ltd.

(DSUs, DRSUs, SARs) Friedmann, Daniel 5 01/12/2010 56 49.97 499,334 176,000

MacDonald, Dettwiler and Associates Ltd.

(DSUs, DRSUs, SARs) Iskander, Magued 7 01/12/2010 56 49.97 238,667 87,000


(DSUs, DRSUs, SARs) Louis, Peter 5 01/12/2010 56 49.97 219,667 78,000


(DSUs, DRSUs, SARs) Vanturennout, Karel 5 01/12/2010 56 49.97 139,667 48,000


(DSUs, DRSUs, SARs) Wirasekara, Anil 5 01/12/2010 56 49.97 216,334 78,000

MADALENA VENTURES INC

Common Shares Lock, Michael James 4 07/12/2010 10 0.89 479,000 -22,000

MADALENA VENTURES INC

Common Shares Lock, Michael James 4 09/12/2010 10 0.85 469,000 -10,000

MAG Silver Corp. Common Shares Jones, R. Michael 4 03/12/2010 10 11.85 1,700 MAG Silver Corp. Common Shares Jones, R. Michael 4 03/12/2010 10 11.85 9,300 -1,700 MAG Silver Corp. Common Shares Jones, R. Michael 4 06/12/2010 10 11.9 6,000 -3,300 MAG Silver Corp. Common Shares Jones, R. Michael 4 06/12/2010 10 12 1,600 -4,400 MAG Silver Corp. Common Shares Jones, R. Michael 4 06/12/2010 10 12.01 1,000 -600 MAG Silver Corp. Common Shares Jones, R. Michael 4 06/12/2010 10 12.18 -4,000 -5,000 MAG Silver Corp. Common Shares Jones, R. Michael 4 07/12/2010 10 12.35 -4,100 -100 MAG Silver Corp. Common Shares Jones, R. Michael 4 07/12/2010 10 12.34 -6,000 -1,900 MAG Silver Corp. Common Shares MacInnis, Daniel Thomas 4, 5 06/12/2010 10 12 274,300 -5,000 MAG Silver Corp. Common Shares MacInnis, Daniel Thomas 4, 5 06/12/2010 10 12.25 269,300 -5,000 Magellan Minerals Ltd. Common Shares Carter, Alan 4 07/12/2010 10 1.5 3,500,000 -100,000 Magellan Minerals Ltd. Common Shares Moore, Dennis Jay 4 03/12/2010 10 1.517 3,700,000 -60,000 Magellan Minerals Ltd. Common Shares Moore, Dennis Jay 4 03/12/2010 10 1.541 3,610,000 -90,000 Magellan Minerals Ltd. Common Shares Moore, Dennis Jay 4 03/12/2010 10 1.5618 3,560,000 -50,000 Magellan Minerals Ltd. Common Shares Moore, Dennis Jay 4 06/12/2010 10 1.503 3,410,000 -150,000 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 06/12/2010 51 16.55 100,266 66,666 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 06/12/2010 10 51.74 37,041 -63,225 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 07/12/2010 10 51.61 33,600 -3,441 Magna International Inc. Options Palmer, Jeffrey Owen 5 06/12/2010 51 16.55 643,334 -66,666 Magna International Inc. Common Shares Stronach, Frank 4, 5 07/12/2010 10 51.51 17,899,550 -100,450 Magna International Inc. Common Shares Stronach, Frank 4, 5 08/12/2010 10 50.697 17,625,091 -274,459 Magna International Inc. Common Shares Stronach, Frank 4, 5 09/12/2010 10 50.544 17,250,914 -374,177 Magna International Inc. Common Shares Walker, Donald James 4, 5 03/12/2010 51 25.61 200,000 200,000 Magna International Inc. Common Shares Walker, Donald James 4, 5 06/12/2010 10 51.65 121,400 -78,600 Magna International Inc. Common Shares Walker, Donald James 4, 5 07/12/2010 10 51.84 0 -121,400

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11797


T/O Unit Price


Acquired/ Disposed

Magna International Inc. Options Walker, Donald James 4, 5 03/12/2010 51 25.61 1,100,000 -200,000 Mandalay Resources Corporation

Common Shares Byrne, John Joseph 4 30/11/2010 11 0.31 1,000,000 400,000

Mandalay Resources Corporation

Common Shares Byrne, John Joseph 4 06/12/2010 10 0.35 100,000 50,000


Common Shares Mills, Bradford 4, 5 01/12/2010 10 0.31 8,719,802 1,960,359


Common Shares Western Coal Corp 3 02/12/2010 11 0.31 37,600,005 -10,399,995


Common Shares Western Coal Corp 3 02/12/2010 11 0.31 37,273,340 -326,665

Manitok Energy Inc. Common Shares Geremia, Bruno P. 4 08/12/2010 10 1 167,350 10,000 Manitok Energy Inc. Common Shares Geremia, Bruno P. 4 09/12/2010 10 0.95 171,250 3,900 Marathon Gold Corporation Common Shares Kirke, James David 5 30/04/2001 36 172,400 172,400

Marathon PGM Corporation Common Shares Good, David John 5 07/12/2010 36 0 -213,000

March Networks Corporation Common Shares Graham, Eric 5 03/12/2010 51 1.65 10,000 10,000

Markland AGF Precious Metals Corp.

Non-Voting Shares Ross Smith Capital Group L.P.

3 01/12/2010 10 15.015 172,200 2,100



3 02/12/2010 10 15.1 172,700 500



3 08/12/2010 10 15.6 171,700 -1,000

Matachewan Consolidated Mines, Limited

Common Shares McCloskey, Richard Duncan

4, 5 08/12/2010 10 0.31 3,315,000 13,000

Maudore Minerals Ltd Common Shares Anglo Pacific Group Plc 3 03/12/2010 10 6.3422 2,524,500 -1,800 Maudore Minerals Ltd Common Shares Anglo Pacific Group Plc 3 06/12/2010 10 6.2803 2,513,300 -11,200 Mawson Resources Limited Common Shares Inwentash, Sheldon 3, 6 03/12/2010 10 2.14 4,375,000 18,600

Mawson Resources Limited Common Shares Leathley, Gillyeard(Gil) James

4 17/12/2007 00

Mawson Resources Limited Common Shares Leathley, Gillyeard(Gil) James

4 08/12/2010 51 0.5 50,000 50,000

Mawson Resources Limited Options Leathley, Gillyeard(Gil) James

4 08/12/2010 51 265,000 -50,000

Mawson Resources Limited Common Shares Pinetree Capital Ltd. 3 02/12/2010 10 2.14 4,375,000 18,600

MCAN Mortgage Corporation

Common Shares Doré, Raymond 3 03/12/2010 10 14.25 53,015 -1,000


Common Shares Doré, Raymond 3 03/12/2010 10 14.3 52,915 -100




Common Shares Doré, Raymond 3 06/12/2010 10 14.16 47,915 -200










Common Shares Stuebing, Robert A. 4 04/01/2010 30 13.59 584 10


Common Shares Stuebing, Robert A. 4 31/03/2010 30 12.04 1,015 19






Common Shares Stuebing, Robert A. 4 04/01/2010 30 13.59 583 10







McChip Resources Inc Common Shares McCloskey, Richard Duncan

4, 5 08/12/2010 10 1.7 1,304,800 9,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11798


T/O Unit Price


Acquired/ Disposed

McLaren Resources Inc. Common Shares Meredith, Michael 4, 5 08/12/2010 10 0.11 488,884 30,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.39 1,374,952 3,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.385 1,375,452 500 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.4 1,401,952 26,500 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 06/12/2010 10 0.42 1,431,952 30,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 07/12/2010 10 0.42 1,436,952 5,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 08/12/2010 10 0.42 1,453,952 17,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.39 3,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.385 500 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 03/12/2010 10 0.4 26,500 Medoro Resources Ltd. Common Shares Front Street Investment

Management Inc. 3 02/12/2010 10 2.7254 42,052,900 24,000

Medwell Capital Corp. Options Incentive Stock Sherburne, Craig 5 25/11/2010 00 Medwell Capital Corp. Options Incentive Stock Sherburne, Craig 5 25/11/2010 00 118,125 MedX Health Corp. Common Shares Guillen, Steven 4, 5 20/08/2010 16 0.1 5,642,857 3,666,457 Mega Precious Metals Inc. (formerly Mega Silver Inc.)

Common Shares Inwentash, Sheldon 6 03/12/2010 10 0.9927 6,500,000 127,500

Mega Precious Metals Inc. (formerly Mega Silver Inc.)

Common Shares Pinetree Capital Ltd. 3 02/12/2010 10 0.9928 3,309,464 127,500

Mega Uranium Ltd. Common Shares Inwentash, Sheldon 3, 4 06/12/2010 10 1.14 2,212,800 -25,300 Mega Uranium Ltd. Common Shares Inwentash, Sheldon 3, 4 06/12/2010 10 1.14 2,138,100 -74,700 Merc International Minerals Inc.

Common Shares Byron, Michael 4 07/12/2010 16 0.11 503,893 275,000

Merc International Minerals Inc.

Warrants Byron, Michael 4 03/09/2008 00


Warrants Byron, Michael 4 07/12/2010 16 0.14 275,000 275,000


Common Shares Leskovec, Michael George 5 07/10/2010 00


Common Shares Leskovec, Michael George 5 07/12/2010 16 0.11 100,909 100,909


Options Leskovec, Michael George 5 10/12/2010 50 0.16 400,000 200,000


Warrants Leskovec, Michael George 5 07/10/2010 00


Warrants Leskovec, Michael George 5 07/12/2010 16 0.14 100,909 100,909


Common Shares McBride, John David 4 07/12/2010 16 0.11 633,750 358,750


Options McBride, John David 4 10/12/2010 50 0.16 700,000 100,000


Warrants McBride, John David 4 28/01/2010 00


Warrants McBride, John David 4 07/12/2010 16 0.14 358,750 358,750


Common Shares MERCER, CATHY 5 10/10/2004 00


Common Shares MERCER, CATHY 5 07/12/2010 16 0.11 50,000 50,000


Warrants MERCER, CATHY 5 10/10/2004 00


Warrants MERCER, CATHY 5 07/12/2010 16 0.14 50,000 50,000


Common Shares PLADSEN, THOMAS JOHN

4 07/12/2010 16 0.11 1,264,969 275,000


Options PLADSEN, THOMAS JOHN

4 10/12/2010 50 0.16 900,000 100,000


Warrants PLADSEN, THOMAS JOHN

4 07/12/2010 16 0.14 688,636 275,000


Common Shares Tait, John Graham 4 07/12/2010 16 0.11 383,139 100,000


Options Tait, John Graham 4 10/12/2010 50 0.16 270,000 80,000


Warrants Tait, John Graham 4 07/12/2010 16 0.14 300,000 100,000


Common Shares Wiley, David Alexander 4, 5 30/08/2010 00


Common Shares Wiley, David Alexander 4, 5 07/12/2010 16 0.11 500,000 500,000


Options Wiley, David Alexander 4, 5 10/12/2010 50 0.16 700,000 100,000


Warrants Wiley, David Alexander 4, 5 30/08/2010 00

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11799


T/O Unit Price


Acquired/ Disposed


Warrants Wiley, David Alexander 4, 5 07/12/2010 16 0.14 500,000 500,000

Mercator Minerals Ltd. Common Shares Lee, Raymond R. 4, 5 07/12/2010 10 285,637 -46,200 Methanex Corporation Common Shares Boyd, Bradley 5 02/12/2010 51 6.33 18,520 4,000 Methanex Corporation Common Shares Boyd, Bradley 5 02/12/2010 10 31 14,520 -4,000 Methanex Corporation Options Boyd, Bradley 5 02/12/2010 51 30,600 -4,000 Metro inc. Options Dufresne, Richard 5 07/12/2010 51 46.5 90,800 -1,000 Metro inc. Subordinate Voting

Shares catégorie A Dufresne, Richard 5 07/12/2010 51 46.5 6,466 1,000

Metro inc. Subordinate Voting Shares catégorie A

LESSARD, Pierre H. 4, 5 07/12/2010 10 46.79 295,550 -19,200


LESSARD, Pierre H. 4, 5 08/12/2010 10 46.9 285,550 -10,000


LESSARD, Pierre H. 4, 5 08/12/2010 47 46.4 285,000 -550


LESSARD, Pierre H. 4, 5 08/12/2010 10 46.54 21,700 -2,300


Metro inc. 1 02/11/2010 38 21,500 -15,700


Metro inc. 1 03/11/2010 38 0 -21,500


Metro inc. 1 03/11/2010 38 45.92 300 300


Metro inc. 1 03/11/2010 38 45.96 400 100


Metro inc. 1 03/11/2010 38 46.02 1,000 600


Metro inc. 1 03/11/2010 38 46.05 1,600 600


Metro inc. 1 03/11/2010 38 46.1 4,300 2,700


Metro inc. 1 03/11/2010 38 46.18 5,000 700


Metro inc. 1 03/11/2010 38 46.19 5,600 600


Metro inc. 1 03/11/2010 38 46.22 5,800 200


Metro inc. 1 03/11/2010 38 46.25 6,600 800


Metro inc. 1 09/11/2010 38 46.5 11,600 5,000


Metro inc. 1 09/11/2010 38 46.3 16,600 5,000


Metro inc. 1 09/11/2010 38 45.93 19,100 2,500


Metro inc. 1 09/11/2010 38 46.24 21,600 2,500


Metro inc. 1 09/11/2010 38 46.18 26,000 4,400


Metro inc. 1 09/11/2010 38 46.22 26,100 100


Metro inc. 1 09/11/2010 38 46.23 26,600 500


Metro inc. 1 09/11/2010 38 46.04 27,300 700


Metro inc. 1 09/11/2010 38 46.1 29,000 1,700


Metro inc. 1 09/11/2010 38 46.126 29,200 200


Metro inc. 1 09/11/2010 38 46.13 29,300 100


Metro inc. 1 09/11/2010 38 46.15 30,200 900


Metro inc. 1 09/11/2010 38 46.2 30,300 100


Metro inc. 1 09/11/2010 38 46.25 34,600 4,300


Metro inc. 1 09/11/2010 38 46.26 35,700 1,100


Metro inc. 1 09/11/2010 38 46 35,900 200


Metro inc. 1 09/11/2010 38 46.18 37,700 1,800

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11800


T/O Unit Price


Acquired/ Disposed


Metro inc. 1 09/11/2010 38 46.21 40,600 2,900


Metro inc. 1 09/11/2010 38 46.13 40,800 200


Metro inc. 1 09/11/2010 38 46.19 48,700 7,900


Metro inc. 1 09/11/2010 38 46.276 48,800 100


Metro inc. 1 09/11/2010 38 46.28 48,900 100


Metro inc. 1 09/11/2010 38 42,300 -6,600


Metro inc. 1 10/11/2010 38 46.38 47,300 5,000


Metro inc. 1 10/11/2010 38 46.41 48,500 1,200


Metro inc. 1 10/11/2010 38 46.45 53,500 5,000


Metro inc. 1 10/11/2010 38 46.5 53,900 400


Metro inc. 1 10/11/2010 38 46.53 54,600 700


Metro inc. 1 10/11/2010 38 46.55 57,300 2,700


Metro inc. 1 10/11/2010 38 46.59 59,000 1,700


Metro inc. 1 10/11/2010 38 46.6 60,700 1,700


Metro inc. 1 10/11/2010 38 46.65 71,500 10,800


Metro inc. 1 10/11/2010 38 46.7 72,200 700


Metro inc. 1 16/11/2010 38 52,200 -20,000


Metro inc. 1 16/11/2010 38 29,900 -22,300


Metro inc. 1 17/11/2010 38 0 -29,900


Metro inc. 1 24/11/2010 38 46.02 200 200


Metro inc. 1 24/11/2010 38 46.058 300 100


Metro inc. 1 24/11/2010 38 46.06 500 200


Metro inc. 1 24/11/2010 38 46.07 900 400


Metro inc. 1 24/11/2010 38 46.1 6,500 5,600


Metro inc. 1 24/11/2010 38 46.11 6,700 200


Metro inc. 1 24/11/2010 38 46.14 11,700 5,000


Metro inc. 1 24/11/2010 38 46.166 11,800 100


Metro inc. 1 24/11/2010 38 46.17 18,900 7,100


Metro inc. 1 29/11/2010 38 46 28,900 10,000


Metro inc. 1 29/11/2010 38 46.07 31,000 2,100


Metro inc. 1 29/11/2010 38 46.19 31,700 700


Metro inc. 1 29/11/2010 38 46.21 36,700 5,000


Metro inc. 1 29/11/2010 38 46.25 37,300 600


Metro inc. 1 29/11/2010 38 46.3 47,500 10,200


Metro inc. 1 29/11/2010 38 43.066 150,000


Metro inc. 1 29/11/2010 38 42.882 197,500 150,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11801


T/O Unit Price


Acquired/ Disposed


Metro inc. 1 30/11/2010 38 46 197,800 300


Metro inc. 1 30/11/2010 38 46.16 198,100 300


Metro inc. 1 30/11/2010 38 46.2 203,200 5,100


Metro inc. 1 30/11/2010 38 46.23 204,900 1,700


Metro inc. 1 30/11/2010 38 46.24 207,500 2,600


Metro inc. 1 30/11/2010 38 46.32 207,800 300


Metro inc. 1 30/11/2010 38 46.38 208,200 400


Metro inc. 1 30/11/2010 38 46.39 208,300 100


Metro inc. 1 30/11/2010 38 46.4 213,000 4,700


Metro inc. 1 30/11/2010 38 46.42 213,900 900


Metro inc. 1 30/11/2010 38 46.45 219,300 5,400


Metro inc. 1 30/11/2010 38 46.46 223,600 4,300


Metro inc. 1 30/11/2010 38 46.5 226,100 2,500


Metro inc. 1 30/11/2010 38 46.65 238,300 12,200


Metro inc. 1 06/12/2010 38 43.066 388,300 150,000

Middlefield Bancorp Limited Common Shares Middlefield Bancorp Limited 1 18/11/2010 38 1.2 1,000 1,000

Middlefield Bancorp Limited Common Shares Middlefield Bancorp Limited 1 18/11/2010 38 0 -1,000

Middlefield Tactical Energy Corporation

Units Brasseur, Murray 4, 5 02/12/2010 10 6.124 29,700 1,000


Units Brasseur, Murray 4, 5 03/12/2010 10 6 30,000 300


Units OilSands Canada 1 07/12/2010 38 5.9 900 900


Units OilSands Canada 1 07/12/2010 38 0 -900


Units OilSands Canada 1 08/12/2010 38 5.9 600 600


Units OilSands Canada 1 08/12/2010 38 0 -600


Units OilSands Canada 1 09/12/2010 38 5.79 1,900 1,900


Units OilSands Canada 1 09/12/2010 38 0 -1,900

Midlands Minerals Corporation

Common Shares Harris, Kim F. 3, 4, 5 07/12/2010 10 0.21 5,241,688 6,000


Common Shares Harris, Kim F. 3, 4, 5 07/12/2010 10 0.2 5,244,188 2,500


Common Shares Singer, Paul 5 07/12/2010 47 1,203,255 -100,000

Millrock Resources Inc. Options Whicker, Sarah Lindsey 2 06/12/2010 51 0.18 400,000 -50,000 Minaurum Gold Inc. Common Shares Cardey, Darryl 5 01/12/2010 10 0.74 493,000 -5,000 Minaurum Gold Inc. Common Shares Cardey, Darryl 5 06/12/2010 10 0.78 487,000 -6,000 Minco Base Metals Corporation

Common Shares Melrose, Dwayne Larry 4 03/12/2010 51 0.79 388,333 55,000

Minco Base Metals Corporation

Common Shares Melrose, Dwayne Larry 4 03/12/2010 51 1.44 393,333 5,000


Options Melrose, Dwayne Larry 4 03/12/2010 51 0.79 121,667 55,000


Options Melrose, Dwayne Larry 4 03/12/2010 51 1.44 116,667 -5,000

Minco Gold Corporation Common Shares Callander, Robert M. 4 06/12/2010 51 151,300 125,000 Minco Gold Corporation Common Shares Callander, Robert M. 4 06/12/2010 10 133,400 -17,900 Minco Gold Corporation Common Shares Callander, Robert M. 4 07/12/2010 10 121,300 -12,100 Minco Gold Corporation Options Callander, Robert M. 4 06/12/2010 51 245,000 -125,000 Minco Gold Corporation Common Shares Melrose, Dwayne Larry 4, 5 03/12/2010 51 0.79 475,000 275,000 Minco Gold Corporation Common Shares Melrose, Dwayne Larry 4, 5 03/12/2010 51 1.44 500,000 25,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11802


T/O Unit Price


Acquired/ Disposed

Minco Gold Corporation Common Shares Melrose, Dwayne Larry 4, 5 03/12/2010 10 1.95 0 -500,000 Minco Gold Corporation Options Melrose, Dwayne Larry 4, 5 03/12/2010 51 0.79 200,000 -275,000 Minco Gold Corporation Options Melrose, Dwayne Larry 4, 5 03/12/2010 51 1.44 175,000 -25,000 Minco Gold Corporation Common Shares Zhang, Paul 5 08/06/2009 00 Minco Gold Corporation Common Shares Zhang, Paul 5 10/12/2010 51 1.06 50,000 50,000 Minco Gold Corporation Common Shares Zhang, Paul 5 10/12/2010 10 2.26 0 -50,000 Minco Gold Corporation Options Zhang, Paul 5 10/12/2010 51 1.06 200,000 -50,000 MINCO SILVER CORPORATION

Common Shares IDG-Accel China Growth Fund II L.P.

3 06/12/2010 10 6.572 7,859,600 -46,000

MINCO SILVER CORPORATION


3 07/12/2010 10 6.2093 7,813,600 -46,000



3 08/12/2010 10 5.9267 7,767,600 -46,000



3 06/12/2010 10 6.572 640,400 -4,000



3 07/12/2010 10 6.2093 636,400 -4,000



3 08/12/2010 10 5.9267 632,400 -4,000


Common Shares Zhang, Paul 5 08/06/2009 00


Common Shares Zhang, Paul 5 01/12/2010 51 1.89 5,000 5,000


Common Shares Zhang, Paul 5 01/12/2010 10 7.01 0 -5,000










Options Zhang, Paul 5 01/12/2010 51 1.89 195,000 -5,000





Minefinders Corporation Ltd. Common Shares Leclerc, Robert Leigh 4 03/12/2010 10 10.15 180,000 -10,000

Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.31 150,000 Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.31 150,000 Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.31 150,000 Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.6 575,000 Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.6 575,000 Minera Andes Inc. Common Shares Ambrose, Allen Vernon 4 30/11/2010 51 0.6 575,000 Minera Andes Inc. Common Shares Gei, Jorge Vargas 7 03/03/2005 00 Minera Andes Inc. Common Shares Gei, Jorge Vargas 7 01/12/2010 51 1.36 20,000 20,000 Minera Andes Inc. Common Shares Gei, Jorge Vargas 7 01/12/2010 10 0 -20,000 Minera Andes Inc. Options Gei, Jorge Vargas 7 01/12/2010 51 1.36 0 -20,000 MINT Income Fund Trust Units MINT Income Fund 1 09/12/2010 38 10.02 18,329,318 1,900 Mitec Telecom Inc. Options Stock Option

PlanMitchell, Robert Thomas 5 06/12/2010 52 455,000 -3,000

MKS Inc. Common Shares Mackin, Robert 7 30/11/2010 10 13.7 10,610 330 Mooncor Oil & Gas Corp. (formerly DVD Investments Limited)

Options (Incentive Stock Options)

Brown, Darrell 5 19/11/2010 50 0.25 1,508,750 233,750

Morguard Sunstone Real Estate Income Fund

Class A Units Darren Financial Group Inc. 5 03/12/2010 10 9.95 700 200

Morguard Sunstone Real Estate Income Fund

Class A Units Latoski, Darren Todd 5 03/12/2010 10 9.95 700 200

MOSAID Technologies Incorporated

Common Shares Brown, Joseph 5 01/12/2010 57 12,056 3,030


Common Shares Brown, Joseph 5 01/12/2010 10 26.77 10,650 -1,406


Rights Brown, Joseph 5 01/12/2010 57 7,727 -3,030


Common Shares Gillingham, Peter 5 01/12/2010 57 11,051 1,389


Common Shares Gillingham, Peter 5 01/12/2010 10 26.77 10,406 -645

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11803


T/O Unit Price


Acquired/ Disposed


Rights Gillingham, Peter 5 01/12/2010 57 4,114 -1,389


Common Shares Lindgren, John Carleton 4, 5 01/12/2010 57 57,469 12,560


Common Shares Lindgren, John Carleton 4, 5 01/12/2010 10 26.77 51,641 -5,828


Rights Lindgren, John Carleton 4, 5 01/12/2010 57 36,788 -12,560


Common Shares Shaer, Phillip 5 01/12/2010 57 5,960 2,954


Common Shares Shaer, Phillip 5 01/12/2010 10 26.77 4,589 -1,371


Common Shares Shaer, Phillip 5 01/12/2010 10 26.77 -792


Common Shares Shaer, Phillip 5 01/12/2010 10 26.77 3,798 -791


Rights Shaer, Phillip 5 01/12/2010 57 7,910 -2,954


Common Shares Vladescu, Michael 5 01/12/2010 57 10,581 2,879


Common Shares Vladescu, Michael 5 01/12/2010 10 26.77 9,245 -1,336


Rights Vladescu, Michael 5 01/12/2010 57 8,093 -2,879

Mountain Province Diamonds Inc.

Common Shares Comerford, Jonathan 4 02/12/2010 10 5.05 10,000 -5,000

MPH Ventures Corp. Common Shares Inwentash, Sheldon 6 03/12/2010 11 0.05 8,395,000 3,000,000 MPH Ventures Corp. Warrants Inwentash, Sheldon 6 03/12/2010 11 8,395,000 3,000,000 MPH Ventures Corp. Common Shares Pinetree Capital Ltd. 3 02/12/2010 11 0.05 8,395,000 3,000,000 MPH Ventures Corp. Warrants Pinetree Capital Ltd. 3 02/12/2010 11 0.1 8,395,000 3,000,000 Multiplied Media Corporation (formerly illumiCell Corporation)

Warrants Di Marco, Carlo 4 21/04/2010 53 375,000

Multiplied Media Corporation (formerly illumiCell Corporation)

Warrants Di Marco, Carlo 4 21/04/2010 53 3,000,000 3,000,000









Murgor Resources Inc Common Shares Sino Minerals Corp. 3 03/12/2010 10 0.23 8,055,500 -44,500 NAL Oil & Gas Trust Trust Units Johnston, Kelvin 4 19/05/2010 00 78,359 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 02/12/2010 10 0.08 11,155,500 7,000 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 02/12/2010 10 0.07 11,158,500 3,000 National Bank of Canada Common Shares Laflamme, Louise 4 07/12/2010 10 68.3 2,989 200 National Bank of Canada Common Shares Laflamme, Louise 4 07/12/2010 10 68.29 3,589 600 National Bank of Canada Common Shares Laflamme, Louise 4 07/12/2010 10 68.26 3,689 100 National Bank of Canada Common Shares Laflamme, Louise 4 07/12/2010 10 68.23 4,489 800 National Bank of Canada Common Shares Laflamme, Louise 4 07/12/2010 10 68.24 4,789 300 National Bank of Canada Common Shares Ouellet, Martin 5 03/12/2010 51 24.9 22,257 3,500 National Bank of Canada Common Shares Ouellet, Martin 5 03/12/2010 10 69.656 19,057 -3,200 National Bank of Canada Common Shares Ouellet, Martin 5 03/12/2010 10 69.98 18,757 -300 National Bank of Canada Options Ouellet, Martin 5 03/12/2010 51 24.9 113,360 -3,500 National Bank of Canada Common Shares Vachon, Louis 4, 5 03/12/2010 51 24.9 54,185 30,000 National Bank of Canada Common Shares Vachon, Louis 4, 5 03/12/2010 10 69.214 24,185 -30,000 National Bank of Canada Options Vachon, Louis 4, 5 03/12/2010 51 24.9 895,388 -30,000 Neo Material Technologies Inc.

Common Shares Bedford, Geoffrey Ralph 5 03/11/2010 51 1.63 172,374 66,000

Neo Material Technologies Inc.

Common Shares Bedford, Geoffrey Ralph 5 03/12/2010 10 7.16 106,374 -66,000


Options Bedford, Geoffrey Ralph 5 23/11/2010 38 -36,515


Options Bedford, Geoffrey Ralph 5 23/11/2010 38 302,547 -24,343


Options Bedford, Geoffrey Ralph 5 03/12/2010 51 195,272 -66,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11804


T/O Unit Price


Acquired/ Disposed


Common Shares German, Gary Edward 4 02/12/2010 11 6,865 2,288


Common Shares O'Connor, Peter Edmund 4 03/05/2002 00


Common Shares O'Connor, Peter Edmund 4 03/12/2010 90 400,000 400,000


Common Shares O'Connor, Peter Edmund 4 03/12/2010 10 6.8357 300,000 -100,000


Common Shares O'Connor, Peter Edmund 4 03/12/2010 90 0 -400,000


Options Song, Shannon Yun 5 01/12/2010 38 266,462 -45,516


Options Song, Shannon Yun 5 01/12/2010 38 244,242 -22,220

Nerium Biotechnology, Inc. Options 2006 Stock Option Plan

Leininger, Peter A 4 08/12/2010 00 150,000


Nettelfield, John Peter 4 08/12/2010 50 1.22 150,000 150,000

Nerium Biotechnology, Inc. Common Shares Wansbrough, John Christopher Counsel

4 08/12/2010 00 140,000


Wansbrough, John Christopher Counsel

4 08/12/2010 00 150,000

Nerium Biotechnology, Inc. Warrants Wansbrough, John Christopher Counsel

4 08/12/2010 00 25,000

NeuLion, Inc. Common Shares Kronfeld, David 4 03/12/2010 10 0.51 1,174,935 12,000 Nevada Copper Corp. Common Shares French, Gregory 5 03/12/2010 51 1 124,700 30,000 Nevada Copper Corp. Common Shares French, Gregory 5 03/12/2010 10 3.9 109,700 -15,000 Nevada Copper Corp. Common Shares French, Gregory 5 03/12/2010 10 3.93 99,700 -10,000 Nevada Copper Corp. Common Shares French, Gregory 5 03/12/2010 10 3.95 94,700 -5,000 Nevada Copper Corp. Options French, Gregory 5 03/12/2010 51 1 440,000 -30,000 Nevada Copper Corp. Common Shares Giuffre, Joseph Paul 4 02/12/2010 11 345,000 345,000 Nevsun Resources Ltd. Common Shares Carse, Maureen D 5 02/12/2010 51 2 11,000 10,000 Nevsun Resources Ltd. Common Shares Carse, Maureen D 5 03/12/2010 10 6.4 1,000 -10,000 Nevsun Resources Ltd. Common Shares Carse, Maureen D 5 06/12/2010 51 2 11,000 10,000 Nevsun Resources Ltd. Common Shares Carse, Maureen D 5 06/12/2010 10 6.86 1,000 -10,000 Nevsun Resources Ltd. Options Carse, Maureen D 5 02/12/2010 51 2 100,000 -10,000 Nevsun Resources Ltd. Options Carse, Maureen D 5 06/12/2010 51 2 90,000 -10,000 Nevsun Resources Ltd. Common Shares Hardie, Peter Jeremie 5 03/12/2010 51 1.35 30,000 30,000 Nevsun Resources Ltd. Common Shares Hardie, Peter Jeremie 5 03/12/2010 51 1.7 50,000 20,000 Nevsun Resources Ltd. Common Shares Hardie, Peter Jeremie 5 03/12/2010 10 0 -50,000 Nevsun Resources Ltd. Options Hardie, Peter Jeremie 5 03/12/2010 51 1.35 600,000 -30,000 Nevsun Resources Ltd. Options Hardie, Peter Jeremie 5 03/12/2010 51 1.7 580,000 -20,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 01/12/2010 10 1.35 65,000 65,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 01/12/2010 10 5.935 0 -65,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 02/12/2010 10 1.35 35,000 35,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 02/12/2010 10 6.155 0 -35,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 03/12/2010 10 1.35 50,000 50,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 03/12/2010 10 6.406 0 -50,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 06/12/2010 10 1.7 50,000 50,000 Nevsun Resources Ltd. Common Shares Moss, Trevor Antony 5 06/12/2010 10 6.783 0 -50,000 Nevsun Resources Ltd. Options Moss, Trevor Antony 5 01/12/2010 51 1.35 935,000 -65,000 Nevsun Resources Ltd. Options Moss, Trevor Antony 5 02/12/2010 51 1.35 900,000 -35,000 Nevsun Resources Ltd. Options Moss, Trevor Antony 5 03/12/2010 51 1.35 850,000 -50,000 Nevsun Resources Ltd. Options Moss, Trevor Antony 5 06/12/2010 51 1.7 800,000 -50,000 New Flyer Industries Canada ULC

Income Deposit Securities Peper, Johannes (Hans) 5 03/12/2010 10 11.149 177,238 -8,000

New Flyer Industries Canada ULC








New Flyer Industries Inc. Income Deposit Securities Peper, Johannes (Hans) 5 03/12/2010 10 11.149 177,238 -8,000





Insider Reporting

December 17, 2010 (2010) 33 OSCB 11805


T/O Unit Price


Acquired/ Disposed

New Gold Inc. Common Shares Konig, Martyn 4 03/12/2010 10 10.074 150,000 -50,000 New Gold Inc. Restricted Share Awards Lloyd, Peter George 7 03/11/2010 59 7.6 31,500 -10,000

New Gold Inc. Restricted Share Awards Lloyd, Peter George 7 03/12/2010 59 9.27 27,667 -3,833

New Gold Inc. Restricted Share Awards Rodriguez, Luis Rodolfo 7 03/11/2010 59 7.6 6,667 -1,333

New Gold Inc. Restricted Share Awards Rodriguez, Luis Rodolfo 7 03/12/2010 59 9.27 5,334 -1,333

New Gold Inc. Common Shares Threlkeld, Raymond Wesley

4 03/12/2010 10 10 32,260 -1,300

New High Ridge Resources Inc.

Options McElhanney, David Robert 4 17/11/2010 50 0.15 75,000 25,000


Options Withrow, MIke Withrow 7 30/10/2009 00 10,000


Options Withrow, MIke Withrow 7 21/01/2010 50 0.18 400,000 390,000

Newalta Corporation Options MacDonald, Bob 4 10/12/2010 52 15.6 36,375 -2,500 Nexen Inc. Rights Stock Appreciation

RightsAddy, Peter David 7 28/09/2007 00 56,560

Nexen Inc. Rights Stock Appreciation Rights

Addy, Peter David 7 06/12/2010 56 22.13 85,660 29,100

Nexen Inc. Common Shares Arnold, James Theodore 5 06/12/2010 10 22.2 13,000 2,000 Nexen Inc. Options Arnold, James Theodore 5 06/12/2010 50 22.13 304,500 134,500 Nexen Inc. Options Backus, Jeffrey Michael 5 06/12/2010 50 22.13 93,000 43,000 Nexen Inc. Rights Stock Appreciation

RightsBackus, Jeffrey Michael 5 16/02/2009 00 35,000


Backus, Jeffrey Michael 5 06/12/2010 58 - Expiration

ofrights

27.285 26,000 -9,000

Nexen Inc. Options Beingessner, Rick Craig 5 06/12/2010 52 27.285 92,500 -34,000 Nexen Inc. Options Beingessner, Rick Craig 5 06/12/2010 50 22.13 122,600 30,100 Nexen Inc. Rights Deferred Share

Units Berry, William Baine 4 06/12/2010 56 22.05 15,132 5,000

Nexen Inc. Rights Deferred Share Units

Bertram, Robert Gordon 4 06/12/2010 56 22.54 17,293 319


Bertram, Robert Gordon 4 06/12/2010 56 22.13 22,293 5,000

Nexen Inc. Options Dreisinger, Doug 5 06/12/2010 52 27.285 100,000 -30,000 Nexen Inc. Options Dreisinger, Doug 5 06/12/2010 50 22.13 137,700 37,700 Nexen Inc. Rights Stock Appreciation

RightsFennell, Robert 7 06/12/2010 58 -

Expiration

ofrights

27.285 52,000 -18,000


Fennell, Robert 7 06/12/2010 56 22.13 79,000 27,000


Flanagan, Dennis Graham 4 06/12/2010 56 22.13 46,332 5,000

Nexen Inc. Options Fox, Matthew Joseph 5 06/12/2010 50 22.13 363,500 193,500 Nexen Inc. Rights Stock Appreciation

RightsHarvey, Lewis Trenear 7 29/02/2008 00 41,200


Harvey, Lewis Trenear 7 06/12/2010 58 - Expiration

ofrights

27.285 33,200 -8,000


Harvey, Lewis Trenear 7 06/12/2010 56 22.13 46,700 13,500

Nexen Inc. Options Hughes, Catherine Jeanne 5 17/02/2010 00 135,000

Nexen Inc. Options Hughes, Catherine Jeanne 5 06/12/2010 50 22.13 253,300 118,300

Nexen Inc. Rights Restricted Share Units

Hutchins, Geraldine Bernadette

7 01/05/2006 00

Nexen Inc. Rights Restricted Share Units


7 06/12/2010 56 1,500 1,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11806


T/O Unit Price


Acquired/ Disposed



7 01/05/2006 00 26,400



7 06/12/2010 56 22.13 30,200 3,800


Jackson, Steven Barry 4 06/12/2010 56 22.13 68,409 5,000


Jackson, Steven Barry 4 06/12/2010 56 22.64 68,808 399


Jenkins, Kevin John 4 06/12/2010 56 22.13 59,692 5,000

Nexen Inc. Options Jensen, Richard George 7 06/12/2010 52 27.285 206,000 -46,000 Nexen Inc. Options Jensen, Richard George 7 06/12/2010 50 22.13 254,500 48,500 Nexen Inc. Options McLachlan, Kevin J 7 06/12/2010 50 22.13 181,000 86,000 Nexen Inc. Rights Stock Appreciation

RightsMcLachlan, Kevin J 7 01/08/2008 00 53,000


McLellan, A. Anne 4 06/12/2010 56 22.54 38,960 319


McLellan, A. Anne 4 06/12/2010 56 22.13 43,960 5,000

Nexen Inc. Options Miller, Eric Bernard 5 06/12/2010 52 27.285 294,000 -40,000 Nexen Inc. Options Miller, Eric Bernard 5 06/12/2010 50 22.13 401,500 107,500 Nexen Inc. Options Stock Mooney, Alistair John 7 09/05/2008 59 10.875 -76,000 Nexen Inc. Options Stock Mooney, Alistair John 7 09/05/2008 59 10.875 -76,000 Nexen Inc. Options Mooney, Alistair John 7 05/05/2008 99 10.875 292,000 -76,000 Nexen Inc. Options Mooney, Alistair John 7 06/12/2010 52 27.285 162,000 -46,000 Nexen Inc. Options Mooney, Alistair John 7 06/12/2010 50 22.13 205,000 43,000 Nexen Inc. Options Muller, Brendon Troy 5 06/12/2010 52 27.285 126,000 -11,000 Nexen Inc. Options Muller, Brendon Troy 5 06/12/2010 50 22.13 174,500 48,500 Nexen Inc. Rights Stock Appreciation

RightsMuller, Brendon Troy 5 09/04/2007 00 11,200


Newell, Eric P. 4 06/12/2010 56 22.54 73,720 400


Newell, Eric P. 4 06/12/2010 56 22.13 78,720 5,000

Nexen Inc. Options Nieuwenburg, Gary Hendricus

7, 5 06/12/2010 52 27.285 520,000 -80,000

Nexen Inc. Options Nieuwenburg, Gary Hendricus

7, 5 06/12/2010 50 22.13 702,800 182,800


O'Brien, Alan 7 01/12/2004 00 111,000


O'Brien, Alan 7 06/12/2010 58 - Expiration

ofrights

27.285 87,000 -24,000


O'Brien, Alan 7 06/12/2010 56 22.13 116,100 29,100


O'Neill, Thomas Charles 4 06/12/2010 56 22.13 56,465 5,000


Oldham, Philip 7 01/12/2004 00 201,100


Oldham, Philip 7 06/12/2010 58 - Expiration

ofrights

27.285 157,100 -44,000


Oldham, Philip 7 06/12/2010 56 22.13 210,900 53,800

Nexen Inc. Options Power, Una Marie 7, 5 06/12/2010 52 27.285 236,000 -46,000 Nexen Inc. Options Power, Una Marie 7, 5 06/12/2010 50 22.13 354,300 118,300 Nexen Inc. Options Reinhart, Kevin Jerome 5 02/12/2010 59 9.025 565,000 -25,000 Nexen Inc. Options Reinhart, Kevin Jerome 5 06/12/2010 52 27.285 495,000 -70,000 Nexen Inc. Options Reinhart, Kevin Jerome 5 06/12/2010 50 22.13 677,800 182,800 Nexen Inc. Options Reinsborough, Brian

Charles7 06/12/2010 52 23.605 192,000 -50,000


Reinsborough, Brian Charles

7 01/06/2003 00 100,000


Reinsborough, Brian Charles

7 06/12/2010 56 22.05 207,500 107,500

Nexen Inc. Options Roessel, Theresa Anne 7 06/12/2010 50 22.13 44,400 19,400

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11807


T/O Unit Price


Acquired/ Disposed


Roessel, Theresa Anne 7 03/11/2008 00 32,000


Roessel, Theresa Anne 7 06/12/2010 58 - Expiration

ofrights

27.285 21,000 -11,000

Nexen Inc. Options Romanow, Marvin F. 4, 7, 5 06/12/2010 52 27.285 1,565,000 -124,000 Nexen Inc. Options Romanow, Marvin F. 4, 7, 5 06/12/2010 50 22.13 2,210,000 645,000 Nexen Inc. Rights Deferred Share

Units Saville, Q.C., Francis McLean

4 06/12/2010 56 22.13 65,999 11,000

Nexen Inc. Options Schonberner, Marilyn Joy 7 06/12/2010 52 27.285 93,000 -28,000 Nexen Inc. Options Schonberner, Marilyn Joy 7 06/12/2010 50 22.13 120,000 27,000 Nexen Inc. Rights Deferred Share

Units Willson, John Michael 4 06/12/2010 56 22.13 66,652 5,000


Willson, John Michael 4 06/12/2010 56 22.54 66,891 239


Zaleschuk, Victor Jack 4 06/12/2010 56 22.13 48,132 5,000

NGEx Resources Inc. Common Shares Romo, I. Rodrigo A. 5 13/08/2009 00 NGEx Resources Inc. Common Shares Romo, I. Rodrigo A. 5 02/12/2010 51 0.7 20,000 20,000 NGEx Resources Inc. Common Shares Romo, I. Rodrigo A. 5 02/12/2010 10 1.1 0 -20,000 NGEx Resources Inc. Options Romo, I. Rodrigo A. 5 02/12/2010 51 60,000 -20,000 Nightingale Informatix Corporation

Common Shares Schachter, Brian 4 20/04/2010 00

Nightingale Informatix Corporation

Common Shares Schachter, Brian 4 20/04/2010 00 384,616

Nightingale Informatix Corporation

Common Shares Schachter, Brian 4 03/12/2010 11 0.27 1,813,947 1,429,331

Niko Resources Ltd. Common Shares Cummings, Charles James 4 03/12/2010 51 49.62 27,401 1,500

Niko Resources Ltd. Common Shares Cummings, Charles James 4 03/12/2010 10 97.25 25,901 -1,500

Niko Resources Ltd. Common Shares Cummings, Charles James 4 06/12/2010 51 49.62 29,151 3,250

Niko Resources Ltd. Common Shares Cummings, Charles James 4 06/12/2010 10 98 25,901 -3,250

Niko Resources Ltd. Options Cummings, Charles James 4 03/12/2010 51 49.62 59,500 -1,500

Niko Resources Ltd. Options Cummings, Charles James 4 06/12/2010 51 49.62 56,250 -3,250

Niko Resources Ltd. Common Shares Deboni, Walter 4 06/12/2010 10 97.75 39,750 -2,000 Niko Resources Ltd. Common Shares Deboni, Walter 4 06/12/2010 10 98.1 37,750 -2,000 Niko Resources Ltd. Common Shares Deboni, Walter 4 07/12/2010 10 99.5 35,750 -2,000 Niko Resources Ltd. Common Shares Robinson, Wendell W. 4 09/12/2010 10 97.16 30,752 -10,000 Nordion Inc. Common Shares Deferred

Share Unit Dempsey, William Gerard 4 02/11/2010 56 49,324 1,601

Nordion Inc. Options Ibbott, William Glen 5 07/09/2010 00 10,000 Nordion Inc. Common Shares Deferred

Share Unit Luba, Robert Walter 4 02/11/2010 56 65,386 934

Nordion Inc. Common Shares Deferred Share Unit

Newport, Ken 4 02/09/2010 00


Newport, Ken 4 02/11/2010 56 1,890 1,890


Olukotun, Adeoye Yaovi 4 02/11/2010 56 4,456 1,579

Norsemont Mining Inc. Options Gignac, Louis P. 4 07/12/2010 00 Norsemont Mining Inc. Options Gignac, Louis P. 4 07/12/2010 50 200,000 200,000 North American Nickel Inc. Common Shares Whalen, Donald Alexander 6 02/07/2010 00 50,000 North American Nickel Inc. Warrants Whalen, Donald Alexander 6 02/07/2010 00 50,000 North American Palladium Ltd.

Common Shares Struble, Gregory Robert 5 06/12/2010 00

North Atlantic Resources Ltd.

Common Shares Kovacevic, John Gianni 4 06/12/2010 10 0.56 1,785,000 20,000









Insider Reporting

December 17, 2010 (2010) 33 OSCB 11808


T/O Unit Price


Acquired/ Disposed

Northern Dynasty Minerals Ltd.

Common Shares Thiessen, Ronald William 4 01/12/2010 11 1 25,000

Northern Dynasty Minerals Ltd.

Common Shares Thiessen, Ronald William 4 01/12/2010 11 1 25,000

Northern Property Real Estate Investment Trust

Options Britton, B. James 1 07/12/2010 51 307,800 -2,200


Trust Units Britton, B. James 1 07/12/2010 10 23.12 17,200 2,200


Trust Units Britton, B. James 1 07/12/2010 10 27.38 112,692 -2,200

Northquest Ltd. Options Marrelli, Carmelo 5 01/11/2010 00 Northquest Ltd. Options Marrelli, Carmelo 5 09/12/2010 50 0.9 62,500 62,500 Northstar Healthcare Inc. Common Shares Richardson, David Paul 5 07/12/2010 10 0.399 15,000 5,000 Northstar Healthcare Inc. Common Shares Richardson, David Paul 5 08/12/2010 10 0.3867 18,075 3,075 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 07/12/2010 10 0.39 96,000 4,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 07/12/2010 10 0.4 102,000 6,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 07/12/2010 10 0.39 106,000 4,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 07/12/2010 10 0.4 107,000 1,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 07/12/2010 10 0.39 112,000 5,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.39 118,000 6,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.39 118,500 500 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.39 119,500 1,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.38 123,500 4,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.39 126,500 3,000 Northstar Healthcare Inc. Common Shares Steinberg, Daniel, Morris 4 08/12/2010 10 0.39 129,500 3,000 NORWALL GROUP INC. Common Shares Patton, James Joseph 3, 4, 5 30/11/2010 90 0 -2,134,678 NORWALL GROUP INC. Common Shares Patton, James Joseph 3, 4, 5 25/03/2002 00 NORWALL GROUP INC. Common Shares Patton, James Joseph 3, 4, 5 30/11/2010 90 2,134,678 2,134,678 NovaDx Ventures Corp. Options Burns, John King 4 01/12/2010 50 0.3 325,000 125,000 NovaDx Ventures Corp. Options Espig, Peter Edward 4 28/10/2010 00 NovaDx Ventures Corp. Options Espig, Peter Edward 4 01/12/2010 50 0.3 150,000 150,000 NovaDx Ventures Corp. Options Everett, Rowena Kam Hung 5 01/12/2010 50 0.3 375,000 75,000

NovaDx Ventures Corp. Options Helsing, Valerie, Jean 5 01/12/2010 50 0.3 250,000 100,000 NovaDx Ventures Corp. Common Shares MacDonald, Neil 4, 5 07/12/2010 54 0.1 5,145,051 525,000 NovaDx Ventures Corp. Warrants MacDonald, Neil 4, 5 07/12/2010 54 3,070,709 -525,000 NovaDx Ventures Corp. Convertible Debentures Molnar, Dennis Maximilian 4 14/10/2010 00

NovaDx Ventures Corp. Convertible Debentures Molnar, Dennis Maximilian 4 09/12/2010 97 0.3 $220,000 $220,000

NovaDx Ventures Corp. Options Molnar, Dennis Maximilian 4 14/10/2010 00

NovaDx Ventures Corp. Options Molnar, Dennis Maximilian 4 01/12/2010 50 0.3 150,000 150,000

NovaDx Ventures Corp. Options Payne, Robert Allen 5 01/12/2010 50 0.3 400,000 125,000 NovaGold Resources Inc. Common Shares Francis, Kevin Albert 5 07/12/2010 30 20,468 46 NovaGold Resources Inc. Options Francis, Kevin Albert 5 03/12/2010 50 14.53 232,700 22,400 NovaGold Resources Inc. Common Shares Giardini, Tony Serafino 4 06/12/2010 51 5.25 20,000 20,000 NovaGold Resources Inc. Common Shares Giardini, Tony Serafino 4 06/12/2010 38 13,538 -6,462 NovaGold Resources Inc. Common Shares Giardini, Tony Serafino 4 06/12/2010 10 16.25 0 -13,538 NovaGold Resources Inc. Options Giardini, Tony Serafino 4 03/12/2010 50 14.53 392,250 40,000 NovaGold Resources Inc. Options Giardini, Tony Serafino 4 06/12/2010 51 5.25 372,250 -20,000 NovaGold Resources Inc. Common Shares Iley, Sacha Amela 1 18/11/2010 30 14.65 7,773 41 NovaGold Resources Inc. Common Shares Iley, Sacha Amela 1 03/12/2010 30 14.88 7,813 40 NovaGold Resources Inc. Common Shares Leathley, Gillyeard(Gil)

James 5 03/12/2010 30 14.88 20,622 40

NovaGold Resources Inc. Options Madhavpeddi, Kalidas 4 06/12/2010 51 15.65 467,250 -20,000 NovaGold Resources Inc. Options Madhavpeddi, Kalidas 4 06/12/2010 51 15.65 484,104 16,854 NovaGold Resources Inc. Options Madhavpeddi, Kalidas 4 06/12/2010 10 15.65 467,250 -16,854 NovaGold Resources Inc. Options McConnell, Gerald James 4 03/12/2010 50 642,896 40,000 NovaGold Resources Inc. Options Nauman, Clynton R. 4 03/12/2010 50 14.53 832,250 40,000 NovaGold Resources Inc. Common Shares Nicholson, Douglas Collin 7 18/11/2010 30 14.57 60,864 43

NovaGold Resources Inc. Common Shares Nicholson, Douglas Collin 7 02/12/2010 30 14.1 60,908 44

NovaGold Resources Inc. Options Nicholson, Douglas Collin 7 03/12/2010 50 14.53 564,600 12,550

NovaGold Resources Inc. Options Philip, James Leonard 4 09/12/2010 51 2.45 647,250 -10,000 NovaGold Resources Inc. Options Philip, James Leonard 4 09/12/2010 51 2.45 655,667 8,417 NovaGold Resources Inc. Options Philip, James Leonard 4 09/12/2010 10 15.49 647,250 -8,417 NovaGold Resources Inc. Options Sanders, Elaine 5 03/12/2010 50 14.53 429,300 55,250 NovaGold Resources Inc. Common Shares Van Nieuwenhuyse, Rick 4, 5 07/12/2010 10 15 1,204,919 -11,800 NovaGold Resources Inc. Common Shares Van Nieuwenhuyse, Rick 4, 5 07/12/2010 10 15.515 1,153,919 -51,000 NovaGold Resources Inc. Common Shares Van Nieuwenhuyse, Rick 4, 5 07/12/2010 10 15.076 1,005,619 -148,300

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11809


T/O Unit Price


Acquired/ Disposed

NovaGold Resources Inc. Common Shares Van Nieuwenhuyse, Rick 4, 5 07/12/2010 10 15.413 961,519 -44,100 NovaGold Resources Inc. Options Van Nieuwenhuyse, Rick 4, 5 03/12/2010 50 14.53 4,683,196 332,300 NTG Clarity Networks Inc. Common Shares Zaghloul, Ashraf 3, 4, 5 09/12/2010 10 0.12 4,074,376 10,000 NuLegacy Gold Corporation Common Shares Chu, Gregory Todd 5 06/12/2010 15 150,000 50,000

NuLegacy Gold Corporation Warrants Chu, Gregory Todd 5 06/12/2010 54 0 -50,000

NuLegacy Gold Corporation Warrants Chu, Gregory Todd 5 06/12/2010 15 50,000 50,000

O'Leary Canadian Equity Income Fund

Trust Units Credit Suisse Securities (Canada), Inc.

3 01/12/2010 00



3 01/12/2010 00 1,357,200



3 03/12/2010 10 11.87 1,335,100 -22,100



3 06/12/2010 10 11.88 1,308,100 -27,000



3 07/12/2010 10 11.98 1,298,100 -10,000



3 08/12/2010 10 12.01 1,293,000 -5,100



3 09/12/2010 10 12.05 1,285,300 -7,700



3 10/12/2010 10 12.02 1,260,000 -25,300

Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 03/11/2010 38 6.01 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 03/11/2010 38 6.01 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 11/11/2010 38 6.05 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 11/11/2010 38 6.05 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 23/11/2010 38 6.06 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 23/11/2010 38 6.06 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 26/11/2010 38 6.09 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 26/11/2010 38 6.09 0 -500 Olympus Pacific Minerals Inc.

Common Shares Dragon Capital Group Limited

3 10/01/2010 22 19,163,124 3,031,250

Olympus Pacific Minerals Inc.

Common Shares Dragon Capital Group Limited

3 10/01/2010 22 45,077,560 5,708,333

Ondine Biomedical Inc. Options Crane, Michael Richard 4 14/10/2010 37 0.06 23,332 -186,667 Ondine Biomedical Inc. Warrants Crane, Michael Richard 4 05/04/2010 37 0.075 28,000 -392,000 ONEX CORPORATION Subordinate Voting

SharesLe Blanc, Robert Michael 7 03/12/2010 10 28.32 236,175 3,400

ONEX CORPORATION Subordinate Voting Shares

Munk, Anthony 7 06/12/2010 10 28.499 305,298 2,686

OPEL Solar International Inc.








Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 10/12/2010 30 1.8 674,290 1,250 Open Text Corporation Deferred Share Units Fowlie, Randy 4 02/12/2010 56 1,076 568 Open Text Corporation Options All OTEX Option

PlansFowlie, Randy 4 02/12/2010 50 71,100 6,700

Open Text Corporation Deferred Share Units Hamilton, Gail 4 07/12/2006 00 Open Text Corporation Deferred Share Units Hamilton, Gail 4 02/12/2010 56 1,340 1,340 Open Text Corporation Options All OTEX Option

PlansJackman, Brian 4 02/12/2010 50 59,100 6,700

Open Text Corporation Deferred Share Units Sadler, Stephen 4 02/12/2010 56 2,560 1,340 Open Text Corporation Deferred Share Units Slaunwhite, Michael 4 02/12/2010 56 2,086 1,340 Open Text Corporation Options All OTEX Option

PlansStevenson, Katharine Berghuis

4 02/12/2010 50 17,000 6,700

Open Text Corporation Options All OTEX Option Plans

Weinstein, Deborah 4 02/12/2010 50 12,800 6,700

Opta Minerals Inc. Common Shares Kendall, Jeremy 4 08/12/2010 30 1.7 47,500 3,700 Organic Resource Management Inc.

Common Shares Gaasenbeek, Matthew 4 01/12/2010 10 1.35 35,487 1,800

Orsu Metals Corporation Options Carello, Massimo 4 07/12/2010 38 5.6 780,000 -20,000 Orsu Metals Corporation Options Corra, Mark 4 07/12/2010 38 3.8 800,000 -20,000 Orsu Metals Corporation Options Corra, Mark 4 07/12/2010 38 8.3 750,000 -50,000 Orsu Metals Corporation Options Hanford, Timothy John 4 07/12/2010 38 12.6 800,000 -10,000 Orsu Metals Corporation Options Hanford, Timothy John 4 07/12/2010 38 8.3 750,000 -50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11810


T/O Unit Price


Acquired/ Disposed

Orsu Metals Corporation Options Kurzin, Sergey Vladimirovich

4, 5 07/12/2010 38 3.5 2,900,000 -100,000

Orsu Metals Corporation Options Kurzin, Sergey Vladimirovich

4, 5 07/12/2010 38 8.3 2,500,000 -400,000

Orsu Metals Corporation Options Mychalkiw, Petro 5 07/12/2010 38 8.3 1,500,000 -175,000 Orsu Metals Corporation Options Tchedaeva, Tania 5 07/12/2010 38 3.8 832,500 -7,500 Orsu Metals Corporation Options Tchedaeva, Tania 5 07/12/2010 38 6.1 825,000 -7,500 Orsu Metals Corporation Options Tchedaeva, Tania 5 07/12/2010 38 8.3 750,000 -75,000 Orsu Metals Corporation Options Yakubchuk, Alexander

Sergeevich 4, 5 07/12/2010 38 5.3 2,650,000 -100,000

Orsu Metals Corporation Options Yakubchuk, Alexander Sergeevich

4, 5 07/12/2010 38 8.3 2,500,000 -150,000

OSE Corp. Common Shares Leyk, Robert 4 27/06/2007 00 OSE Corp. Common Shares Leyk, Robert 4 09/12/2010 10 0.035 100,000 100,000 Osisko Mining Corporation Common Shares Coates, Bryan A. 5 02/12/2010 30 2.2 25,000

Osisko Mining Corporation Common Shares Coates, Bryan A. 5 02/12/2010 51 2.2 87,449 25,000

Osisko Mining Corporation Common Shares Coates, Bryan A. 5 02/12/2010 10 15.85 75,249 -12,200

Osisko Mining Corporation Common Shares Coates, Bryan A. 5 02/12/2010 10 15.86 75,149 -100



Osisko Mining Corporation Common Shares Coates, Bryan A. 5 03/12/2010 30 2.2 25,000

Osisko Mining Corporation Common Shares Coates, Bryan A. 5 03/12/2010 51 2.2 87,449 25,000


Osisko Mining Corporation Options Coates, Bryan A. 5 02/12/2010 51 2.2 -25,000

Osisko Mining Corporation Options Coates, Bryan A. 5 02/12/2010 51 2.2 2,110,000 -25,000

Osisko Mining Corporation Options Coates, Bryan A. 5 03/12/2010 51 2.2 2,085,000 -25,000

Osisko Mining Corporation Common Shares Mailhot, Robert 5 03/12/2010 51 5.88 6,000

Osisko Mining Corporation Common Shares Mailhot, Robert 5 03/12/2010 51 5.88 8,717 7,000

Osisko Mining Corporation Common Shares Mailhot, Robert 5 03/12/2010 10 16.2 -6,000

Osisko Mining Corporation Common Shares Mailhot, Robert 5 03/12/2010 10 16.2 4,217 -4,500

Osisko Mining Corporation Common Shares Mailhot, Robert 5 03/12/2010 10 16.19 1,717 -2,500

Osisko Mining Corporation Options Mailhot, Robert 5 03/12/2010 51 5.88 -6,000

Osisko Mining Corporation Options Mailhot, Robert 5 03/12/2010 51 5.88 278,000 -7,000

Osisko Mining Corporation Common Shares Roosen, Sean 4 01/12/2010 10 15.97 860,657 -75,000

Otis Gold Corp. Common Shares Eyolfson, Norman 4 06/12/2010 10 0.72 94,285 -20,000 Ozcapital Ventures Inc. Common Shares Prepet Pty Ltd. 3 08/12/2010 10 1,170,000 50,000 Ozcapital Ventures Inc. Common Shares Prepet Pty Ltd. 3 10/12/2010 10 1,220,000 50,000 Ozcapital Ventures Inc. Common Shares Romaniuk, Bohdan S. 4, 5 24/08/2010 00 200,000 PACIFIC & WESTERN CREDIT CORP.

Common Shares 340268 Ontario Limited 3 15/10/2010 10 3 1,382,907 100

PACIFIC & WESTERN CREDIT CORP.

Common Shares 340268 Ontario Limited 3 06/12/2010 10 3 1,563,007 7,000

PACIFIC & WESTERN CREDIT CORP.

Common Shares 340268 Ontario Limited 3 07/12/2010 10 3 1,567,507 4,500

Palliser Oil & Gas Corporation

Common Shares Toole, Wayne Richard 4 07/12/2010 10 1.3374 457,222 -35,000

Pan American Silver Corp. Common Shares Burns, Geoffrey Alan 5 10/12/2010 46 39.45 37,257 4,897 Pan American Silver Corp. Options Burns, Geoffrey Alan 5 10/12/2010 50 40.22 121,562 9,652 Pan American Silver Corp. Common Shares Busby, Steven 5 10/12/2010 46 39.45 12,373 2,138 Pan American Silver Corp. Options Busby, Steven 5 10/12/2010 50 40.22 106,830 12,643 Pan American Silver Corp. Common Shares Dasso, Andres Antonio 5 06/12/2010 51 22.04 21,142 2,000 Pan American Silver Corp. Common Shares Dasso, Andres Antonio 5 06/12/2010 10 41 19,142 -2,000 Pan American Silver Corp. Common Shares Dasso, Andres Antonio 5 10/12/2010 46 39.45 21,825 2,683

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11811


T/O Unit Price


Acquired/ Disposed

Pan American Silver Corp. Options Dasso, Andres Antonio 5 06/12/2010 51 22.04 65,510 -2,000 Pan American Silver Corp. Options Dasso, Andres Antonio 5 10/12/2010 50 40.22 70,798 5,288 Pan American Silver Corp. Common Shares Doyle, Alun Robert 5 10/12/2010 46 39.45 8,907 2,337 Pan American Silver Corp. Options Doyle, Alun Robert 5 10/12/2010 50 40.22 64,122 4,606 Pan American Silver Corp. Common Shares Fisher, Delaney Joseph 5 10/12/2010 46 39.45 1,565 685 Pan American Silver Corp. Options Fisher, Delaney Joseph 5 10/12/2010 50 40.22 16,173 1,351 Pan American Silver Corp. Common Shares Greer, Georges 5 10/12/2010 46 39.45 3,184 1,302 Pan American Silver Corp. Options Greer, Georges 5 10/12/2010 50 40.22 20,465 2,565 Pan American Silver Corp. Common Shares McAleer, Sean 5 06/12/2010 51 36.66 4,786 1,839 Pan American Silver Corp. Common Shares McAleer, Sean 5 06/12/2010 10 41 2,947 -1,839 Pan American Silver Corp. Common Shares McAleer, Sean 5 10/12/2010 46 39.45 5,241 2,294 Pan American Silver Corp. Options McAleer, Sean 5 06/12/2010 51 36.66 21,421 -1,839 Pan American Silver Corp. Options McAleer, Sean 5 10/12/2010 50 40.22 25,943 4,522 Pan American Silver Corp. Common Shares Pirooz, Robert Pirooz 5 03/12/2010 51 17.73 11,640 5,788 Pan American Silver Corp. Common Shares Pirooz, Robert Pirooz 5 03/12/2010 10 40.23 5,911 -5,729 Pan American Silver Corp. Common Shares Pirooz, Robert Pirooz 5 03/12/2010 10 40.98 5,852 -59 Pan American Silver Corp. Common Shares Pirooz, Robert Pirooz 5 10/12/2010 46 39.45 6,521 669 Pan American Silver Corp. Options Pirooz, Robert Pirooz 5 03/12/2010 51 17.73 58,484 -5,788 Pan American Silver Corp. Options Pirooz, Robert Pirooz 5 10/12/2010 50 40.22 70,351 11,867 Pan American Silver Corp. Common Shares Steinmann, Michael 5 10/12/2010 46 39.45 11,630 3,287 Pan American Silver Corp. Options Steinmann, Michael 5 10/12/2010 50 40.22 81,827 6,478 Pan American Silver Corp. Common Shares Vincent, Wayne 5 10/12/2010 46 39.45 3,561 907 Pan American Silver Corp. Options Vincent, Wayne 5 10/12/2010 50 40.22 27,952 1,787 Pan American Silver Corp. Common Shares Wafforn, Martin 5 10/12/2010 46 39.45 5,081 1,126 Pan American Silver Corp. Options Wafforn, Martin 5 10/12/2010 50 40.22 42,559 2,219 Paragon Minerals Corporation

Common Shares Copeland, David Andrew 5 03/12/2010 11 0.17 150,000 60,000

Paragon Minerals Corporation

Options Copeland, David Andrew 5 08/12/2006 50 0.84 10,000







Paragon Pharmacies Limited (formerly Rinoa Enterprises Ltd.)

Common Shares Paragon Pharmacies Limited

1 03/12/2010 38 91,795,381 -704,000

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 3, 4 18/10/2010 10 20.16 214,500 -100

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 3, 4 18/10/2010 10 20.16 1,684,200 -800

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 3, 4 18/10/2010 10 20.16 1,956,200 -900

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 3, 4 18/10/2010 10 20.16 4,691,400 -2,300

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 3, 4 18/10/2010 10 20.16 458,300 -200

Paramount Resources Ltd. Common Shares Class A Knott, David M. 4 07/12/2010 47 35,001 -33,000

Paramount Resources Ltd. Common Shares Class A Knott, David M. 4 09/12/2010 47 20,901 -14,100

Paramount Resources Ltd. Common Shares Class A Knott, David M. 4 05/06/2003 00

Paramount Resources Ltd. Common Shares Class A Knott, David M. 4 07/12/2010 47 33,000 33,000

Paramount Resources Ltd. Common Shares Class A Knott, David M. 4 07/12/2010 10 27.131 15,700 -17,300

Paramount Resources Ltd. Common Shares Class A McMillan, Geoffrey W. P. 5 08/12/2010 10 28.787 5,888 -6,390

Paramount Resources Ltd. Common Shares Class A Riddell Rose, Susan L. 4 03/12/2010 47 65,850 -9,150

Pareto Corporation Common Shares TRUDELL, KAREN MARIE 5 29/11/2010 51 200,000 200,000

Parex Resources Inc. Common Shares Miller, Ronald Douglas 4 06/12/2010 10 8.22 1,067,990 5,800 Parex Resources Inc. Common Shares Miller, Ronald Douglas 4 07/12/2010 10 8.25 1,068,390 400 Parex Resources Inc. Common Shares Miller, Ronald Douglas 4 06/12/2010 47 71,130 -6,200 Pason Systems Inc. Options Holodinsky, David 5 06/12/2010 59 14.14 140,000 -25,000 Pason Systems Inc. common share options Howe, James Brian 4 08/12/2010 59 12.18 50,000 -6,600 Pason Systems Inc. Options Lindsay, James Gregory 7 08/12/2010 59 14.35 240,000 -30,000 Pason Systems Inc. Options Maassen, Lee Ann 7 08/12/2010 59 14.35 47,000 -10,000 Passport Potash Inc. Options Bleak, Joshua Daniel 4 30/11/2010 50 0.1 550,000 Passport Potash Inc. Options Bleak, Joshua Daniel 4 30/11/2010 50 0.1 850,000 450,000 Passport Potash Inc. Common Shares SHAFFER, LAARA 4 06/12/2010 51 0.14 267,500 167,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11812


T/O Unit Price


Acquired/ Disposed

Passport Potash Inc. Common Shares SHAFFER, LAARA 4 06/12/2010 10 0.35 234,500 -33,000 Passport Potash Inc. Common Shares SHAFFER, LAARA 4 06/12/2010 10 0.345 217,500 -17,000 Passport Potash Inc. Common Shares SHAFFER, LAARA 4 07/12/2010 10 0.365 197,500 -20,000 Passport Potash Inc. Options SHAFFER, LAARA 4 06/12/2010 51 0.2 367,500 -167,500 Pathfinder Convertible Debenture Fund

Trust Units Pathfinder Convertible Debenture Fund

1 03/12/2010 38 12 211,500 900

PCI-1 Capital Corp. Common Shares Thiessen, Ronald William 6 01/12/2010 00 112,500 Pembina Pipeline Corporation

Common Shares O'Donoghue, Leslie 4 08/12/2010 10 21.36 10,366 1,900

Pengrowth Energy Trust Trust Units Grasby, Andrew David 5 01/12/2010 90 0 -2,500 Pengrowth Energy Trust Trust Units Grasby, Andrew David 5 15/09/2010 00 Pengrowth Energy Trust Trust Units Grasby, Andrew David 5 01/12/2010 90 2,500 2,500 Pengrowth Energy Trust Trust Units Stewart, Donald Michael

Godfrey 4 02/12/2010 90 2,810 1,662

Pengrowth Energy Trust Trust Units Stewart, Donald Michael Godfrey

4 02/12/2010 90 13.23 13,180 -3,027


4 02/12/2010 90 13.23 11,808 -1,372


4 02/12/2010 90 13.23 10,146 -1,662


4 02/12/2010 90 13.23 6,923 3,027


4 02/12/2010 90 8,295 1,372

Penn West Energy Trust Rights ANDREW, WILLIAM E. 7 09/12/2010 57 887,500 -90,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 57 21.61 191,045 90,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.2 177,045 -14,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.19 173,045 -4,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.18 170,045 -3,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.17 158,445 -11,600 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.16 147,445 -11,000 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.15 130,345 -17,100 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.14 122,145 -8,200 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.12 111,345 -10,800 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.1 106,545 -4,800 Penn West Energy Trust Trust Units ANDREW, WILLIAM E. 7 09/12/2010 10 22.11 101,045 -5,500 Penn West Energy Trust Rights Brookman, George Homer 7 06/12/2010 57 0 -5,000

Penn West Energy Trust Trust Units Brookman, George Homer 7 06/12/2010 57 10.72 16,000 5,000

Penn West Energy Trust Trust Units Brookman, George Homer 7 06/12/2010 10 21.99 11,000 -5,000

Penn West Energy Trust Rights Hodge, Philip Blake 5 15/11/2010 00 Penn West Energy Trust Rights Hodge, Philip Blake 5 08/12/2010 56 125,000 125,000 Penn West Energy Trust Rights Law, Lucas Kwang Tai 7 10/12/2010 57 255,000 -9,000 Penn West Energy Trust Trust Units Law, Lucas Kwang Tai 7 10/12/2010 57 21.61 24,393 9,000 Penn West Energy Trust Trust Units Law, Lucas Kwang Tai 7 10/12/2010 10 22.39 19,093 -5,300 Penn West Energy Trust Trust Units Law, Lucas Kwang Tai 7 10/12/2010 10 22.4 15,393 -3,700 Penn West Energy Trust Rights Smith, James Cameron 7 07/12/2010 51 10.72 21,000 -20,000 Penn West Energy Trust Rights Smith, James Cameron 7 10/12/2010 51 10.72 0 -21,000 Penn West Energy Trust Trust Units Smith, James Cameron 7 07/12/2010 51 10.72 32,000 20,000 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 51 10.72 53,000 21,000 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 21.3 -21,000 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 21.3 -21,000 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 22.3 40,400 -12,600 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 22.31 38,800 -1,600 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 22.32 34,400 -4,400 Penn West Energy Trust Trust Units Smith, James Cameron 7 10/12/2010 10 22.33 32,000 -2,400 Petro Uno Resources Ltd. Common Shares Erickson, Michael Craig 4 29/10/2009 10 0.35 370,000 70,000 Petro Uno Resources Ltd. Common Shares Kevol, Jordan Scott 4, 5 06/12/2010 10 0.71 144,200 15,000 Petroamerica Oil Corp. Common Shares Front Street Investment

Management Inc. 3 08/12/2010 10 0.52 28,608,500 -40,500

Petroamerica Oil Corp. Common Shares Keep, Gordon 5 06/12/2010 10 0.5 385,000 -25,000 PetroBakken Energy Ltd. Common Shares Fisher, Lawrence Patrick

Joseph5 24/11/2010 10 18.87 4,461 1,000

PetroBakken Energy Ltd. Common Shares Kanters, William 5 06/12/2010 10 19.71 7,048 1,000 PetroBakken Energy Ltd. Common Shares LaPrade, Rene 5 29/11/2010 57 0.05 7,373 5,384 PetroBakken Energy Ltd. Common Shares LaPrade, Rene 5 30/11/2010 10 18.6 1,989 -5,384 PetroBakken Energy Ltd. Rights Incentive LaPrade, Rene 5 29/11/2010 57 0.05 71,639 -5,384 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 06/12/2010 38 19.646 165,600 5,000 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 07/12/2010 38 19.778 170,600 5,000 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 08/12/2010 38 19.648 175,600 5,000 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 09/12/2010 38 19.547 180,600 5,000 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 10/12/2010 38 19.219 185,600 5,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11813


T/O Unit Price


Acquired/ Disposed

PetroBakken Energy Ltd. Common Shares Ruttan, Corey Christopher 4 06/12/2010 10 19.74 29,843 15,000

PetroBakken Energy Ltd. Common Shares Smith, Richard Gregg 5 01/12/2010 10 18.95 4,031 2,000 PetroBakken Energy Ltd. Common Shares Smith, Richard Gregg 5 06/12/2010 10 19.65 6,031 2,000 Petrobank Energy and Resources Ltd.

Common Shares Frank, Louis 4 08/04/2003 00

Petrobank Energy and Resources Ltd.

Common Shares Frank, Louis 4 10/12/2010 51 14.39 10,000 10,000

Petrobank Energy and Resources Ltd.

Options Frank, Louis 4 10/12/2010 51 35,350 -10,000

Petrolympic Ltd. Common Shares Ekstein, Brocha 3 02/12/2010 10 0.125 12,140,857 4,500 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 03/12/2010 10 0.125 12,149,857 9,000 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 06/12/2010 10 0.14 12,152,357 2,500 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 07/12/2010 10 0.135 12,161,357 9,000 PFB Corporation Common Shares PFB Corporation 1 06/12/2010 38 5.6 3,300 1,000 PFB Corporation Common Shares PFB Corporation 1 08/12/2010 38 5.6 4,000 700 Phoenix Technology Income Fund

Options Blanchard, Daniel Asa 5 06/12/2010 51 4.24 137,500 -4,000

Phoenix Technology Income Fund











trust units Blanchard, Daniel Asa 5 06/12/2010 51 4.24 24,000 4,000


trust units Blanchard, Daniel Asa 5 06/12/2010 10 12 20,000 -4,000





















Phoscan Chemical Corp. Common Shares Giegerich, Henry Maynard 4 02/12/2010 10 0.53 75,000 -100,000 Photon Control Inc. Common Shares Melnyk, Ivan 5 06/12/2010 11 15,000 -91,935 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 03/12/2010 10 3.7132 9,320,344 75,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 03/12/2010 10 3.686 9,370,544 50,200 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 03/12/2010 10 3.684 9,376,244 5,700 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 03/12/2010 10 3.68 9,380,044 3,800 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 03/12/2010 10 3.696 9,395,344 15,300 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.5707 9,470,344 75,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.532 9,491,444 21,100 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.445 9,516,644 25,200 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.46 9,516,844 200 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.6 9,521,344 4,500 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.538 9,559,244 37,900 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 06/12/2010 10 3.466 9,570,344 11,100 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.636 9,620,344 50,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.501 93,400 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.501 9,659,744 39,400 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.51 9,660,144 400 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.52 9,660,844 700 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 07/12/2010 10 3.502 9,670,344 9,500 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 08/12/2010 10 3.251 9,683,844 13,500 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 08/12/2010 10 3.25 9,684,044 200

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11814


T/O Unit Price


Acquired/ Disposed

Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 08/12/2010 10 3.253 9,695,344 11,300 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 08/12/2010 10 3.2898 9,745,344 50,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 09/12/2010 10 3.4411 9,770,344 25,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 09/12/2010 10 3.499 9,790,644 20,300 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 09/12/2010 10 3.493 9,793,344 2,700 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 09/12/2010 10 3.53 9,794,144 800 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 09/12/2010 10 3.53 9,795,344 1,200 Pitchstone Exploration Ltd. Options Blower, Steve 5 06/12/2010 51 0.23 817,500 47,500

Pitchstone Exploration Ltd. Options Blower, Steve 5 06/12/2010 10 0.23 770,000 -47,500

Pitchstone Exploration Ltd. Options Blower, Steve 5 07/12/2010 51 0.23 801,500 31,500

Pitchstone Exploration Ltd. Options Blower, Steve 5 07/12/2010 10 0.23 31,500

Pitchstone Exploration Ltd. Options Blower, Steve 5 07/12/2010 10 0.23 770,000 -31,500

Platinex Inc. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 06/12/2010 10 0.1517 200,000 -100,000

Platinum Group Metals Ltd. Common Shares Hallam, Frank 4, 5 07/12/2010 10 2.17 874,414 10,000



Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 06/12/2010 10 2.2 1,285,890 10,000

Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 07/12/2010 10 2.23 1,295,890 10,000

Plazacorp Retail Properties Ltd.

Common Shares Brewer, Earl 3, 4, 5 07/12/2010 90 4 111,800 -53,000

Plazacorp Retail Properties Ltd.

Common Shares Brewer, Earl 3, 4, 5 07/12/2010 90 4 4,981,510 53,000

Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 09/12/2010 11 0.06 3,707,425 766,667 Plexmar Resources Inc. Options d'achat d'actions Bédard, Guy 4, 5 09/12/2010 50 0.11 4,387,500 450,000

Plexmar Resources Inc. Warrants Bédard, Guy 4, 5 09/12/2010 11 0.12 5,807,425 766,667 Poplar Creek Resources Inc. Options Carruthers, John Howard 4, 5 08/12/2010 50 872,500 450,000

Poplar Creek Resources Inc. Common Shares Cook, Colin Henry George 4 08/12/2010 00 375,000

Poplar Creek Resources Inc. Options Cook, Colin Henry George 4 08/12/2010 00 190,000

Poplar Creek Resources Inc. Warrants Series A Cook, Colin Henry George 4 08/12/2010 00 375,000

Poplar Creek Resources Inc. Options Edgar, Richard Norman 4, 5 08/12/2010 50 822,500 400,000

Poplar Creek Resources Inc. Options harris, gregory richard 4 08/12/2010 50 0.1 370,000 190,000

Poplar Creek Resources Inc. Options Watson, George 4 08/12/2010 50 0.1 370,000 190,000

Potash Corporation of Saskatchewan Inc.

Common Shares Doyle, William J. 4, 5 06/12/2010 51 10.5 10,463 10,463


Common Shares Doyle, William J. 4, 5 06/12/2010 10 144.63 10,363 -100



















Insider Reporting

December 17, 2010 (2010) 33 OSCB 11815


T/O Unit Price


Acquired/ Disposed
























Common Shares Doyle, William J. 4, 5 06/12/2010 10 144 0 -6,805


Common Shares Doyle, William J. 4, 5 07/12/2010 51 10.5 31,369 31,369




















Common Shares Doyle, William J. 4, 5 07/12/2010 10 144.61 26,300 -3,200



























Insider Reporting

December 17, 2010 (2010) 33 OSCB 11816


T/O Unit Price


Acquired/ Disposed


























































Common Shares Doyle, William J. 4, 5 07/12/2010 10 144.03 856 -700


Common Shares Doyle, William J. 4, 5 07/12/2010 10 144.01 656 -200


Common Shares Doyle, William J. 4, 5 07/12/2010 10 144 0 -656


Options Employee Stock Options

Doyle, William J. 4, 5 06/12/2010 51 10.5 2,906,023 -10,463


Options Employee Stock Options

Doyle, William J. 4, 5 07/12/2010 51 10.5 2,874,654 -31,369


Common Shares Potash Corporation of Saskatchewan Inc.

1 18/11/2010 38 139.43 1,678,982 1,678,982



1 18/11/2010 38 0 -1,678,982



1 19/11/2010 38 140.09 1,699,650 1,699,650

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11817


T/O Unit Price


Acquired/ Disposed



1 19/11/2010 38 0 -1,699,650



1 22/11/2010 38 140.75 1,460,551 1,460,551



1 22/11/2010 38 0 -1,460,551



1 23/11/2010 38 139.8 1,100,227 1,100,227



1 23/11/2010 38 0 -1,100,227



1 24/11/2010 38 144.31 250,000 250,000



1 24/11/2010 38 142.75 1,120,025 870,025



1 24/11/2010 38 0 -1,120,025



1 26/11/2010 38 146.06 127,800 127,800



1 26/11/2010 38 143.31 487,436 359,636



1 26/11/2010 38 0 -487,436



1 29/11/2010 38 146.35 1,316,600 1,316,600



1 29/11/2010 38 142.74 2,516,273 1,199,673



1 29/11/2010 38 0 -2,516,273



1 30/11/2010 38 147.56 81,200 81,200



1 30/11/2010 38 144.38 1,581,050 1,499,850



1 30/11/2010 38 0 -1,581,050



1 01/12/2010 38 147.11 102,000 102,000



1 01/12/2010 38 144.83 1,359,146 1,257,146



1 01/12/2010 38 0 -1,359,146



1 02/12/2010 38 144.67 1,060,000 1,060,000



1 02/12/2010 38 0 -1,060,000

Poynt Corporation (formerly Multiplied Media Corporation)


Poynt Corporation (formerly Multiplied Media Corporation)


Precious Metals Bullion Trust

Units Precious Metals Bullion Trust

1 01/11/2010 38 14.5 900 900



1 01/11/2010 38 14.5 0 -900



1 03/11/2010 38 14.65 3,000 3,000



1 03/11/2010 38 14.65 0 -3,000



1 03/11/2010 38 14.5 3,000 3,000



1 03/11/2010 38 14.5 0 -3,000



1 10/11/2010 38 15.5 3,000 3,000



1 10/11/2010 38 15.5 0 -3,000



1 10/11/2010 38 15.35 3,000 3,000



1 10/11/2010 38 15.35 0 -3,000



1 16/11/2010 38 14.7 3,000 3,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11818


T/O Unit Price


Acquired/ Disposed



1 16/11/2010 38 14.7 0 -3,000



1 19/11/2010 38 14.95 900 900



1 19/11/2010 38 14.95 0 -900

Premier Gold Mines Limited Common Shares Colin, Jean-Pierre 4 09/12/2010 10 7.42 28,000 -2,000



Premier Gold Mines Limited Common Shares Pollock, John Arthur 4 06/12/2010 51 4.2 60,000 20,000

Premier Gold Mines Limited Common Shares Pollock, John Arthur 4 07/12/2010 10 7.69 53,800 -6,200



Premier Gold Mines Limited Options Pollock, John Arthur 4 06/12/2010 51 165,000 -20,000

Premier Gold Mines Limited Common Shares Seaman, John 4, 5 29/11/2010 10 6.66 89,580 -59,500






Premium Brands Holdings Corporation

Common Shares BELIVEAU, JOHN STEPHEN

7 07/12/2010 30 14 36,582 1,091


Common Shares Kalutycz, William Dion 5 07/12/2010 30 14 61,740 3,963


Common Shares PALEOLOGOU, GEORGE 4, 5 07/12/2010 30 14 140,534 4,373


Common Shares PROPP, KENNETH 7 07/12/2010 30 14 26,735 1,091

Preo Software Inc. Common Shares Cabigon, Michael 4 09/12/2010 10 0.23 6,459,255 10,000 Preo Software Inc. Common Shares Cabigon, Michael 4 09/12/2010 10 0.255 6,469,255 10,000 Preo Software Inc. Common Shares Glubish, Nathanael James 4 06/12/2010 10 0.21 26,500 500 Prestige Telecom Inc. Options Pesner, Michael 4 30/07/2007 00 Prestige Telecom Inc. Options Pesner, Michael 4 23/10/2007 50 0.85 100,000 Prestige Telecom Inc. Options Pesner, Michael 4 23/10/2007 50 0.85 100,000 100,000 Prestige Telecom Inc. Options Pesner, Michael 4 02/09/2009 50 0.25 100,000 Prestige Telecom Inc. Options Pesner, Michael 4 02/09/2009 50 0.25 200,000 100,000 Prestige Telecom Inc. Options Pesner, Michael 4 30/07/2007 00 Prestige Telecom Inc. Options Pesner, Michael 4 30/07/2007 00 Prestige Telecom Inc. Options Pesner, Michael 4 23/10/2007 50 0.85 100,000 Prestige Telecom Inc. Options Pesner, Michael 4 02/09/2009 50 0.25 100,000 Primaris Retail Real Estate Investment Trust

Trust Units Morrison, John Rennie 7 09/12/2010 10 18.498 49,778 5,000

Primaris Retail Real Estate Investment Trust

Trust Units Primaris Retail Real Estate Investment Trust

1 02/12/2010 10 19 10,000



1 02/12/2010 38 19 40,000 10,000



1 03/12/2010 38 19 44,800 4,800



1 06/12/2010 38 19 50,000 5,200



1 07/12/2010 38 19 60,000 10,000



1 08/12/2010 38 18.85 70,000 10,000



1 09/12/2010 38 18.65 80,000 10,000

Primary Petroleum Corporation


Insider Reporting

December 17, 2010 (2010) 33 OSCB 11819


T/O Unit Price


Acquired/ Disposed

Primary Petroleum Corporation


Prism Medical Ltd. Common Shares Scavuzzo, Ross 5 09/12/2010 00 Prism Medical Ltd. Common Shares Scavuzzo, Ross 5 09/12/2010 10 4.7 63,617 63,617 Pristine Power Inc. Common Shares MacLachlan, John Ross 4 06/12/2010 22 0 -115,000 Probe Mines Limited Common Shares Reid, Thomas Patrick 4 06/12/2010 10 1.8973 625,000 10,000 Progress Energy Resources Corp. (formerly ProEx Energy Ltd.)

Common Shares Crone, Howard James 4 30/11/2010 10 11.58 720,223 -7,000

Provident Energy Trust Performance Awards (PTUs)

Heagy, Brent 5 25/11/2010 00 42,529

QLT Inc. Options Cadden, Suzanne Mary 5 22/09/2010 00 QLT Inc. Options Cadden, Suzanne Mary 5 09/12/2010 50 40,000 40,000 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 51 11.25 8,800 8,800 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 51 7.76 33,800 25,000 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 51 7.31 58,800 25,000 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 10 15.52 50,000 -8,800 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 10 15.42 25,000 -25,000 Quadra FNX Mining Ltd. Common Shares Le Bel, Guy 5 07/12/2010 10 15.46 0 -25,000 Quadra FNX Mining Ltd. Options Le Bel, Guy 5 07/12/2010 51 11.25 8,800 Quadra FNX Mining Ltd. Options Le Bel, Guy 5 07/12/2010 51 11.25 193,638 -8,800 Quadra FNX Mining Ltd. Options Le Bel, Guy 5 07/12/2010 51 7.76 168,638 -25,000 Quadra FNX Mining Ltd. Options Le Bel, Guy 5 07/12/2010 51 7.31 143,638 -25,000 Queensland Minerals Ltd. Common Shares Crombie, James A. 4, 5 18/01/2010 37 -6,416,667 Queensland Minerals Ltd. Common Shares Crombie, James A. 4, 5 18/01/2010 37 1,875,000 -3,750,000 Queensland Minerals Ltd. Common Shares Fennell, David 4, 5 18/01/2010 37 -6,416,667 Queensland Minerals Ltd. Common Shares Fennell, David 4, 5 18/01/2010 37 1,875,000 -3,750,000 Radiant Energy Corporation Common Shares Marsh, John M. 3 06/12/2010 97 15,497,945 5,280

Radiant Energy Corporation Common Shares O'Hara, Gregory G. 3 06/12/2010 97 1,678,102 5,440

Raimount Energy Inc. Common Shares Vavra, Steve 3, 4, 5 03/12/2010 11 2 573,563 -5,000 Raimount Energy Inc. Common Shares Vavra, Steve 3, 4, 5 12/09/1997 00 Raimount Energy Inc. Common Shares Vavra, Steve 3, 4, 5 03/12/2010 11 2 5,000 5,000 Rainy River Resources Ltd. Common Shares Caridi, Elizabeth 5 02/12/2010 51 2 1,000 1,000

Rainy River Resources Ltd. Common Shares Caridi, Elizabeth 5 02/12/2010 10 12.69 0 -1,000

Rainy River Resources Ltd. Stock Options Caridi, Elizabeth 5 02/12/2010 51 2 40,500 -1,000

Range Energy Resources Inc.

Common Shares sheldon, donald r. 4, 5 03/12/2010 10 0.13 2,814,600 10,000

Range Energy Resources Inc.

Common Shares sheldon, donald r. 4, 5 03/12/2010 10 0.145 2,824,600 10,000

Ratel Gold Limited Subscription Rights Carrick, Michael Joseph 4 27/01/2010 00 Ratel Gold Limited Subscription Rights Carrick, Michael Joseph 4 30/11/2010 97 0.3 333,333 Ratel Gold Limited Subscription Rights Carrick, Michael Joseph 4 30/11/2010 97 0.3 333,333 Ratel Gold Limited Subscription Rights

Subscription Receipts Carrick, Michael Joseph 4 27/01/2010 00

Ratel Gold Limited Subscription Rights Subscription Receipts

Carrick, Michael Joseph 4 30/11/2010 97 0.3 333,333


Carrick, Michael Joseph 4 30/11/2010 97 0.3 333,333 333,333


Carrick, Michael Joseph 4 27/01/2010 00


Carrick, Michael Joseph 4 30/11/2010 97 0.3 3,100,000


Carrick, Michael Joseph 4 30/11/2010 97 0.3 3,100,000 3,100,000


Fisher, Ian Charles 4 31/05/2010 00






Fisher, Ian Charles 4 30/11/2010 97 0.3 25,000


Fisher, Ian Charles 4 30/11/2010 97 0.3 83,333 83,333


Savage, Mark Stuart 4 27/01/2010 00


Savage, Mark Stuart 4 30/11/2010 97 0.3 2,600,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11820


T/O Unit Price


Acquired/ Disposed


Savage, Mark Stuart 4 30/11/2010 97 0.3 2,600,000 2,600,000


Savage, Mark Stuart 4 27/01/2010 00


Savage, Mark Stuart 4 30/11/2010 97 0.3 3,100,000


Savage, Mark Stuart 4 30/11/2010 97 0.3 3,100,000 3,100,000

Razore Rock Resources Inc. Common Shares van de Water, Frank 4 10/12/2010 00 1,000

RDM Corporation Common Shares Nally, Robert 4 01/12/2010 11 1.15 877,300 -150,000 RDM Corporation Common Shares Nally, Robert 4 01/12/2010 11 1.15 15,500 -100,000 RDM Corporation Common Shares Noelting, Jean 4 23/01/2003 00 RDM Corporation Common Shares Noelting, Jean 4 01/12/2010 11 1.15 250,000 250,000 REBgold Corporation Common Shares FABIAN, Stephen Leslie 4 02/12/2010 00 2,202,500 Reef Resources Ltd. Common Shares Malik, Tariq Shafiq 5 21/07/2008 00 Reef Resources Ltd. Common Shares Malik, Tariq Shafiq 5 02/12/2010 10 0.08 58,000 58,000 Reliable Energy Ltd. (formerly Ceres Capital Corp.)

Options Frostad, Brett 5 18/11/2010 00 500,000

Reservoir Capital Corp. Common Shares MacIntyre, Christopher Randall

5 29/11/2010 11 0.6 160,000 35,000

Reservoir Capital Corp. Warrants MacIntyre, Christopher Randall

5 16/07/2010 55 85,000 -20,000

Reservoir Capital Corp. Warrants MacIntyre, Christopher Randall

5 29/11/2010 11 0.6 120,000 35,000

Resin Systems Inc. Common Shares Giannelia, Paul Vassili Richard

4 12/04/2010 11 0.285 696,786 -1,060,356


4 20/04/2010 11 0.27 530,119 -166,667


4 12/04/2010 11 0.285 -1,060,356


4 20/04/2010 11 0.27 -166,667

Resinco Capital Partners Inc.

Common Shares Poulus, Hein 4 02/12/2010 10 0.16 19,345,518 -45,000

Resverlogix Corp. Common Shares Smith, Eldon 4 06/12/2010 00 6,000 Revett Minerals Inc. Common Shares Eickerman, Kenneth S. 5 06/12/2010 51 0.525 106,391 25,000 Revett Minerals Inc. Common Shares Eickerman, Kenneth S. 5 06/12/2010 10 4.32 81,391 -25,000 Revett Minerals Inc. Options Eickerman, Kenneth S. 5 06/12/2010 51 0.525 315,000 -25,000 Richelieu Hardware Ltd. Unités d'actions différées Chicoyne, Denyse 4 06/12/2010 56 29.57 9,788 254

Richelieu Hardware Ltd. Unités d'actions différées Courteau, Robert 4 06/12/2010 56 29.66 9,829 371

Richelieu Hardware Ltd. Common Shares Dion, Christian 5 08/12/2010 30 31.206 533 12 Richelieu Hardware Ltd. Unités d'actions différées DOUVILLE, Jean R. 4 06/12/2010 56 29.64 9,407 434

Richelieu Hardware Ltd. Unités d'actions différées Gauvin, Mathieu 4 06/12/2010 56 29.61 11,093 367

Richelieu Hardware Ltd. Common Shares Giasson, Alain 5 08/12/2010 30 31.206 11,481 100 Richelieu Hardware Ltd. Common Shares Grenier, Guy 5 08/12/2010 30 31.206 35,539 46 Richelieu Hardware Ltd. Common Shares Guindon, NOrmand 5 08/12/2010 30 31.209 18,197 89 Richelieu Hardware Ltd. Common Shares Lord, Richard 4, 5 08/12/2010 30 31.206 1,409,024 62 Richelieu Hardware Ltd. Unités d'actions différées Proteau, Jocelyn 4 06/12/2010 56 29.66 4,572 185

Richelieu Hardware Ltd. Common Shares Quevillon, Geneviève 5 08/12/2010 30 31.206 1,150 23 Richmont Mines Inc. Common Shares Cauchon, Sandra 5 08/12/2010 10 5.15 0 -500 Richmont Mines Inc. Common Shares Cauchon, Sandra 5 09/12/2010 51 1.8 3,000 3,000 Richmont Mines Inc. Options Cauchon, Sandra 5 09/12/2010 50 5.09 14,000 2,000 Richmont Mines Inc. Options Cauchon, Sandra 5 09/12/2010 51 1.8 11,000 -3,000 Richmont Mines Inc. Common Shares Pichette, Christian 5 08/12/2010 51 4.36 73,500 50,000 Richmont Mines Inc. Options Pichette, Christian 5 08/12/2010 51 4.36 175,000 -50,000 Richmont Mines Inc. Options Pichette, Christian 5 09/12/2010 50 5.09 208,000 33,000 Richmont Mines Inc. Options Rivard, Martin 5 09/12/2010 50 5.09 349,000 49,000 Richmont Mines Inc. Options Veilleux, Nicole 5 09/12/2010 50 5.09 118,000 16,000 Ridgeline Energy Services Inc.

Options Heathcote, Tyler Wade 5 02/12/2010 50 0.5 600,000 100,000

Ridgeline Energy Services Inc.

Common Shares Johnson, Douglas Brian 3, 4 30/11/2010 54 0.25 5,733,250 625,000


Options Johnson, Douglas Brian 3, 4 30/11/2010 50 0.5 550,000 100,000


Warrants Johnson, Douglas Brian 3, 4 30/11/2010 54 0.25 2,250,000 -625,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11821


T/O Unit Price


Acquired/ Disposed


Options Ker, Anthony David John 4, 5 30/11/2010 50 0.5 700,000 100,000

Rio Novo Gold Inc. Ordinary Share Beatty, David Malcolm 4, 5 07/12/2010 15 2.3 4,669,934 200,000 Ritchie Bros. Auctioneers Incorporated

Common Shares Blake, Peter James 4 03/12/2010 47 20.17 149,768 -275

Riverstone Resources Inc. Common Shares Anderson, Paul 5 03/11/2009 00 Riverstone Resources Inc. Common Shares Anderson, Paul 5 03/11/2009 00 Rock Energy Inc. Common Shares Dozzi, Bryan 5 08/12/2010 00 7,635 Rock Energy Inc. Common Shares Dozzi, Bryan 5 08/12/2010 00 12,000 Rock Energy Inc. Options Dozzi, Bryan 5 08/12/2010 00 150,000 Rock Energy Inc. Common Shares Phelps, Robert A. 5 08/12/2010 00 41,667 Rock Energy Inc. Options Phelps, Robert A. 5 08/12/2010 00 99,999 RockBridge Resources Inc. Common Shares Mathiesen, Steve 4, 5 30/11/2010 16 0.12 2,585,000 50,000

RockBridge Resources Inc. Common Shares Mathiesen, Steve 4, 5 29/07/2008 00

RockBridge Resources Inc. Common Shares Mathiesen, Steve 4, 5 30/11/2010 16 0.12 50,000 50,000

RockBridge Resources Inc. Warrants Mathiesen, Steve 4, 5 30/11/2010 16 425,000 25,000

RockBridge Resources Inc. Warrants Mathiesen, Steve 4, 5 29/07/2008 00

RockBridge Resources Inc. Warrants Mathiesen, Steve 4, 5 30/11/2010 16 25,000 25,000

Rockgate Capital Corp. Common Shares Kottmeier, Karl Eric 4 03/12/2010 11 737,154 -250,000 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 06/12/2010 10 0.17 1,150,500 1,000 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 08/12/2010 10 0.17 1,152,000 1,500 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 08/12/2010 10 0.16 1,154,000 2,000 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 08/12/2010 10 0.165 1,155,000 1,000 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 09/12/2010 10 0.17 1,156,500 1,500 Rodinia Oil Corp. Common Shares Philipchuk, Matthew Peter 5 06/12/2010 10 2.011 7,805,236 -454,800

Rodinia Oil Corp. Common Shares Philipchuk, Matthew Peter 5 07/12/2010 10 2.0055 7,453,236 -352,000

Rodinia Oil Corp. Common Shares Philipchuk, Matthew Peter 5 07/12/2010 10 1.9835 7,008,036 -445,200

Rogers Communications Inc. Non-Voting Shares Class B

Rogers Communications Inc.

1 07/12/2010 11 32.345 3,100,000 3,100,000


Rogers Communications Inc.

1 07/12/2010 38 0 -3,100,000

Rogers Communications Inc. Common Shares Class A Voting

TORY, JOHN HOWARD 4, 6 29/04/2010 00 7,812


TORY, JOHN HOWARD 4, 6 29/04/2010 00 114,000

Romarco Minerals Inc Common Shares MacDonald, Robert John 4 01/12/2010 10 2.62 169,000 -6,000 Romarco Minerals Inc Common Shares MacDonald, Robert John 4 02/12/2010 10 2.62 165,000 -4,000 Romarco Minerals Inc Common Shares MacDonald, Robert John 4 03/12/2010 10 2.7 155,000 -10,000 Romarco Minerals Inc Common Shares MacDonald, Robert John 4 07/12/2010 10 2.7 135,000 -20,000 Romios Gold Resources Inc. Common Shares de Quadros, Antonio

Melicio4 09/12/2010 51 0.12 200,000 90,000

Romios Gold Resources Inc. Options de Quadros, Antonio Melicio

4 09/12/2010 51 0.12 410,000 -90,000

Romios Gold Resources Inc. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 06/12/2010 10 0.1819 134,500 -165,500


3 07/12/2010 10 0.1811 0 -134,500


3 08/12/2010 51 0.15 693,333 693,333

Romios Gold Resources Inc. Options Joe Dwek Management Consultants 2007 Inc.

3 08/12/2010 51 0.15 200,000 -693,333

RONA inc. Common Shares RONA inc. 1 03/12/2010 22 128,922 11,860 Royal Bank of Canada Common Shares Ferguson, John Thomas 4 24/08/2010 30 51.439 7,277 70 Royal Bank of Canada Common Shares Ferguson, John Thomas 4 24/11/2010 30 54.997 7,343 66 Royal Bank of Canada Common Shares O'Brien, David Peter 4 01/12/2010 30 56.072 156,642 1,109 Royal Bank of Canada Common Shares O'Brien, David Peter 4 01/12/2010 30 55.781 158,287 1,645 Royal Bank of Canada Common Shares O'Brien, David Peter 4 09/12/2010 51 23.21 166,287 8,000 Royal Bank of Canada Common Shares O'Brien, David Peter 4 09/12/2010 10 52.7 158,287 -8,000 Royal Bank of Canada Options O'Brien, David Peter 4 09/12/2010 51 23.21 8,000 -8,000 Royal Bank of Canada Common Shares Young, Victor Leyland 4 08/12/2010 10 52.78 21,386 500 Royal Host Real Estate Investment Trust

Convertible Debentures Series B 6.00%

ROYAL HOST REAL ESTATE INVESTMENT TRUST

1 04/11/2010 38 77 $4,000 $4,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11822


T/O Unit Price


Acquired/ Disposed

Royal Host Real Estate Investment Trust



1 09/11/2010 38 78 $8,000 $4,000




1 09/11/2010 38 $4,000 -$4,000




1 11/11/2010 38 78 $8,000 $4,000




1 12/11/2010 38 77.99 $11,000 $3,000




1 15/11/2010 38 78 $15,000 $4,000




1 15/11/2010 38 $11,000 -$4,000




1 16/11/2010 38 $7,000 -$4,000




1 17/11/2010 38 $4,000 -$3,000




1 18/11/2010 38 $0 -$4,000


Trust Units ROYAL HOST REAL ESTATE INVESTMENT TRUST

1 01/11/2010 38 13,600 -6,800



1 02/11/2010 38 2.31 16,200 2,600



1 02/11/2010 38 2.35 17,000 800



1 03/11/2010 38 3,400 -13,600



1 05/11/2010 38 2.33 10,200 6,800



1 08/11/2010 38 2.35 17,000 6,800



1 09/11/2010 38 2.34 23,800 6,800



1 10/11/2010 38 2.35 25,600 1,800



1 10/11/2010 38 2.37 30,600 5,000



1 10/11/2010 38 20,400 -10,200



1 11/11/2010 38 2.38 21,300 900



1 11/11/2010 38 2.35 27,200 5,900



1 12/11/2010 38 2.37 34,000 6,800



1 15/11/2010 38 2.31 40,800 6,800



1 16/11/2010 38 2.33 47,600 6,800

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11823


T/O Unit Price


Acquired/ Disposed



1 17/11/2010 38 2.3 54,400 6,800



1 17/11/2010 38 20,400 -34,000



1 18/11/2010 38 2.3 27,200 6,800



1 19/11/2010 38 2.35 34,000 6,800



1 22/11/2010 38 2.33 40,800 6,800



1 23/11/2010 38 2.33 47,600 6,800



1 24/11/2010 38 2.35 54,400 6,800



1 24/11/2010 38 20,400 -34,000



1 25/11/2010 38 2.35 21,200 800



1 25/11/2010 38 2.4 27,000 5,800



1 25/11/2010 38 2.4 27,200 200



1 26/11/2010 38 2.35 33,300 6,100



1 29/11/2010 38 2.35 40,100 6,800



1 30/11/2010 38 2.3 46,900 6,800



1 30/11/2010 38 19,700 -27,200

Royce Resources Corp. Common Shares hodgkinson, charles 4 01/12/2010 00 13,372,318 RS Technologies Inc. Common Shares Giannelia, Paul Vassili

Richard4 20/10/2010 11 0.013 1,244,872 714,753

RS Technologies Inc. Common Shares Giannelia, Paul Vassili Richard

4 29/11/2010 37 33,148 -6,596,339


4 29/11/2010 37 7,643 -1,520,793


4 20/10/2010 11 0.013 714,753


4 29/11/2010 37 -6,596,339


4 29/11/2010 37 -1,520,793

RS Technologies Inc. Options Giannelia, Paul Vassili Richard

4 29/11/2010 37 270 2,633,000 -1,990,000


4 29/11/2010 37 300 1,638,000 -995,000


4 29/11/2010 37 222 643,000 -995,000


4 29/11/2010 37 114 23,115 -619,885


4 29/11/2010 37 270 -1,990,000


4 29/11/2010 37 300 -995,000


4 29/11/2010 37 222 -995,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11824


T/O Unit Price


Acquired/ Disposed


4 29/11/2010 37 114 -619,885

RS Technologies Inc. Warrants Giannelia, Paul Vassili Richard

4 29/11/2010 53 2 518,899 238,899


4 29/11/2010 37 34 240,299 -278,600


4 29/11/2010 53 2 238,899


4 29/11/2010 37 34 -2,786,000

RS Technologies Inc. Common Shares Gray, James K. 4 06/12/2010 10 1.26 147,900 -1,356 RS Technologies Inc. Common Shares Gray, James K. 4 06/12/2010 10 1.27 146,900 -1,000 RS Technologies Inc. Common Shares Gray, James K. 4 06/12/2010 10 1.4 137,900 -9,000 RS Technologies Inc. Common Shares Gray, James K. 4 06/12/2010 10 1.44 136,900 -1,000 RS Technologies Inc. Options Hunka, Dwayne 4 18/12/2009 52 -189,775 RS Technologies Inc. Options Hunka, Dwayne 4 18/12/2009 52 -189,775 RS Technologies Inc. Options Hunka, Dwayne 4 18/12/2009 52 45,000 -145,000 Rubicon Minerals Corporation

Common Shares Bouchard, Claude 5 01/12/2010 51 1.89 25,000 25,000

Rubicon Minerals Corporation

Common Shares Bouchard, Claude 5 01/12/2010 51 -25,000




Common Shares Bouchard, Claude 5 03/12/2010 51 1.89 25,000




Common Shares Bouchard, Claude 5 03/12/2010 10 0 -25,000


Options Bouchard, Claude 5 01/12/2010 51 1.89 250,000 -25,000


Common Shares Bradbrook, Christopher J. 4 03/12/2010 51 0.56 331,574 200,000


Common Shares Bradbrook, Christopher J. 4 10/12/2010 10 -50,000


Common Shares Bradbrook, Christopher J. 4 10/12/2010 10 5.37 281,574 -50,000


Options Bradbrook, Christopher J. 4 03/12/2010 51 0.56 355,000 -200,000


Options Kemp, Julian 4 01/12/2010 38 100,000 -100,000


Rights Share Appreciation Rights

Kemp, Julian 4 31/05/2010 00



Kemp, Julian 4 02/12/2010 56 100,000 100,000



Kemp, Julian 4 02/12/2010 57 0 -100,000


Common Shares Lewis, Robert George 5 06/12/2010 51 0.48 157,300 150,000


Options Lewis, Robert George 5 06/12/2010 51 0.48 495,000 -150,000

Rugby Mining Limited Options Daubaras, Darcy Glenn 5 06/12/2010 50 1.81 200,000 50,000 Rugby Mining Limited Common Shares Montpellier, Louis George 4 06/12/2010 00 150,000 Rugby Mining Limited Options Montpellier, Louis George 4 06/12/2010 00 Rugby Mining Limited Options Montpellier, Louis George 4 06/12/2010 00 500,000 Rusoro Mining Ltd. Common Shares Agapov, Andre Vladimir 3, 4, 5 08/12/2010 10 0.265 66,065,167 147,000 Rusoro Mining Ltd. Common Shares Agapov, Andre Vladimir 3, 4, 5 08/12/2010 10 0.264 66,068,167 3,000 Rusoro Mining Ltd. Common Shares Agapov, Andre Vladimir 3, 4, 5 09/12/2010 10 0.265 66,101,667 33,500 Rusoro Mining Ltd. Common Shares Agapov, Andre Vladimir 3, 4, 5 09/12/2010 10 0.275 66,137,167 35,500 Rusoro Mining Ltd. Common Shares Agapov, Andre Vladimir 3, 4, 5 09/12/2010 10 0.28 66,218,167 81,000 Rutter Inc. Common Shares Bruce, Gary C. 4 15/01/2010 00 Rutter Inc. Common Shares Bruce, Gary C. 4 03/12/2010 10 0.045 20,000 20,000 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 07/12/2010 10 5.723 21,341,103 -33,300 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 07/12/2010 10 5.478 21,256,103 -85,000 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 08/12/2010 10 5.205 21,201,103 -55,000 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 06/12/2010 47 5.73 99,000 -4,000 Sandvine Corporation Common Shares Bowman, Don 5 06/12/2010 10 2.76 3,361,400 -2,700 Sandvine Corporation Common Shares Bowman, Don 5 10/12/2010 10 2.76 3,359,100 -2,300 Sandvine Corporation Common Shares Caputo, David 4 06/12/2010 10 2.57 3,349,600 -2,700 Sandvine Corporation Common Shares Caputo, David 4 07/12/2010 10 2.69 3,344,200 -5,400 Sandvine Corporation Common Shares Caputo, David 4 08/12/2010 10 2.45 3,344,100 -100 Sandvine Corporation Common Shares Caputo, David 4 06/12/2010 10 2.27 20,763 556 Sandvine Corporation Common Shares Donnelly, Tom 5 06/12/2010 10 2.58 3,133,430 -2,700 Sandvine Corporation Common Shares Donnelly, Tom 5 07/12/2010 10 2.68 3,128,030 -5,400

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11825


T/O Unit Price


Acquired/ Disposed

Sandvine Corporation Common Shares Donnelly, Tom 5 08/12/2010 10 2.46 3,127,930 -100 Sandvine Corporation Common Shares Hamilton, Scott 4 06/12/2010 10 2.56 64,420 -2,700 Sandvine Corporation Common Shares Hamilton, Scott 4 06/12/2010 10 2.27 64,638 218 Sandvine Corporation Common Shares Hamilton, Scott 4 07/12/2010 10 2.68 59,238 -5,400 Sandvine Corporation Common Shares Hamilton, Scott 4 08/12/2010 10 2.45 52,438 -6,800 Sandvine Corporation Common Shares Hamilton, Scott 4 09/12/2010 10 2.42 44,838 -7,600 Sandvine Corporation Common Shares Hamilton, Scott 4 10/12/2010 10 2.49 36,138 -8,700 Sandvine Corporation Common Shares Siim, Brad 5 06/12/2010 10 2.6 3,344,600 -2,700 Sandvine Corporation Common Shares Siim, Brad 5 07/12/2010 10 2.68 3,339,200 -5,400 Sandvine Corporation Common Shares Siim, Brad 5 08/12/2010 10 2.46 3,334,100 -5,100 Sandvine Corporation Common Shares Verhoeve, Michael 5 06/12/2010 30 2.27 5,766 154 Sangoma Technologies Corporation

Options Moore, David Sidney 5 19/11/2010 00 672,175

Saputo Inc. Common Shares Saputo inc. 1 08/11/2010 38 37.4 125,000 125,000 Saputo Inc. Common Shares Saputo inc. 1 09/11/2010 38 36.749 171,900 46,900 Saputo Inc. Common Shares Saputo inc. 1 10/11/2010 38 36.483 227,200 55,300 Saputo Inc. Common Shares Saputo inc. 1 11/11/2010 38 36.971 305,400 78,200 Saputo Inc. Common Shares Saputo inc. 1 12/11/2010 38 36.711 348,800 43,400 Saputo Inc. Common Shares Saputo inc. 1 15/11/2010 38 36.982 387,600 38,800 Saputo Inc. Common Shares Saputo inc. 1 15/11/2010 38 262,600 -125,000 Saputo Inc. Common Shares Saputo inc. 1 16/11/2010 38 36.707 314,900 52,300 Saputo Inc. Common Shares Saputo inc. 1 16/11/2010 38 268,000 -46,900 Saputo Inc. Common Shares Saputo inc. 1 17/11/2010 38 36.593 310,400 42,400 Saputo Inc. Common Shares Saputo inc. 1 17/11/2010 38 176,900 -133,500 Saputo Inc. Common Shares Saputo inc. 1 18/11/2010 38 37.412 245,300 68,400 Saputo Inc. Common Shares Saputo inc. 1 18/11/2010 38 201,900 -43,400 Saputo Inc. Common Shares Saputo inc. 1 19/11/2010 38 36.948 225,900 24,000 Saputo Inc. Common Shares Saputo inc. 1 19/11/2010 38 187,100 -38,800 Saputo Inc. Common Shares Saputo inc. 1 22/11/2010 38 37.118 218,100 31,000 Saputo Inc. Common Shares Saputo inc. 1 22/11/2010 38 165,800 -52,300 Saputo Inc. Common Shares Saputo inc. 1 23/11/2010 38 36.869 193,300 27,500 Saputo Inc. Common Shares Saputo inc. 1 23/11/2010 38 150,900 -42,400 Saputo Inc. Common Shares Saputo inc. 1 24/11/2010 38 37.245 201,200 50,300 Saputo Inc. Common Shares Saputo inc. 1 24/11/2010 38 132,800 -68,400 Saputo Inc. Common Shares Saputo inc. 1 25/11/2010 38 37.513 140,700 7,900 Saputo Inc. Common Shares Saputo inc. 1 25/11/2010 38 116,700 -24,000 Saputo Inc. Common Shares Saputo inc. 1 26/11/2010 38 37.64 143,800 27,100 Saputo Inc. Common Shares Saputo inc. 1 26/11/2010 38 112,800 -31,000 Saputo Inc. Common Shares Saputo inc. 1 29/11/2010 38 37.215 139,400 26,600 Saputo Inc. Common Shares Saputo inc. 1 29/11/2010 38 111,900 -27,500 Saputo Inc. Common Shares Saputo inc. 1 30/11/2010 38 37.348 143,600 31,700 Saputo Inc. Common Shares Saputo inc. 1 30/11/2010 38 93,300 -50,300 Sargasso Capital Corporation

Common Shares Seed, Christopher 4 10/12/2010 00

Sargasso Capital Corporation

Common Shares Seed, Christopher 4 10/12/2010 00 100,000

Sargasso Capital Corporation

Options Seed, Christopher 4 10/12/2010 00

Savanna Energy Services Corp.

Options Chow, George K. 5 05/12/2010 52 29.65 294,659 -60,000


Options Draudson, Darcy 5 05/12/2010 52 29.65 294,659 -60,000


Options MULLEN, Kenneth Brandon 4, 5 05/12/2010 52 29.65 410,293 -60,000

Savaria Corporation Common Shares Savaria Corporation 1 30/11/2010 38 0 -175,155 Savaria Corporation Common Shares Savaria Corporation 1 06/12/2010 38 1.53 1,000 1,000 Score Media Inc. Subordinate Voting

Shares Class A Levy, John S. 3, 4, 6, 7,

503/12/2010 10 0.9 462,842 4,000

Scorpio Mining Corporation Common Shares Bryce, Robert 5 09/12/2010 10 227,500 -10,000

Scorpio Mining Corporation Common Shares Bryce, Robert 5 10/12/2010 10 217,500 -10,000

Sea Green Capital Corp. Common Shares Murray, Robert Brian 4 03/12/2010 10 0.06 2,271,200 -75,000 Seabridge Gold Inc. Common Shares Murphy, Robert Brent 5 06/12/2010 00 1,000 Seabridge Gold Inc. Options Murphy, Robert Brent 5 06/12/2010 00 46,000 SEAFIELD RESOURCES LTD.

Common Shares Paterson, James 4 06/12/2010 10 0.705 0 -300,000

SEAFIELD RESOURCES LTD.

Common Shares Pirie, James 4, 5 10/12/2010 51 0.175 1,330,284 200,000

SEAFIELD RESOURCES LTD.

Options Pirie, James 4, 5 10/12/2010 51 1,175,000 -200,000

SeaMiles Limited Common Shares Rooney, Peter 4, 5 06/12/2010 90 1.1 10,000 -90,000 SeaMiles Limited Common Shares Rooney, Peter 4, 5 23/12/2003 00 SeaMiles Limited Common Shares Rooney, Peter 4, 5 06/12/2010 90 1.1 90,000 90,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11826


T/O Unit Price


Acquired/ Disposed

Sears Canada Inc. Common Shares Bird, Ephraim John 4 03/12/2010 10 19.363 1,500 -1,000 Sears Canada Inc. Common Shares Sears Canada Inc. 1 02/11/2010 38 19.5 1,100 1,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 02/11/2010 38 0 -1,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 03/11/2010 38 19.5 500 500 Sears Canada Inc. Common Shares Sears Canada Inc. 1 03/11/2010 38 0 -500 Sears Canada Inc. Common Shares Sears Canada Inc. 1 18/11/2010 38 20.05 458,100 458,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 18/11/2010 38 0 -458,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 19/11/2010 38 19.497 1,800 1,800 Sears Canada Inc. Common Shares Sears Canada Inc. 1 19/11/2010 38 0 -1,800 Sears Canada Inc. Common Shares Sears Canada Inc. 1 22/11/2010 38 19.494 4,700 4,700 Sears Canada Inc. Common Shares Sears Canada Inc. 1 22/11/2010 38 0 -4,700 Sears Canada Inc. Common Shares Sears Canada Inc. 1 23/11/2010 38 19.431 2,300 2,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 23/11/2010 38 0 -2,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 24/11/2010 38 19.5 200 200 Sears Canada Inc. Common Shares Sears Canada Inc. 1 24/11/2010 38 0 -200 Sears Canada Inc. Common Shares Sears Canada Inc. 1 30/11/2010 38 19.5 500 500 Sears Canada Inc. Common Shares Sears Canada Inc. 1 30/11/2010 38 0 -500 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.67 20,900 -1,600 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.667 18,300 -2,600 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.67 15,800 -2,500 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.7 13,900 -1,900 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.669 11,200 -2,700 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.67 7,800 -3,400 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.661 5,400 -2,400 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.7 2,300 -3,100 SEMAFO INC. Common Shares Mélanson, Alain 5 03/12/2010 10 13.67 0 -2,300 SEMAFO INC. Common Shares Milette, Martin 5 03/12/2010 10 13.53 0 -75,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.36 21,000 -1,500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.57 19,500 -1,500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.5 18,500 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.57 17,000 -1,500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.5 15,000 -2,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.52 13,500 -1,500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.53 12,500 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.52 11,750 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.51 10,750 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.507 9,750 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.515 8,750 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.52 7,750 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.53 7,000 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.5 6,000 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.517 5,250 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.65 4,500 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.6 3,750 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.67 2,750 -1,000 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.7 2,000 -750 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.7 1,500 -500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 13.67 1,000 -500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 14.01 500 -500 SEMAFO INC. Common Shares Paul-Hus, Éric 5 07/12/2010 10 14.16 0 -500 Senator Minerals Inc. Common Shares SIMON, Donald Antony 3, 4, 5 08/12/2010 10 0.065 3,343,000 -5,000 Sentry Select Commodities Income Trust

Trust Units Sentry Select Commodities Income Trust

1 04/11/2010 38 9.874 4,000 4,000

Sentry Select Commodities Income Trust


1 04/11/2010 38 9.874 0 -4,000



1 11/11/2010 38 10.26 1,000 1,000



1 11/11/2010 38 10.26 0 -1,000



1 18/11/2010 38 10.35 3,000 3,000



1 18/11/2010 38 10.35 0 -3,000

Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 07/05/2010 38 66.5 800 800 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 19/05/2010 38 72 1,800 1,000 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 20/05/2010 38 72 2,800 1,000 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 25/05/2010 38 70 3,800 1,000 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 28/05/2010 38 70 10,700 6,900

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11827


T/O Unit Price


Acquired/ Disposed

Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 31/05/2010 38 0 -10,700 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 15/09/2010 38 63 200 200 Senvest Capital Inc. Common Shares Senvest Capital Inc. 1 30/09/2010 38 0 -200 SHAW COMMUNICATIONS INC.

Non-Voting Shares Class "B"

Bissonnette, Peter 4, 5 07/12/2010 10 20.72 138,785 4,054

SHAW COMMUNICATIONS INC.


Shaw, Julie 5 29/11/2010 30 20.78 11

SHAW COMMUNICATIONS INC.


Shaw, Julie 5 29/11/2010 30 20.78 821 11

Sheltered Oak Resources Corp.

Common Shares Hanson, Robert K. 4 09/12/2010 10 0.1 1,432,759 -50,000

Shield Gold Inc. Common Shares ANKCORN, PAUL RUSSELL

4, 5 08/12/2010 10 0.095 308,210 15,000

Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 3, 4, 5 03/12/2010 10 0.11 976,570 10,000 Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 3, 4, 5 07/12/2010 10 0.09 986,570 10,000 Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 3, 4, 5 07/12/2010 10 0.095 988,570 2,000 Sienna Gold Inc. Common Shares Rucci, John Maria 4 07/12/2010 10 0.255 1,070,572 -25,000 SIERRA MADRE DEVELOPMENTS INC.

Common Shares Jimenez, Ezra 5 01/12/2010 00 50,000

SIERRA MADRE DEVELOPMENTS INC.

Options Jimenez, Ezra 5 01/12/2010 00 100,000


Options Skoda, Edward Franklin 4 01/12/2010 00


Options Skoda, Edward Franklin 4 01/12/2010 50 0.15 200,000 200,000


Common Shares von Einsiedel, Carl Alexander

4, 5 01/12/2010 00 2,180,000


Common Shares von Einsiedel, Carl Alexander

4, 5 01/12/2010 00 1,843,475


Options von Einsiedel, Carl Alexander

4, 5 01/12/2010 00 500,000

Silver Standard Resources Inc.

Common Shares DeCooman, Jr., W. John 5 15/06/2009 00


Common Shares DeCooman, Jr., W. John 5 02/12/2010 51 23.57 13,333 13,333


Common Shares DeCooman, Jr., W. John 5 02/12/2010 10 27.85 12,333 -1,000


Common Shares DeCooman, Jr., W. John 5 02/12/2010 10 27.854 11,433 -900




















Common Shares DeCooman, Jr., W. John 5 02/12/2010 10 27.99 0 -1,000


Options DeCooman, Jr., W. John 5 02/12/2010 51 23.57 36,667 -13,333


Common Shares Ovsenek, Joseph J. 5 02/12/2010 51 21.3 32,000 32,000


Common Shares Ovsenek, Joseph J. 5 02/12/2010 10 27.37 31,000 -1,000









Insider Reporting

December 17, 2010 (2010) 33 OSCB 11828


T/O Unit Price


Acquired/ Disposed
























Common Shares Ovsenek, Joseph J. 5 02/12/2010 10 28 2,000 -2,000




Common Shares Ovsenek, Joseph J. 5 02/12/2010 10 27.6 0 -1,000




Common Shares Ovsenek, Joseph J. 5 03/12/2010 10 28 9,000 -1,000






























Common Shares Ovsenek, Joseph J. 5 06/12/2010 10 29.31 1,000 -500






Common Shares Ovsenek, Joseph J. 5 07/12/2010 10 30 0 -2,000


Options Ovsenek, Joseph J. 5 02/12/2010 51 21.3 532,500 -32,000



Insider Reporting

December 17, 2010 (2010) 33 OSCB 11829


T/O Unit Price


Acquired/ Disposed





Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 51 9.08 76,567 66,667 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.51 73,667 -2,900 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.53 73,267 -400 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.54 71,267 -2,000 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.55 69,367 -1,900 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.56 66,767 -2,600 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.57 65,067 -1,700 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.58 64,967 -100 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.59 61,767 -3,200 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.6 58,967 -2,800 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.61 57,267 -1,700 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.62 54,767 -2,500 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.63 48,700 -6,067 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.64 40,300 -8,400 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.65 37,400 -2,900 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.66 33,500 -3,900 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.67 28,700 -4,800 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.68 23,400 -5,300 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.69 18,100 -5,300 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.7 14,900 -3,200 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.71 11,200 -3,700 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.72 10,400 -800 Silver Wheaton Corp. Common Shares Brown, Gary Duncan 5 06/12/2010 10 40.73 9,900 -500 Silver Wheaton Corp. Options Brown, Gary Duncan 5 06/12/2010 51 9.08 133,333 -66,667 Silver Wheaton Corp. OTC Calls (including

Private Options to Purchase)

Holtby, Douglas Martin 7 15/10/2004 00

Silver Wheaton Corp. OTC Calls (including Private Options to Purchase)

Holtby, Douglas Martin 7 07/12/2010 70 14.423 400 400

SilverBirch Energy Corporation

Common Shares Abells Morissette, Jina Dawn

5 09/12/2010 11 9.2 87,806 10,000


Common Shares Aldred, Philip 5 09/12/2010 11 9.2 32,604 10,000


Common Shares Bateman, J. Cam 5 09/12/2010 11 9.2 30,720 7,500


Common Shares Bobye, Wayne I 5 09/12/2010 11 9.2 92,006 13,800


Common Shares DuPont, Bonnie Diane Rose

4 09/12/2010 11 9.2 5,000 3,000


Common Shares Lutley, Howard 4 09/12/2010 11 9.2 138,817 10,000


Common Shares Mitchell, Douglas 4 09/12/2010 11 9.2 20,000 10,000

Sino-Forest Corporation Common Shares Poon, Kai Kit 5 06/12/2010 10 22.5 109,405 -5,000 Sino-Forest Corporation Common Shares Poon, Kai Kit 5 06/12/2010 10 22.6 104,405 -5,000 Slam Exploration Ltd. Common Shares Joe Dwek Management

Consultants 2007 Inc. 3 07/12/2010 10 0.2175 2,425,000 -200,000

Slam Exploration Ltd. Common Shares Joe Dwek Management Consultants 2007 Inc.

3 07/12/2010 51 0.035 4,139,285 1,714,285


3 08/12/2010 10 0.227 3,025,785 -1,113,500


3 06/12/2010 54 0.05 8,250,000 3,000,000


3 03/12/2010 10 0.2 7,790,000 -31,000


3 06/12/2010 54 0.05 13,540,000 5,750,000


3 06/12/2010 10 0.2 13,440,000 -100,000


3 07/12/2010 10 0.21 13,240,000 -200,000

Slam Exploration Ltd. Options Joe Dwek Management Consultants 2007 Inc.

3 07/12/2010 51 0.035 950,000 -1,142,857

Slam Exploration Ltd. Warrants Joe Dwek Management Consultants 2007 Inc.

3 06/12/2010 54 0.05 0 -3,000,000

Slam Exploration Ltd. Warrants Joe Dwek Management Consultants 2007 Inc.

3 06/12/2010 54 0.05 8,714,287 -5,750,000

Slater Mining Corporation Common Shares Mason, Jeffrey Robert 4 06/12/2010 11 520,000 -520,000 Slater Mining Corporation Options Mason, Jeffrey Robert 4 06/12/2010 11 100,000 -100,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11830


T/O Unit Price


Acquired/ Disposed

SMC Ventures Inc Common Shares Notman, William Hugh 4, 5 01/12/2010 10 0.12 115,500 500 SNC-Lavalin Group Inc. Common Shares IOFFREDI, Michael 5 07/12/2010 51 29.2 6,000 6,000 SNC-Lavalin Group Inc. Common Shares IOFFREDI, Michael 5 07/12/2010 10 57.032 0 -6,000 SNC-Lavalin Group Inc. Options IOFFREDI, Michael 5 07/12/2010 51 25,000 -6,000 SNC-Lavalin Group Inc. Common Shares LAVERDIÈRE, Yves 5 06/12/2010 10 56.56 58,832 15 SNC-Lavalin Group Inc. Common Shares LAVERDIÈRE, Yves 5 06/12/2010 10 56.55 26,631 140 SNC-Lavalin Group Inc. Common Shares LAVERDIÈRE, Yves 5 06/12/2010 10 56.57 26,641 10 Softchoice Corporation Common Shares Wright, Kevin Jason 5 09/12/2010 10 8.23 16,485 -2,300 Solara Exploration Ltd Class A Common Shares Davison, Stanley 4 08/12/2010 51 0.35 550,000 150,000

Solara Exploration Ltd Options Davison, Stanley 4 08/12/2010 51 245,000 -150,000 Solara Exploration Ltd Class A Common Shares Holding, Donald Roy 5 08/12/2010 51 0.35 1,326,250 200,000

Solara Exploration Ltd Options Holding, Donald Roy 5 08/12/2010 51 1,171,661 -200,000 Solium Capital Inc. Common Shares English, Jeffrey Fergusson 5 03/12/2010 11 1.5 433,965 -110,000

Solium Capital Inc. Common Shares English, Jeffrey Fergusson 5 07/12/2010 11 1.5 368,965 -65,000

Solium Capital Inc. Common Shares Micallef, Margot Mary 4 07/12/2010 11 1.5 65,000 65,000 Soltoro Ltd. Common Shares Lawrence, Mark Andrew 4 07/12/2010 54 0.3 435,500 50,000 Soltoro Ltd. Warrants Issued July 3,

2009Lawrence, Mark Andrew 4 07/12/2010 54 0.3 0 -50,000

South American Silver Corp. Common Shares Filtness, William Donald 5 07/12/2010 10 2.5 281,667 -5,000

South American Silver Corp. Common Shares Murray, William 4 03/12/2010 10 2.4 157,500 -15,000

South American Silver Corp. Common Shares Murray, William 4 06/12/2010 10 2.4555 22,500 -135,000

Southern Arc Minerals Inc. Common Shares Au, Eileen 5 07/12/2010 51 0.4 148,500 100,000 Southern Arc Minerals Inc. Options Au, Eileen 5 07/12/2010 51 150,000 -100,000 Southern Arc Minerals Inc. Common Shares Stone, David M. 4 06/12/2010 51 0.3 150,000 150,000 Southern Arc Minerals Inc. Options Stone, David M. 4 06/12/2010 51 0.3 250,000 -150,000 Spot Coffee (Canada) Ltd. Common Shares Gress, Alexander Edward 4 10/12/2010 10 0.05 685,934 3,000 Spot Coffee (Canada) Ltd. Common Shares Gress, Alexander Edward 4 10/12/2010 10 0.055 687,934 2,000 Sprott Inc. Common Shares Bambrough, Kevin Thomas 5 16/11/2010 11 4,781,089 3,000,000

Sprott Inc. Common Shares Bambrough, Kevin Thomas 5 03/12/2010 10 6.9918 4,481,089 -50,000



Sprott Inc. Common Shares Grosskopf, Peter 4, 5 07/09/2010 00 Sprott Inc. Common Shares Grosskopf, Peter 4, 5 16/11/2010 11 5,000,000 5,000,000 Sprott Inc. Common Shares Hodson, Peter James 7 07/12/2010 10 7.18 3,302,479 -6,000 Sprott Inc. Common Shares Hodson, Peter James 7 08/12/2010 10 7.1 3,295,479 -7,000 Sprott Inc. Common Shares Hodson, Peter James 7 08/12/2010 10 7.14 3,290,479 -5,000 Sprott Resource Corp. Warrants Expiry Date:

December 31, 2010 Bambrough, Kevin Thomas 4, 5 03/12/2010 10 0.15 100,000 100,000

Sprott Resource Corp. Warrants Expiry Date: December 31, 2010

Bambrough, Kevin Thomas 4, 5 05/09/2007 00


Bambrough, Kevin Thomas 4, 5 03/12/2010 10 0.1358 118,000 118,000

Sprott Resource Corp. Common Shares Dimitriadis, Paul 5 01/06/2008 00 Sprott Resource Corp. Common Shares Dimitriadis, Paul 5 09/12/2010 54 4.25 36,000 36,000 Sprott Resource Corp. Common Shares Dimitriadis, Paul 5 09/12/2010 54 4.25 44,000 19,000 Sprott Resource Corp. Warrants Expiry Date:

December 31, 2010 Dimitriadis, Paul 5 09/12/2010 54 4.25 0 -36,000


Dimitriadis, Paul 5 09/12/2010 54 4.25 0 -19,000

ST ANDREW GOLDFIELDS LTD.

Common Shares Abramson, Herbert 4, 5 08/12/2010 54 287,500 287,500


Warrants Abramson, Herbert 4, 5 08/12/2010 54 0 -287,500


Common Shares Abramson, Randall 3 06/12/2010 10 1.44 25,724,824 -3,221,458


Common Shares Abramson, Randall 3 08/12/2010 97 25,687,203 -37,621


Common Shares Abramson, Randall 3 06/12/2010 10 1.44 11,567,693 -778,542


Common Shares Abramson, Randall 3 08/12/2010 97 11,561,843 -5,850


Common Shares Au, Ben 5 08/12/2010 30 1.45 151,171 1,528

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11831


T/O Unit Price


Acquired/ Disposed


Common Shares Michaud, Michael Julien 5 08/12/2010 30 1.45 78,200 1,414


Common Shares Middlemiss, Duncan Kenneth

5 08/12/2010 30 1.45 7,486 1,414


Common Shares Perron, Jacques 4, 5 08/12/2010 30 1.45 216,875 2,556


Common Shares Weinzettl, Linda 5 08/12/2010 30 1.45 5,676 218

St-Georges Platinum & Base Metals Ltd.

Common Shares Dumas, Francois 3, 4, 5 29/11/2010 10 0.17 1,305,000 5,500





Starcore International Mines Ltd.

Common Shares Kleine, Ralf M. 5 07/12/2010 10 0.12 300,000 50,000

Starfield Resources Inc. Common Shares Douchane, Andre Jean 5 07/12/2010 10 0.05 2,000,000 500,000 Starfield Resources Inc. Common Shares Martin, Philip Stephen 4 07/12/2010 16 0.05 2,600,565 600,000 Starfield Resources Inc. Common Shares Martin, Philip Stephen 4 07/12/2010 16 0.065 3,000,565 400,000 Starfield Resources Inc. Common Shares Martin, Philip Stephen 4 08/12/2010 10 0.05 3,087,565 87,000 Starfield Resources Inc. Common Shares Martin, Philip Stephen 4 08/12/2010 10 0.05 -43 -87,000 Starfield Resources Inc. Warrants Martin, Philip Stephen 4 09/10/2009 00 Starfield Resources Inc. Warrants Martin, Philip Stephen 4 07/12/2010 16 500,000 500,000 Stella-Jones Inc. Common Shares Eichenbaum, Marla 5 09/12/2010 10 29.49 850 -200 Stella-Jones Inc. Common Shares Eichenbaum, Marla 5 10/12/2010 51 2.15 2,850 2,000 Stella-Jones Inc. Options Eichenbaum, Marla 5 10/12/2010 51 2.15 13,000 -2,000 Stella-Jones Inc. Common Shares Labelle, George 5 09/12/2010 51 2.15 17,785 7,142 Stella-Jones Inc. Options Labelle, George 5 09/12/2010 51 2.15 14,000 -7,142 Sterling Resources Ltd. Common Shares Cremer, Sherry Louise 5 10/12/2010 51 2.45 289,600 50,000 Sterling Resources Ltd. Common Shares Cremer, Sherry Louise 5 10/12/2010 10 3.42 269,600 -20,000 Sterling Resources Ltd. Common Shares Cremer, Sherry Louise 5 10/12/2010 10 3.43 267,500 -2,100 Sterling Resources Ltd. Options expiry May 31,

2011Cremer, Sherry Louise 5 10/12/2010 51 2.45 0 -50,000

Sterling Resources Ltd. Common Shares Gibson, Stewart Glen 4, 5 09/12/2010 10 3.4 895,000 -100,000 Sterling Resources Ltd. Common Shares Gibson, Stewart Glen 4, 5 10/12/2010 51 1.57 995,000 100,000 Sterling Resources Ltd. Options expiry May 23,

2012Gibson, Stewart Glen 4, 5 10/12/2010 51 1.57 200,000 -100,000

Sterling Resources Ltd. Common Shares Miller, David 7 10/12/2010 51 1.57 51,666 5,000 Sterling Resources Ltd. Options expiry May 23,

2012Miller, David 7 10/12/2010 51 1.57 5,000 -5,000

StorageVault Canada Inc. Common Shares Simpson, Alan Arthur 3, 4, 5 03/12/2010 10 0.125 3,252,585 7,500 Stream Oil & Gas Ltd. Common Shares Kapotas, Sotirios 4, 5 02/12/2010 10 6,268,359 -20,000 Stream Oil & Gas Ltd. Common Shares Mortakis-Martakis,

Georgios-Antonios 4 03/12/2010 10 2.4 643,500 -20,000

Suncor Energy Inc. Performance Share Units Axford, Eric Charles 5 07/12/2010 58 - Expiration of rights

20,090 -4,300

Suncor Energy Inc. Performance Share Units Bailey, Johnathan Kirk 5 07/12/2010 58 - Expiration of rights

67,080 -13,000

Suncor Energy Inc. Performance Share Units Demosky, Barton Wade 5 07/12/2010 58 - Expiration of rights

35,510 -4,500

Suncor Energy Inc. Performance Share Units George, Richard Lee 4, 5 07/12/2010 58 - Expiration of rights

285,440 -83,000

Suncor Energy Inc. Performance Share Units Hopwood, Terrence Judd 5 07/12/2010 58 - Expiration of rights

39,260 -13,000

Suncor Energy Inc. Restricted Share Unit Hopwood, Terrence Judd 5 07/10/2010 59 3,830 -11,280 Suncor Energy Inc. Performance Share Units Lee, Susan 5 07/12/2010 58 - Expiration

of rights 40,700 -13,000

Suncor Energy Inc. Restricted Share Unit Lee, Susan 5 07/10/2010 59 4,260 -10,530 Suncor Energy Inc. Restricted Share Unit Little, Mark Stephen 5 07/10/2010 59 3,830 -15,040 Suncor Energy Inc. Performance Share Units MacSween, Michael

Roderick5 07/12/2010 58 - Expiration

of rights 21,090 -4,200

Suncor Energy Inc. Performance Share Units Nabholz, Kevin Drew 5 07/12/2010 58 - Expiration of rights

72,030 -22,000

Suncor Energy Inc. Performance Share Units Odegaard, Janice 5 07/12/2010 58 - Expiration of rights

14,720 -4,500

Suncor Energy Inc. Performance Share Units Thornton, Jay 5 07/12/2010 58 - Expiration of rights

63,500 -13,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11832


T/O Unit Price


Acquired/ Disposed

Suncor Energy Inc. Performance Share Units Williams, Steven Walter 5 07/12/2010 58 - Expiration of rights

128,280 -35,000

Suncor Energy Inc. Restricted Share Unit Williams, Steven Walter 5 07/10/2010 59 13,850 -7,520 SunOpta Inc. Common Shares Bromley, Steven 5 08/12/2010 51 5.5 204,965 25,000 SunOpta Inc. Options Bromley, Steven 5 08/12/2010 52 5.71 235,000 -10,000 SunOpta Inc. Options Bromley, Steven 5 08/12/2010 51 5.5 210,000 -25,000 SunOpta Inc. Common Shares Houde-Lovas, Katrina 4 07/12/2010 51 5.5 29,000 7,000 SunOpta Inc. Options Houde-Lovas, Katrina 4 07/12/2010 51 5.5 50,000 -7,000 SunOpta Inc. Common Shares Kendall, Jeremy 4, 5 02/12/2010 30 5.8327 529,157 835 SunOpta Inc. Common Shares Metler, Brian 5 02/12/2010 30 5.8327 22,232 852 SunOpta Inc. Common Shares Routh, Allan Glen 4, 5 08/12/2010 51 5.5 470,912 15,000 SunOpta Inc. Options Routh, Allan Glen 4, 5 08/12/2010 52 5.71 110,000 -10,000 SunOpta Inc. Options Routh, Allan Glen 4, 5 08/12/2010 51 5.5 95,000 -15,000 SunOpta Inc. Common Shares Syer, Frank 5 02/12/2010 30 5.8327 40,856 876 SunOpta Inc. Common Shares Syer, Frank 5 03/12/2010 10 7.15 33,856 -7,000 SunOpta Inc. Common Shares Syer, Frank 5 06/12/2010 10 7.27 26,856 -7,000 Sure Energy Inc. Options Common Shares Almond, Donald 5 01/12/2010 00 250,000

Sure Energy Inc. Common Shares Baker, Chris 5 07/12/2010 51 0.95 568,691 75,000 Sure Energy Inc. Common Shares Baker, Chris 5 07/12/2010 51 0.39 652,024 83,333 Sure Energy Inc. Common Shares Baker, Chris 5 07/12/2010 57 1 752,024 100,000 Sure Energy Inc. Common Shares Baker, Chris 5 07/12/2010 10 1.75 493,691 -258,333 Sure Energy Inc. Common Shares Baker, Chris 5 07/12/2010 10 1.75 349,691 -144,000 Sure Energy Inc. Options Common Shares Baker, Chris 5 07/12/2010 51 0.95 75,000

Sure Energy Inc. Options Common Shares Baker, Chris 5 07/12/2010 51 0.95 525,000 -75,000

Sure Energy Inc. Options Common Shares Baker, Chris 5 07/12/2010 51 0.39 83,333

Sure Energy Inc. Options Common Shares Baker, Chris 5 07/12/2010 51 0.39 441,667 -83,333

Sure Energy Inc. Rights Performance Rights

Baker, Chris 5 07/12/2010 57 1 475,000 -100,000

Sure Energy Inc. Common Shares Banks, C. Tom 5 07/12/2010 51 0.39 437,150 75,000 Sure Energy Inc. Common Shares Banks, C. Tom 5 07/12/2010 57 1 562,150 125,000 Sure Energy Inc. Common Shares Banks, C. Tom 5 07/12/2010 10 1.75 362,150 -200,000 Sure Energy Inc. Common Shares Banks, C. Tom 5 07/12/2010 10 1.75 112,150 -250,000 Sure Energy Inc. Options Common Shares Banks, C. Tom 5 07/12/2010 51 0.39 525,000 -75,000

Sure Energy Inc. Options Common Shares Banks, C. Tom 5 07/12/2010 57 1 400,000 -125,000

Sure Energy Inc. Common Shares Comber, Peter W. 4 07/12/2010 57 1 449,488 200,000 Sure Energy Inc. Common Shares Comber, Peter W. 4 07/12/2010 10 1.75 249,488 -200,000 Sure Energy Inc. Rights Performance

RightsComber, Peter W. 4 07/12/2010 57 1 75,000 -200,000

Sure Energy Inc. Common Shares Kolibar, Daniel George 5 08/12/2010 51 0.95 45,000 30,000 Sure Energy Inc. Common Shares Kolibar, Daniel George 5 08/12/2010 10 1.75 15,000 -30,000 Sure Energy Inc. Options Common Shares Kolibar, Daniel George 5 08/12/2010 51 0.95 46,000 -30,000

Sure Energy Inc. Common Shares Sheedy, Robert John 5 07/12/2010 10 1.75 93,271 -500,000 Sure Energy Inc. Common Shares Stan, Thomas Paul 4 07/12/2010 51 1.28 267,063 50,000 Sure Energy Inc. Common Shares Stan, Thomas Paul 4 07/12/2010 51 0.39 281,063 14,000 Sure Energy Inc. Common Shares Stan, Thomas Paul 4 07/12/2010 10 1.75 217,063 -64,000 Sure Energy Inc. Options Common Shares Stan, Thomas Paul 4 07/12/2010 51 1.28 102,000 -50,000

Sure Energy Inc. Options Common Shares Stan, Thomas Paul 4 07/12/2010 51 0.39 88,000 -14,000

Sure Energy Inc. Common Shares Wirth, Lance 5 07/12/2010 51 0.9 450,000 250,000 Sure Energy Inc. Common Shares Wirth, Lance 5 07/12/2010 51 0.39 533,333 83,333 Sure Energy Inc. Common Shares Wirth, Lance 5 07/12/2010 57 1 633,333 100,000 Sure Energy Inc. Common Shares Wirth, Lance 5 07/12/2010 10 1.75 200,000 -433,333 Sure Energy Inc. Options Common Shares Wirth, Lance 5 07/12/2010 51 0.9 350,000 -250,000

Sure Energy Inc. Options Common Shares Wirth, Lance 5 07/12/2010 51 0.39 266,667 -83,333

Sure Energy Inc. Rights Performance Rights

Wirth, Lance 5 07/12/2010 57 1 175,000 -100,000

Surge Energy Inc. Common Shares Colborne, Paul 4 01/12/2010 10 7.4 554,317 5,000 Sustainable Energy Technologies Ltd.

STG Markets LP units Carten, Michael Anthony 3, 4, 5 03/12/2010 16 10000 7 7

Sustainable Energy Technologies Ltd.

STG Markets LP units Forzani, John 4 03/12/2010 16 10000 2 2

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11833


T/O Unit Price


Acquired/ Disposed

Sustainable Energy Technologies Ltd.

STG Markets LP units Penner, Robert David 4 03/12/2010 16 10000 2 2

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 17/03/2010 47 -2,000

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 17/03/2010 47 1,000 -1,000

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 17/09/2010 37 2,700

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 17/09/2010 37 3,400 1,700

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 07/12/2010 47 1,400 -2,000

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 08/12/2010 51 10.845 6,400 5,000

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 08/12/2010 51 5.675 11,400 5,000

SXC Health Solutions Corp. Common Shares Cosler, Steven 4 08/12/2010 10 44.86 1,400 -10,000

SXC Health Solutions Corp. Options Cosler, Steven 4 08/12/2010 51 10.845 20,000 -5,000

SXC Health Solutions Corp. Options Cosler, Steven 4 08/12/2010 51 5.675 15,000 -5,000

Taiga Building Products Ltd. Common Shares Bradshaw, Jimmie 4, 5 26/11/2010 10 1.013 191,892 -12,800



Taiga Building Products Ltd. Common Shares Bradshaw, Jimmie 4, 5 01/12/2010 10 1.1 138,892 -500


Tanzanian Royalty Exploration Corporation

Common Shares HANSEN, HELEN ELIZABETH

5 07/12/2010 30 6.58 528 123


Common Shares Kuo-Lee, Regina Man-Yee 5 07/12/2010 30 6.58 7,853 114


Common Shares Ngunangwa, Florian Eustack

5 07/12/2010 30 6.58 19,690 253


Common Shares SINCLAIR, JAMES E. 4, 5 01/12/2010 10 6.668 1,660,475 -5,000


Common Shares SINCLAIR, JAMES E. 4, 5 02/12/2010 10 6.6415 1,650,475 -10,000


Exchange Traded Call Options

SINCLAIR, JAMES E. 4, 5 01/12/2010 70 0.8 3,805 100


Exchange Traded Call Options

SINCLAIR, JAMES E. 4, 5 02/12/2010 70 0.8 3,855 50


Common Shares van der Westhuizen, Riaan 5 07/12/2010 30 6.58 29,894 256

Taranis Resources Inc. Common Shares Kent, George Robert 4, 5 09/12/2010 10 0.24 1,915,370 15,000 Taranis Resources Inc. Common Shares Kent, George Robert 4, 5 07/12/2010 10 0.223 2,367,000 25,000 Taranis Resources Inc. Common Shares Kent, George Robert 4, 5 08/12/2010 10 0.236 2,390,000 23,000 Tawsho Mining Inc. Common Shares Arandjelovic, Zoran 3, 4 08/12/2010 10 0.25 1,190,000 25,000 Tawsho Mining Inc. Common Shares Arandjelovic, Zoran 3, 4 10/12/2010 10 0.277 3,397,775 5,000 Technicoil Corporation Common Shares Grimes, Edward C. 4 09/12/2010 10 1.3 0 -3,000 Teck Resources Limited Class B Subordinate

Voting Shares Horswill, Douglas Hugh 5 03/12/2010 51 43.74 5,000 5,000

Teck Resources Limited Class B Subordinate Voting Shares

Horswill, Douglas Hugh 5 03/12/2010 10 54.86 4,200 -800


Horswill, Douglas Hugh 5 03/12/2010 10 54.87 2,900 -1,300


Horswill, Douglas Hugh 5 03/12/2010 10 54.86 800 -2,100


Horswill, Douglas Hugh 5 03/12/2010 10 54.85 0 -800


Horswill, Douglas Hugh 5 06/12/2010 51 43.74 5,000 5,000







Insider Reporting

December 17, 2010 (2010) 33 OSCB 11834


T/O Unit Price


Acquired/ Disposed














Horswill, Douglas Hugh 5 08/12/2010 51 43.74 20,000


Horswill, Douglas Hugh 5 08/12/2010 51 43.74 20,000


Horswill, Douglas Hugh 5 08/12/2010 10 55.28 -1,700




Horswill, Douglas Hugh 5 08/12/2010 10 55.27 -200



















































Insider Reporting

December 17, 2010 (2010) 33 OSCB 11835


T/O Unit Price


Acquired/ Disposed


















Horswill, Douglas Hugh 5 08/12/2010 51 43.74 20,000 20,000





















Teck Resources Limited Options Horswill, Douglas Hugh 5 03/12/2010 51 43.74 205,000 -5,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 06/12/2010 51 43.74 200,000 -5,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 08/12/2010 51 43.74 -20,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 08/12/2010 51 43.74 -20,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 08/12/2010 51 43.74 -20,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 08/12/2010 51 43.74 -20,000 Teck Resources Limited Options Horswill, Douglas Hugh 5 08/12/2010 51 43.74 180,000 -20,000 Teck Resources Limited Class B Subordinate

Voting Shares Keevil, Norman Bell 3, 4 07/12/2010 10 56.73 62,132 -500


Keevil, Norman Bell 3, 4 07/12/2010 10 56.73 61,632 -500






Keevil, Norman Bell 3, 4 07/12/2010 10 56.67 59,632 -1,000




Keevil, Norman Bell 3, 4 07/12/2010 10 56.67 -500















Insider Reporting

December 17, 2010 (2010) 33 OSCB 11836


T/O Unit Price


Acquired/ Disposed


























































Millos, Ronald Allen 7 06/12/2010 51 4.15 17,726 10,000


Millos, Ronald Allen 7 06/12/2010 10 56.44 17,026 -700






Millos, Ronald Allen 7 06/12/2010 10 56.492 15,026 -1,300







Insider Reporting

December 17, 2010 (2010) 33 OSCB 11837


T/O Unit Price


Acquired/ Disposed













Teck Resources Limited Options Millos, Ronald Allen 7 06/12/2010 51 4.15 205,000 -10,000 Teck Resources Limited Class B Subordinate

Voting Shares Rozee, Peter Charles 5 03/12/2010 51 22.64 8,000 2,000


Rozee, Peter Charles 5 03/12/2010 10 54.82 7,900 -100




Rozee, Peter Charles 5 03/12/2010 10 54.8 6,000 -1,300


Rozee, Peter Charles 5 03/12/2010 51 22.64 24,000 18,000




Rozee, Peter Charles 5 03/12/2010 10 54.8 400



















Teck Resources Limited Options Rozee, Peter Charles 5 03/12/2010 51 22.64 288,000 -2,000 Teck Resources Limited Options Rozee, Peter Charles 5 03/12/2010 51 22.64 -18,000 Teck Resources Limited Options Rozee, Peter Charles 5 03/12/2010 51 22.64 270,000 -18,000 Teck Resources Limited Class B Subordinate

Voting Shares Vance, Ron J 5 06/12/2010 51 43.7 20,000 20,000


Vance, Ron J 5 06/12/2010 10 56.1 9,300 -10,700


Vance, Ron J 5 06/12/2010 10 56.02 7,900 -1,400


Vance, Ron J 5 06/12/2010 10 56.01 7,000 -900


Vance, Ron J 5 06/12/2010 10 56 600 -6,400


Vance, Ron J 5 06/12/2010 10 56.02 400 -200


Vance, Ron J 5 06/12/2010 10 56.02 0 -400

Teck Resources Limited Options Vance, Ron J 5 06/12/2010 51 43.7 263,300 -20,000 Tekmira Pharmaceuticals Corporation

Common Shares Abrams, Michael Jeffery 4 04/11/2010 37 2,500 -10,000

Tekmira Pharmaceuticals Corporation

Options Abrams, Michael Jeffery 4 04/11/2010 37 50,042 -200,174


Options Brennan, Paul Anthony 5 04/11/2010 37 20,000 -80,000


Common Shares Bruskin, Arthur 4 04/11/2010 37 400 -1,600


Options Bruskin, Arthur 4 04/11/2010 37 14,000 -56,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11838


T/O Unit Price


Acquired/ Disposed


Common Shares Galbraith, Kenneth H. 4 04/11/2010 37 15,240 -60,960


Options Galbraith, Kenneth H. 4 04/11/2010 37 5,000 -20,000


Common Shares Jewell, Donald 4 04/11/2010 37 270,276 -1,081,105


Options Jewell, Donald 4 04/11/2010 37 10,000 -40,000


Options Karbe, Lutz Frank 4 04/11/2010 37 5,000 -20,000


Options Kisner, Daniel Lawrence 4 04/11/2010 37 10,000 -40,000


Common Shares Lutwyche, Peter 7 04/11/2010 37 33,758 -135,032


Options Lutwyche, Peter 7 04/11/2010 37 34,000 -136,000


Common Shares MacLachlan, Ian 5 04/11/2010 37 161,534 -646,138


Options MacLachlan, Ian 5 04/11/2010 37 62,000 -248,000


Common Shares Mortimer, Ian Charles 5 04/11/2010 37 12,000 -48,000


Options Mortimer, Ian Charles 5 04/11/2010 37 164,000 -656,000


Common Shares Murray, Mark Joseph 5 04/11/2010 37 13,503 -54,013


Common Shares Murray, Mark Joseph 5 15/11/2010 51 0.44 13,935 432


Options Murray, Mark Joseph 5 04/11/2010 37 352,893 -1,411,569


Options Murray, Mark Joseph 5 15/11/2010 51 0.44 352,461 -432

TELUS Corporation Restricted Share Units Ho, Audrey 5 01/10/2010 30 6,588 240 TELUS Corporation Restricted Share Units Ho, Audrey 5 02/12/2010 30 42.896 4,568 -2,020 TELUS Corporation Non-Voting Shares McFarlane, Robert Gordon 5 01/10/2010 30 114,948 1,319

TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 01/10/2010 30 37,655 1,372

TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 30/11/2010 30 43.14 35,988 -1,667

TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 30/11/2010 30 42.9 27,470 -8,518

Tembec Inc. Common Shares Dumas, Michel 5 08/12/2010 10 3.418 43,278 29,000 Tembec Inc. Options Dumas, Michel 5 08/12/2010 52 16,485 -233 Tembec Inc. Options Lopez, Jim 4, 5 08/12/2010 52 17,344 -175 Tembec Inc. Options Norris, Stephen J. 5 08/12/2010 52 2,440 -50 Tembec Inc. Options Ouellet, Yves 5 08/12/2010 52 -88 Tembec Inc. Options Ouellet, Yves 5 08/12/2010 52 190.07 -88 Tembec Inc. Options Ouellet, Yves 5 08/12/2010 52 190.07 6,920 -88 Tembec Inc. Options Ouellet, Yves 5 09/12/2010 52 190.07 -88 Tembec Inc. Options Ouellet, Yves 5 09/12/2010 52 190.07 -88 Tembec Inc. Options Patel, Mahendra A. 5 08/12/2010 52 4,839 -88 Tembec Inc. Options Rochon, Jacques 5 08/12/2010 52 2,400 -88 Tembec Inc. Options Tremblay, Richard E. 5 08/12/2010 52 4,327 -55 Tembec Inc. Common Shares Wayzata Investment

Partners LLC 3 01/12/2010 11 -1,068,180

Tembec Inc. Common Shares Wayzata Investment Partners LLC

3 07/12/2010 11 1,990,136 -1,068,180

Temple Real Estate Investment Trust

Trust Units Thorsteinson, Arni Clayton 4 07/12/2010 10 3.99 340,050 3,000


Trust Units Thorsteinson, Arni Clayton 4 07/12/2010 10 4 344,950 4,900


Trust Units Thorsteinson, Arni Clayton 4 07/12/2010 10 4.04 345,050 100

Teranga Gold Corporation Options English, Mark 5 03/12/2010 00 1,000,000 Teranga Gold Corporation Common Shares Hill, Alan Richard 4, 5 06/10/2010 00 Teranga Gold Corporation Common Shares Hill, Alan Richard 4, 5 07/12/2010 15 3 200,000 200,000 Teranga Gold Corporation Common Shares Lennox-King, Oliver 4 26/11/2010 00 Teranga Gold Corporation Common Shares Lennox-King, Oliver 4 07/12/2010 10 3 50,000 50,000 Teranga Gold Corporation Options Pawlischek, Martin 5 03/12/2010 00 800,000 Teranga Gold Corporation Common Shares Thomas, Alan Richard 4 13/10/2010 00 Teranga Gold Corporation Common Shares Thomas, Alan Richard 4 07/12/2010 15 3 10,000 10,000 Teranga Gold Corporation Options Van Brunt, Bruce 5 03/12/2010 00 800,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11839


T/O Unit Price


Acquired/ Disposed

Teranga Gold Corporation Common Shares Young, Richard Scott 4, 5 01/10/2010 00 Teranga Gold Corporation Common Shares Young, Richard Scott 4, 5 07/12/2010 15 3 133,330 133,330 Terra Energy Corp. Common Shares Terra Energy Corp. 1 02/11/2010 38 1.25 38,000 3,600 Terra Energy Corp. Common Shares Terra Energy Corp. 1 02/11/2010 38 1.23 43,000 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 03/11/2010 38 1.25 47,800 4,800 Terra Energy Corp. Common Shares Terra Energy Corp. 1 03/11/2010 38 1.21 52,800 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 04/11/2010 38 1.21 57,800 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 05/11/2010 38 1.17 62,800 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 05/11/2010 38 1.15 67,000 4,200 Terra Energy Corp. Common Shares Terra Energy Corp. 1 09/11/2010 38 1.26 67,200 200 Terra Energy Corp. Common Shares Terra Energy Corp. 1 09/11/2010 38 1.25 72,000 4,800 Terra Energy Corp. Common Shares Terra Energy Corp. 1 09/11/2010 38 1.26 73,500 1,500 Terra Energy Corp. Common Shares Terra Energy Corp. 1 09/11/2010 38 1.24 77,000 3,500 Terra Energy Corp. Common Shares Terra Energy Corp. 1 11/11/2010 38 1.18 47,600 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 11/11/2010 38 1.19 52,600 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 12/11/2010 38 1.17 52,800 200 Terra Energy Corp. Common Shares Terra Energy Corp. 1 12/11/2010 38 1.18 57,800 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 12/11/2010 38 1.2 58,800 1,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 12/11/2010 38 1.2 62,600 3,800 Terra Energy Corp. Common Shares Terra Energy Corp. 1 17/11/2010 38 1.13 67,600 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 17/11/2010 38 1.14 72,600 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 18/11/2010 38 1.18 78,200 5,600 Terra Energy Corp. Common Shares Terra Energy Corp. 1 22/11/2010 38 1.14 81,200 3,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 23/11/2010 38 1.17 82,800 1,600 Terra Energy Corp. Common Shares Terra Energy Corp. 1 25/11/2010 38 1.17 86,800 4,000 Texada Software Inc. Common Shares Kassam, Iqbal 4, 6 02/12/2010 54 0.1 2,448,919 1,660,000 Texada Software Inc. Warrants Kassam, Iqbal 4, 6 30/11/2009 55 1,660,000 -190,000 Texada Software Inc. Warrants Kassam, Iqbal 4, 6 02/12/2010 54 0 -1,660,000 Texada Software Inc. Warrants Kassam, Iqbal 4, 6 27/03/2009 55 0 -178,575 Texada Software Inc. Common Shares Spilak, Brian 5 03/12/2010 10 359,700 350,000 Texada Software Inc. Common Shares Swisher, William D. 4 03/12/2010 10 2,000,000 2,000,000 THE CALDWELL PARTNERSINTERNATIONAL INC.

Common Shares JC CLARK LTD. 3 06/12/2010 10 0.58 2,894,200 11,500

THE CALDWELL PARTNERSINTERNATIONAL INC.

Common Shares JC CLARK LTD. 3 08/12/2010 10 0.59 2,895,700 1,500

The Descartes Systems Group Inc.

Deferred Share Unit Beatson, David I. 4 03/12/2010 97 7.07 12,308 442


Deferred Share Unit Cardiff, Michael 4 03/12/2010 97 7.07 9,933 442


Deferred Share Unit Watt, Stephen 4 03/12/2010 97 7.07 40,333 1,326

The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 02/12/2010 38 -5,000 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 02/12/2010 38 -5,000 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 03/12/2010 38 20,500 -5,000 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 06/12/2010 38 15,500 -5,000 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 13,000 -2,500 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 15.49 13,600 600 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 15.52 13,900 300 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 15.59 14,700 800 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 15.65 16,800 2,100 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 07/12/2010 38 15.69 18,000 1,200 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 08/12/2010 38 15.89 20,500 2,500 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 08/12/2010 38 16 23,000 2,500 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 08/12/2010 38 18,000 -5,000 The Forzani Group Ltd. Common Shares The Forzani Group Ltd. 1 09/12/2010 38 16.1 20,500 2,500 The Toronto-Dominion Bank Common Shares CUSIP

891160 50 9 KETCHAM, HENRY HOLMAN III

4 06/12/2010 51 41.7 10,992 2,200

The Toronto-Dominion Bank Options KETCHAM, HENRY HOLMAN III

4 06/12/2010 51 41.7 3,700 -2,200

The Toronto-Dominion Bank Common Shares CUSIP 891160 50 9

LESSARD, Pierre H. 4 06/12/2010 51 41.7 8,700 2,200

The Toronto-Dominion Bank Options LESSARD, Pierre H. 4 06/12/2010 51 41.7 3,700 -2,200

Theratechnologies Inc. Options Huss, John-Michel 5 01/12/2010 00 Theratechnologies Inc. Options Huss, John-Michel 5 01/12/2010 50 5.65 250,000 250,000 Thunderbird Resorts, Inc. Common Shares Mitchell, Jack 4, 5 02/12/2010 46 1,163,547 26,025 Tigris Uranium Corp. Common Shares Sheriff, William Morris 4 06/12/2010 10 0.395 1,080,000 25,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/11/2010 38 38.236 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/11/2010 38 38.422 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 03/11/2010 38 38.452 16,500 16,500

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11840


T/O Unit Price


Acquired/ Disposed

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 03/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 04/11/2010 38 38.947 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 04/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 05/11/2010 38 38.683 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 05/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/11/2010 38 38.97 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/11/2010 38 39.17 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 10/11/2010 38 39.125 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 10/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 11/11/2010 38 39.024 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 11/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/11/2010 38 38.911 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/11/2010 38 39.454 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/11/2010 38 39.565 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 17/11/2010 38 39.47 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 17/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 18/11/2010 38 39.681 16,500 16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 18/11/2010 38 0 -16,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/11/2010 38 40.146 125,000 125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/11/2010 38 0 -125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/11/2010 38 40.308 125,000 125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/11/2010 38 0 -125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/11/2010 38 40.383 125,000 125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/11/2010 38 0 -125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 24/11/2010 38 41.001 125,000 125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 24/11/2010 38 0 -125,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 25/11/2010 38 41.13 620,000 620,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 25/11/2010 38 0 -620,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/11/2010 38 40.792 48,000 48,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/11/2010 38 0 -48,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 29/11/2010 38 40.269 9,800 9,800 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 29/11/2010 38 0 -9,800 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 30/11/2010 38 40.389 10,056 10,056 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 30/11/2010 38 0 -10,056 Timbercreek Mortgage Investment Corporation

Class B Shares Bizzarri, Ugo 3, 4, 7, 5 30/11/2010 11 10 10,459 -12,500

Timbercreek Mortgage Investment Corporation

Class B Shares Bizzarri, Ugo 3, 4, 7, 5 01/12/2010 11 10 15,459 5,000

Timbercreek Mortgage Investment Corporation

Class B Shares Tamblyn, R. Blair 3, 4, 7, 5 01/12/2010 11 10 5,959 3,500

Titan Uranium Inc. Options ching, donald reed 4 30/07/2010 50 0.155 400,000 200,000 Titan Uranium Inc. Common Shares Inwentash, Sheldon 6 03/12/2010 36 0.45 2,000,000 500,000 Titan Uranium Inc. Common Shares Inwentash, Sheldon 6 07/12/2010 11 0.45 3,400,000 1,400,000 Titan Uranium Inc. Units Inwentash, Sheldon 6 03/12/2010 36 0.45 0 -500,000 Titan Uranium Inc. Warrants Inwentash, Sheldon 6 03/12/2010 36 1,250,000 250,000 Titan Uranium Inc. Warrants Inwentash, Sheldon 6 09/12/2010 11 1,950,000 700,000 Titan Uranium Inc. Common Shares McShane, Kelly 5 30/11/2010 11 0.3 33,333 33,333 Titan Uranium Inc. Warrants McShane, Kelly 5 16/05/2009 00 Titan Uranium Inc. Warrants McShane, Kelly 5 30/11/2010 11 0.45 33,333 33,333 Titan Uranium Inc. Common Shares Reilly, Brian Arthur 5 30/11/2010 11 0.3 129,500 100,000 Titan Uranium Inc. Warrants Reilly, Brian Arthur 5 09/04/2007 00 Titan Uranium Inc. Warrants Reilly, Brian Arthur 5 30/11/2010 11 0.45 100,000 100,000 Titan Uranium Inc. Common Shares SHARAN, RAHOUL 4 06/12/2010 11 0.3 317,794 250,000 Titan Uranium Inc. Common Shares SHARAN, RAHOUL 4 06/12/2010 10 0.45 292,794 -25,000 Titan Uranium Inc. Warrants SHARAN, RAHOUL 4 01/08/2009 00 Titan Uranium Inc. Warrants SHARAN, RAHOUL 4 06/12/2010 53 250,000 250,000 TMX Group Inc. Options Alepian, Ronald 5 22/02/2010 50 29.519 4,768 TMX Group Inc. Options Alepian, Ronald 5 22/02/2010 50 29.519 4,768 4,768 TMX Group Inc. Options Allen, Gregory 7 22/02/2010 50 29.519 4,768 TMX Group Inc. Options Allen, Gregory 7 22/02/2010 50 29.519 27,341 4,768 TMX Group Inc. Options Bitton, Léon 7 22/02/2010 50 29.519 3,411 TMX Group Inc. Options Bitton, Léon 7 22/02/2010 50 29.519 11,574 3,411 TMX Group Inc. Common Shares BUTLER, STEPHEN 7 05/05/2010 10 28.63 -100 TMX Group Inc. Common Shares BUTLER, STEPHEN 7 05/05/2010 10 28.63 200 -100 TMX Group Inc. Options Cavasin, Joseph 7 22/02/2010 50 29.519 5,828 TMX Group Inc. Options Cavasin, Joseph 7 22/02/2010 50 29.519 19,500 5,828 TMX Group Inc. Common Shares Chadda, Ungad 7 04/03/2010 10 28.41 -750 TMX Group Inc. Common Shares Chadda, Ungad 7 04/03/2010 10 28.41 0 -750 TMX Group Inc. Options Conroy, Peter Alexander 7 22/02/2010 50 29.519 6,782

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11841


T/O Unit Price


Acquired/ Disposed

TMX Group Inc. Options Conroy, Peter Alexander 7 22/02/2010 50 29.519 12,947 6,782 TMX Group Inc. Options Craig, Andre Joel 7 22/02/2010 50 29.519 4,069 TMX Group Inc. Options Craig, Andre Joel 7 22/02/2010 50 29.519 21,379 4,069 TMX Group Inc. Options Cyr, Claude 7 22/02/2010 50 29.519 18,488 TMX Group Inc. Options Cyr, Claude 7 22/02/2010 50 29.519 18,488 18,488 TMX Group Inc. Options Doyle, Louis 7 22/02/2010 50 29.519 2,055 TMX Group Inc. Options Doyle, Louis 7 22/02/2010 50 29.519 32,596 2,055 TMX Group Inc. Options Fotheringham, Robert 5 22/02/2010 50 29.519 10,690 TMX Group Inc. Options Fotheringham, Robert 5 22/02/2010 50 29.519 45,161 10,690 TMX Group Inc. Options Frye, H. Matthew 7 22/02/2010 50 29.519 4,768 TMX Group Inc. Options Frye, H. Matthew 7 22/02/2010 50 29.519 12,062 4,768 TMX Group Inc. Common Shares Gault, Gary 7 12/02/2010 30 29.288 -600 TMX Group Inc. Common Shares Gault, Gary 7 12/02/2010 30 29.288 20 -600 TMX Group Inc. Options Gelfand, Brian Zave 7 22/02/2010 50 29.519 4,069 TMX Group Inc. Options Gelfand, Brian Zave 7 22/02/2010 50 29.519 12,563 4,069 TMX Group Inc. Options Gilbert, Francois 7 22/02/2010 50 29.519 3,411 TMX Group Inc. Options Gilbert, Francois 7 22/02/2010 50 29.519 3,411 3,411 TMX Group Inc. Options Goucher, George Glenn 5 22/02/2010 50 29.519 7,789 TMX Group Inc. Options Goucher, George Glenn 5 22/02/2010 50 29.519 36,740 7,789 TMX Group Inc. Options Knight, Gary 7 22/02/2010 50 29.519 6,124 TMX Group Inc. Options Knight, Gary 7 22/02/2010 50 29.519 6,124 6,124 TMX Group Inc. Options Lappin, Stephen 7 22/02/2010 50 29.519 2,363 TMX Group Inc. Options Lappin, Stephen 7 22/02/2010 50 29.519 2,363 2,363 TMX Group Inc. Common Shares Mason, David Alexander 7 05/03/2010 30 28.76 -241 TMX Group Inc. Common Shares Mason, David Alexander 7 05/03/2010 30 28.76 0 -241 TMX Group Inc. Options McCoach, John 7 22/02/2010 50 29.519 5,775 TMX Group Inc. Options McCoach, John 7 22/02/2010 50 29.519 33,034 5,775 TMX Group Inc. Options McKenzie, John 7 22/02/2010 50 29.519 6,782 TMX Group Inc. Options McKenzie, John 7 22/02/2010 50 29.519 34,119 6,782 TMX Group Inc. Common Shares Playford, Gary 7 12/04/2010 00 TMX Group Inc. Common Shares Playford, Gary 7 12/04/2010 00 1,079 TMX Group Inc. Options Tanguay, Jacques 7 22/02/2010 50 29.519 3,411 TMX Group Inc. Options Tanguay, Jacques 7 22/02/2010 50 29.519 13,070 3,411 TMX Group Inc. Options Vivaldi, Michael 7 22/02/2010 50 29.519 5,425 TMX Group Inc. Options Vivaldi, Michael 7 22/02/2010 50 29.519 17,544 5,425 TMX Group Inc. Options Waddell, James 7 22/02/2010 50 29.519 3,720 TMX Group Inc. Options Waddell, James 7 22/02/2010 50 29.519 16,294 3,720 TMX Group Inc. Common Shares Ward, Simon 7 04/03/2010 30 28.95 -229 TMX Group Inc. Common Shares Ward, Simon 7 04/03/2010 30 28.95 0 -229 TMX Group Inc. Options Washburn, John David 7 22/02/2010 50 29.519 5,076 TMX Group Inc. Options Washburn, John David 7 22/02/2010 50 29.519 34,638 5,076 TMX Group Inc. Options Zastawny, Daniel 7 22/02/2010 50 29.519 4,768 TMX Group Inc. Options Zastawny, Daniel 7 22/02/2010 50 29.519 18,413 4,768 Torex Gold Resources Inc. (formerly Gleichen Resources Ltd.)

Options Adams, Andrew Bell 4 09/12/2010 50 1.44 750,000 250,000

Torex Gold Resources Inc. (formerly Gleichen Resources Ltd.)

Common Shares Davis, Franklin Lorie 4 26/11/2009 00


Options Davis, Franklin Lorie 4 09/12/2010 50 1.44 750,000 250,000


Options Goldman, Jason Ira 5 09/12/2010 50 150,000 50,000


Options MacGibbon, Terry 4 09/12/2010 50 1.44 6,000,000 250,000


Options Stanford, Frederick McLae 4, 5 09/12/2010 50 1.44 1,250,000 250,000

Toromont Industries Ltd. Common Shares Franklin, Robert 4 07/12/2010 51 16.585 53,000 10,000 Toromont Industries Ltd. Common Shares Franklin, Robert 4 09/12/2010 10 31.54 51,600 -1,400 Toromont Industries Ltd. Common Shares Franklin, Robert 4 09/12/2010 10 31.55 49,900 -1,700 Toromont Industries Ltd. Common Shares Franklin, Robert 4 10/12/2010 10 31.6 49,700 -200 Toromont Industries Ltd. Common Shares Franklin, Robert 4 10/12/2010 10 31.59 48,900 -800 Toromont Industries Ltd. Common Shares Franklin, Robert 4 10/12/2010 10 31.5 46,800 -2,100 Toromont Industries Ltd. Options Franklin, Robert 4 07/12/2010 51 16.585 30,000 -10,000 Toromont Industries Ltd. Common Shares GALLOWAY, DAVID

ALEXANDER 4 03/12/2010 10 30.83 18,500 -1,500

Toromont Industries Ltd. Common Shares GALLOWAY, DAVID ALEXANDER

4 03/12/2010 10 30.85 17,500 -1,000


4 03/12/2010 10 30.89 16,500 -1,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11842


T/O Unit Price


Acquired/ Disposed


4 03/12/2010 10 30.94 13,500 -3,000

Toromont Industries Ltd. Common Shares Hill, Wayne S. 4, 5 06/12/2010 51 16.585 86,900 60,000 Toromont Industries Ltd. Common Shares Hill, Wayne S. 4, 5 07/12/2010 10 31 79,900 -7,000 Toromont Industries Ltd. Common Shares Hill, Wayne S. 4, 5 08/12/2010 10 31.24 71,900 -8,000 Toromont Industries Ltd. Common Shares Hill, Wayne S. 4, 5 08/12/2010 10 31.25 71,400 -500 Toromont Industries Ltd. Common Shares Hill, Wayne S. 4, 5 08/12/2010 10 31.3 60,400 -11,000 Toromont Industries Ltd. Options Hill, Wayne S. 4, 5 06/12/2010 51 16.585 105,000 -60,000 Toromont Industries Ltd. Common Shares Jewer, Paul Randolph 5 26/11/2010 90 6,560 1,930 Toromont Industries Ltd. Common Shares Jewer, Paul Randolph 5 26/11/2010 90 7,250 850 Toromont Industries Ltd. Common Shares Jewer, Paul Randolph 5 26/11/2010 90 3,150 -850 Toromont Industries Ltd. Common Shares Jewer, Paul Randolph 5 26/11/2010 90 1,220 -1,930 Toromont Industries Ltd. Common Shares Marshall, H. Stanley 4 08/12/2010 51 16.585 70,000 10,000 Toromont Industries Ltd. Options Marshall, H. Stanley 4 08/12/2010 51 16.585 30,000 -10,000 Toromont Industries Ltd. Common Shares Ogilvie, Robert M. 4, 5 07/12/2010 51 16.585 126,080 60,000 Toromont Industries Ltd. Options Ogilvie, Robert M. 4, 5 07/12/2010 51 16.585 190,000 -60,000 Torquay Oil Corp. Options EMES, ALLEN 4 03/12/2010 50 131,750 42,750 Torquay Oil Corp. Options Jenkins, Angus Herman 5 03/12/2010 50 1.4 425,000 133,000 Torquay Oil Corp. Options McCallum, Terry Ross 4, 5 03/12/2010 50 1.4 444,500 142,500 Total Energy Services Inc. Common Shares KEARL, MARK ANTHONY 5 07/12/2010 90 13.95 0 -5,000

Total Energy Services Inc. Common Shares KEARL, MARK ANTHONY 5 07/12/2010 90 13.95 45,000 5,000

Total Energy Services Inc. Common Shares Macson, Bradley John 5 10/12/2010 10 13.969 64,723 -10,000 Total Energy Services Inc. Common Shares Strilchuk, Russell Peter 5 02/12/2010 51 4.97 70,000 70,000 Total Energy Services Inc. Options Strilchuk, Russell Peter 5 02/12/2010 51 4.97 200,000 -70,000 Tourmaline Oil Corp. Common Shares Keenan, Kevin 4 16/11/2010 00 Tourmaline Oil Corp. Common Shares Keenan, Kevin 4 16/11/2010 00 373,555 Transat A.T. inc. Action à droit de vote de

catégorie B Fonds de solidarité FTQ 3 09/12/2010 11 17.77 4,463,526 -200,000

TransCanada Corporation Common Shares Becker, Steven D. 5 06/12/2010 51 26.85 13,300 3,000 TransCanada Corporation Common Shares Becker, Steven D. 5 06/12/2010 10 37.51 12,700 -600 TransCanada Corporation Common Shares Becker, Steven D. 5 06/12/2010 10 37.5 10,300 -2,400 TransCanada Corporation Options Granted Feb. 23,

2004 @ $26.85 CDN Expiry Feb. 23, 2011

Becker, Steven D. 5 06/12/2010 51 9,000 -3,000

TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 51 18.01 12,879 6,000 TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 51 26.85 17,079 4,200 TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 10 37.5 14,079 -3,000 TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 10 37.51 9,279 -4,800 TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 10 37.52 7,979 -1,300 TransCanada Corporation Common Shares Scaman, Garnet J. 7 06/12/2010 10 37.53 6,879 -1,100 TransCanada Corporation Options Granted Feb. 23,

2004 @ $26.85 CDN Expiry Feb. 23, 2011

Scaman, Garnet J. 7 06/12/2010 51 0 -4,200

TransCanada Corporation Options Granted Feb. 27, 2001 @ $18.010 CDN

Scaman, Garnet J. 7 06/12/2010 51 0 -6,000

TransCanada Corporation Common Shares Van der Put, Jan 7 06/12/2010 51 21.43 900 900 TransCanada Corporation Common Shares Van der Put, Jan 7 06/12/2010 10 37.5 0 -900 TransCanada Corporation Options Options granted

Feb. 25, 2002 @ $21.430 CDN

Van der Put, Jan 7 06/12/2010 51 0 -900

TransCanada Corporation Common Shares Zimmerman, Mark A.P. 7 06/12/2010 30 36.36 329 290 TransCanada Corporation Common Shares Zimmerman, Mark A.P. 7 06/12/2010 30 35.85 336 7 TransCanada Corporation Common Shares Zimmerman, Mark A.P. 7 06/12/2010 10 37.51 0 -336 TransGlobe Apartment Real Estate Investment Trust

Class B Limited Partnership Units/Special Voting Trust Units

Drimmer, Daniel 3, 4, 6 07/05/2010 00

TransGlobe Apartment Real Estate Investment Trust

Class B Limited Partnership Units/Special Voting Trust Units

Drimmer, Daniel 3, 4, 6 01/12/2010 16 10.69 79,511 79,511

Treasury Metals Inc. Common Shares Gibson, Dennis George 5 03/12/2010 16 0.7 62,857 42,857 Treasury Metals Inc. Warrants Gibson, Dennis George 5 01/07/2010 00 Treasury Metals Inc. Warrants Gibson, Dennis George 5 03/12/2010 16 1 21,428 21,428 Treasury Metals Inc. Common Shares Henderson, Marc Charles 4, 5 03/12/2010 16 0.7 2,377,248 214,285 Treasury Metals Inc. Warrants Henderson, Marc Charles 4, 5 03/12/2010 16 1 169,912 107,412 Treasury Metals Inc. Common Shares Jobin-Bevans, Laurence

Scott 4, 5 03/12/2010 16 0.7 221,103 28,572

Treasury Metals Inc. Warrants Jobin-Bevans, Laurence Scott

4, 5 11/08/2008 00

Treasury Metals Inc. Warrants Jobin-Bevans, Laurence Scott

4, 5 03/12/2010 16 1 14,286 14,286

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11843


T/O Unit Price


Acquired/ Disposed

Treasury Metals Inc. Common Shares Walker, Peter Donald 4 07/12/2010 16 0.55 190,575 36,364 Treasury Metals Inc. Common Shares Walker, Peter Donald 4 07/12/2010 51 0.3 507,575 317,000 Treasury Metals Inc. Options Walker, Peter Donald 4 07/12/2010 51 0.3 0 -317,000 Treasury Metals Inc. Warrants Walker, Peter Donald 4 07/12/2010 16 18,182 18,182 Treasury Metals Inc. Common Shares Walter, Martin 5 03/12/2010 00 Treasury Metals Inc. Common Shares Walter, Martin 5 03/12/2010 16 0.7 300,000 300,000 Treasury Metals Inc. Common Shares Walter, Martin 5 03/12/2010 16 0.55 800,000 500,000 Treasury Metals Inc. Common Shares Walter, Martin 5 05/12/2010 00 Treasury Metals Inc. Warrants Walter, Martin 5 03/12/2010 00 Treasury Metals Inc. Warrants Walter, Martin 5 03/12/2010 16 1 150,000 150,000 Treasury Metals Inc. Warrants Walter, Martin 5 03/12/2010 16 0.7 400,000 250,000 Treasury Metals Inc. Warrants Walter, Martin 5 05/12/2010 00 Trelawney Mining and Exploration Inc.

Common Shares Irwin, Christopher 4 07/12/2010 11 2.5 379,500 50,000

Trelawney Mining and Exploration Inc.

Common Shares Makuch, Anthony Paul 4 22/09/2009 00


Common Shares Makuch, Anthony Paul 4 07/12/2010 10 2.5 40,000 40,000


Common Shares Mohan, Patrick 4 07/12/2010 11 2.5 772,400 30,000


Common Shares Tinajero, Andres 5 07/12/2010 11 2.5 274,500 20,000

Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 03/02/2010 10 0.51 630,770 20,000 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 10/02/2010 10 0.5 645,770 15,000 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 18/02/2010 10 0.5 646,270 500 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 22/02/2010 10 0.5 653,270 7,000 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 04/03/2010 10 0.515 657,770 4,500 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 22/11/2010 10 0.59 658,770 1,000 Tribune Minerals Corp. Common Shares Norman, Luke Anthony 4 26/11/2010 10 0.69 661,270 2,500 Troy Resources NL Common Shares Grimwade, Frederick

Sheppard4 25/11/2010 00

Troy Resources NL Common Shares Grimwade, Frederick Sheppard

4 06/12/2010 10 3.49 10,000 10,000

True North Gems Inc. Options Anderson, William John 4 07/12/2010 50 0.15 900,000 300,000 True North Gems Inc. Options Boyd, Robert T. 4 07/12/2010 50 0.15 1,400,000 500,000 True North Gems Inc. Options Giesbrecht, Jeffrey Darwin 5 07/12/2010 50 0.15 1,500,000 500,000 True North Gems Inc. Options Houghton, Nicholas John 4 07/12/2010 50 2,450,000 1,000,000 True North Gems Inc. Options Irving, Martin 4 31/08/2009 00 True North Gems Inc. Options Irving, Martin 4 07/12/2010 50 0.15 300,000 300,000 True North Gems Inc. Options Parsons, David 5 07/12/2010 50 775,000 300,000 True North Gems Inc. Options Ryder, John 4 16/02/2007 00 True North Gems Inc. Options Ryder, John 4 26/04/2007 50 100,000 True North Gems Inc. Options Ryder, John 4 26/04/2007 50 100,000 True North Gems Inc. Options Ryder, John 4 26/04/2007 50 100,000 100,000 True North Gems Inc. Options Ryder, John 4 22/06/2007 50 100,000 True North Gems Inc. Options Ryder, John 4 22/06/2007 50 100,000 True North Gems Inc. Options Ryder, John 4 22/06/2007 50 200,000 100,000 True North Gems Inc. Options Ryder, John 4 03/04/2008 50 100,000 True North Gems Inc. Options Ryder, John 4 03/04/2008 50 100,000 True North Gems Inc. Options Ryder, John 4 03/04/2008 50 300,000 100,000 True North Gems Inc. Options Ryder, John 4 24/08/2009 50 400,000 True North Gems Inc. Options Ryder, John 4 24/08/2009 50 400,000 True North Gems Inc. Options Ryder, John 4 24/08/2009 50 700,000 400,000 True North Gems Inc. Options Ryder, John 4 07/12/2010 50 1,000,000 300,000 True North Gems Inc. Options Smith, Andrew Lee 4, 5 07/12/2010 50 675,000 500,000 True North Gems Inc. Options Tucker, Jacqueline Mae 5 03/02/2010 00 True North Gems Inc. Options Tucker, Jacqueline Mae 5 07/12/2010 50 200,000 200,000 TSO3 inc. Common Shares Mosher, Robert Francis 5 09/12/2010 10 1.2155 21,000 1,000 TSO3 inc. Common Shares Mosher, Robert Francis 5 09/12/2010 10 1.2455 22,000 1,000 TSO3 inc. Common Shares Mosher, Robert Francis 5 09/12/2010 10 1.2442 23,000 1,000 TSO3 inc. Common Shares Rumble, Richard Mark 5 06/12/2010 10 1.18 67,000 4,000 TSO3 inc. Common Shares Tremblay, France 5 07/12/2010 10 1.19 2,221 2,000 TSX Group Inc. Options Magee, James Patrick 7 22/02/2008 50 45.226 1,776 TSX Group Inc. Options Magee, James Patrick 7 22/02/2008 50 45.226 1,776 1,776 TSX Group Inc. Common Shares Meunier, Mélanie 7 01/05/2008 00 TSX Group Inc. Common Shares Meunier, Mélanie 7 01/05/2008 00 Twin Butte Energy Ltd. Options Bowman, Robert D. 5 07/12/2010 50 1.97 580,000 100,000 Twin Butte Energy Ltd. Options Brown, Robert James 4 06/12/2010 50 1.97 250,000 100,000 Twin Butte Energy Ltd. Options Cathcart, Neil Thomes 5 07/12/2010 50 1.97 575,000 100,000 Twin Butte Energy Ltd. Options Fabi, Joseph Michael 5 07/12/2010 50 1.97 500,000 100,000 Twin Butte Energy Ltd. Options Fitzpatrick, David Michael 4 07/12/2010 50 1.97 225,000 100,000 Twin Butte Energy Ltd. Options Hall, Bruce William 5 07/12/2010 50 1.97 620,000 120,000 Twin Butte Energy Ltd. Options Ogilvy, Colin, Foster 5 07/12/2010 50 1.97 575,000 100,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11844


T/O Unit Price


Acquired/ Disposed

Twin Butte Energy Ltd. Options SAUNDERS, JAMES MACLEO

4, 5 07/12/2010 50 1.97 762,000 125,000

Twin Butte Energy Ltd. Options Sinclair, Alistair Murray 4 06/12/2010 50 1.97 200,000 100,000 Twin Butte Energy Ltd. Options Steckley, Warren D. 4 07/12/2010 50 1.97 200,000 100,000 Twin Butte Energy Ltd. Options Steele, Alan 5 07/12/2010 50 1.97 570,000 120,000 Twin Butte Energy Ltd. Options Trickett, William Austin 4 07/12/2010 50 1.97 200,000 100,000 Twoco Petroleums Ltd. Options Bashforth, Timothy 4, 5 07/12/2010 52 0 -40,000 Twoco Petroleums Ltd. Common Shares Bonnycastle, Richard Arthur

Northwood 4 07/12/2005 50 7.1 8,000 8,000

Twoco Petroleums Ltd. Common Shares Bonnycastle, Richard Arthur Northwood

4 07/12/2010 52 30,000 -8,000

Twoco Petroleums Ltd. Options Bonnycastle, Richard Arthur Northwood

4 07/12/2005 50 7.1 8,000


4 07/12/2010 52 -8,000


4 07/12/2010 52 -8,000

Twoco Petroleums Ltd. Options Mah, Larry 4 07/12/2010 52 0 -8,000 Twoco Petroleums Ltd. Options Malinowski, Wayne Andrew 3, 4, 5 07/12/2010 52 0 -40,000

Twoco Petroleums Ltd. Options Williams, James Albert Walter

4 07/12/2010 52 0 -8,000

U.S. Silver Corporation Common Shares Macintosh, James Maitland 4 08/12/2010 10 0.62 50,000 -50,000

U3O8 Corp. Common Shares Inwentash, Sheldon 4 26/11/2010 10 0.7995 350,000 U3O8 Corp. Common Shares Inwentash, Sheldon 4 26/11/2010 10 0.7995 3,581,861 350,000 UEX Corporation Common Shares McGrath, Emmet 4 16/12/2009 00 UEX Corporation Common Shares McGrath, Emmet 4 01/12/2010 51 1 200,000 200,000 UEX Corporation Common Shares McGrath, Emmet 4 01/12/2010 10 2.42 79,800 -120,200 UEX Corporation Common Shares McGrath, Emmet 4 02/12/2010 10 1 -55,400 UEX Corporation Common Shares McGrath, Emmet 4 02/12/2010 10 2.44 24,400 -55,400 UEX Corporation Common Shares McGrath, Emmet 4 03/12/2010 10 2.28 0 -24,400 UEX Corporation Options (Incentive stock

options) McGrath, Emmet 4 02/12/2010 51 1 625,000 -200,000

Uniserve Communications Corporation

Common Shares Schmidt, Michael Eric 5 01/12/2010 10 0.115 326,000 10,000

Ur-Energy Inc. Common Shares Smith, Roger L. 5 06/12/2010 51 0.81 46,982 15,000 Ur-Energy Inc. Common Shares Smith, Roger L. 5 06/12/2010 51 0.9 61,982 15,000 Ur-Energy Inc. Common Shares Smith, Roger L. 5 06/12/2010 51 0.71 134,303 72,321 Ur-Energy Inc. Common Shares Smith, Roger L. 5 06/12/2010 10 2.262 31,982 -102,321 Ur-Energy Inc. Options Smith, Roger L. 5 06/12/2010 51 0.81 334,033 -15,000 Ur-Energy Inc. Options Smith, Roger L. 5 06/12/2010 51 0.9 319,033 -15,000 Ur-Energy Inc. Options Smith, Roger L. 5 06/12/2010 51 0.71 246,712 -72,321 Uranium Focused Energy Fund

Trust Units Uranium Focused Energy Fund

1 03/12/2010 38 4.92 17,021,178 1,600

Uranium Focused Energy Fund


1 03/12/2010 38 4.93 17,025,178 4,000



1 06/12/2010 38 4.87 17,027,678 2,500



1 07/12/2010 38 4.85 17,028,378 700



1 07/12/2010 38 4.98 17,030,378 2,000



1 08/12/2010 38 4.81 17,032,678 2,300



1 08/12/2010 38 4.89 17,034,678 2,000



1 09/12/2010 38 4.85 17,035,378 700



1 09/12/2010 38 4.84 17,037,378 2,000

Uranium One Inc. Common Shares Adams, Andrew Bell 4 06/12/2010 10 5.58 154,000 -31,000 Uranium One Inc. Common Shares Adams, Andrew Bell 4 06/12/2010 10 5.589 125,000 -29,000 Uranium One Inc. Common Shares Adams, Andrew Bell 4 07/12/2010 10 5.697 117,300 -7,700 Uranium One Inc. Common Shares Adams, Andrew Bell 4 07/12/2010 10 5.684 100,000 -17,300 Uranium One Inc. Common Shares Carello, Massimo 4 07/06/2007 00 Uranium One Inc. Common Shares Carello, Massimo 4 29/11/2010 51 3.67 50,000 50,000 Uranium One Inc. Common Shares Carello, Massimo 4 29/11/2010 51 2.22 150,000 100,000 Uranium One Inc. Common Shares Carello, Massimo 4 29/11/2010 51 2.79 250,000 100,000 Uranium One Inc. Common Shares Carello, Massimo 4 29/11/2010 10 5.109 150,000 -100,000 Uranium One Inc. Common Shares Carello, Massimo 4 30/11/2010 10 5.138 110,000 -40,000 Uranium One Inc. Common Shares Carello, Massimo 4 01/12/2010 10 5.267 0 -110,000 Uranium One Inc. Options Carello, Massimo 4 29/11/2010 51 3.67 720,000 -50,000 Uranium One Inc. Options Carello, Massimo 4 29/11/2010 51 2.22 620,000 -100,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11845


T/O Unit Price


Acquired/ Disposed

Uranium One Inc. Options Carello, Massimo 4 29/11/2010 51 2.79 520,000 -100,000 Uranium One Inc. Common Shares du Preez, Graham 5 29/11/2010 57 26,180 21,000 Uranium One Inc. Common Shares du Preez, Graham 5 29/11/2010 57 21,000 Uranium One Inc. Rights Restricted Shares du Preez, Graham 5 29/11/2010 57 0 -21,000

Uranium One Inc. Rights Restricted Shares du Preez, Graham 5 29/11/2010 57 -21,000

Uranium One Inc. Common Shares Heyns, Thys 5 29/11/2010 57 21000 201,833 21,000 Uranium One Inc. Common Shares Heyns, Thys 5 29/11/2010 10 5.14 12,400 -189,433 Uranium One Inc. Common Shares Heyns, Thys 5 29/11/2010 10 5.39 4,980 -7,420 Uranium One Inc. Common Shares Heyns, Thys 5 29/11/2010 10 5.46 3,500 -1,480 Uranium One Inc. Common Shares Heyns, Thys 5 29/11/2010 10 5.49 0 -3,500 Uranium One Inc. Rights Restricted Shares Heyns, Thys 5 27/12/2005 00

Uranium One Inc. Rights Restricted Shares Heyns, Thys 5 07/04/2008 56 21,000

Uranium One Inc. Rights Restricted Shares Heyns, Thys 5 07/04/2008 56 21,000

Uranium One Inc. Rights Restricted Shares Heyns, Thys 5 07/04/2008 56 21,000 21,000

Uranium One Inc. Rights Restricted Shares Heyns, Thys 5 29/11/2010 57 0 -21,000

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 29/11/2010 10 4.6 -19,518

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 29/11/2010 10 4.6 276,272 -19,517

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 29/11/2010 10 4.86 -1,583

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 29/11/2010 10 4.86 273,129 -1,582

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 30/11/2010 10 5.09 -15

Uranium One Inc. Common Shares Hodgson, David Lancaster 4 30/11/2010 10 5.09 164,249 -16

Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 02/12/2010 10 5.5 -11,098 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 02/12/2010 10 5.5 397,300 -11,100 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 07/12/2010 10 5.67 166,600 -195,800 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 07/12/2010 10 5.68 60,400 -106,200 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 4.85 -11,162 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 4.85 1,261,976 -11,163 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 4.88 -1,131 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 4.88 1,249,531 -1,132 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 5.15 -18,855 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 29/11/2010 10 5.15 960,146 -18,854 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 30/11/2010 10 5.03 -8,414 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 30/11/2010 10 5.03 1,056,347 -8,415 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 02/12/2010 10 5.5 -54,002 Uranium One Inc. Common Shares Nortier, Daniel Jean 4, 7 02/12/2010 10 5.5 0 -54,000 Uranium One Inc. Common Shares Rosenberg, Terrence 4 30/11/2010 10 5.15 -1,487 Uranium One Inc. Common Shares Rosenberg, Terrence 4 30/11/2010 10 5.15 0 -1,488 Uranium One Inc. Common Shares Sattler, Christopher Joseph 7, 5 28/05/2006 00

Uranium One Inc. Common Shares Sattler, Christopher Joseph 7, 5 29/11/2010 57 21,000 21,000

Uranium One Inc. Common Shares Sattler, Christopher Joseph 7, 5 29/11/2010 57 21,000

Uranium One Inc. Common Shares Shashkova, Zoya Georgiyevna

7 02/12/2010 10 5.38 30,000 -37,000

Uranium One Inc. Common Shares Shashkova, Zoya Georgiyevna

7 03/12/2010 10 5.57 0 -30,000

Uranium One Inc. Options Shashkova, Zoya Georgiyevna

7 29/11/2010 51 3.67 -21,450

Uranium One Inc. Options Shashkova, Zoya Georgiyevna

7 29/11/2010 51 3.67 170,900 -21,450

Uranium One Inc. Common Shares Speight, Susan French 5 18/01/2007 10 12.16 800 800 Uranium One Inc. Common Shares Speight, Susan French 5 01/12/2010 10 5.2 0 -20,800 Uranium One Inc. Common Shares Stover, Dennis 7 03/12/2010 10 5.56 50,225 -34,000 Uranium One Inc. Common Shares Theunissen, Marthinus

Wilhelmus 5 06/12/2010 51 5.06 4,667 4,667

Uranium One Inc. Common Shares Theunissen, Marthinus Wilhelmus

5 06/12/2010 10 5.602 0 -4,667

Uranium One Inc. Options Theunissen, Marthinus Wilhelmus

5 06/12/2010 51 5.06 9,003 -4,667

Uranium One Inc. Common Shares Zhivov, Vadim 4 29/11/2010 51 2.79 200,000 100,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11846


T/O Unit Price


Acquired/ Disposed

Uranium One Inc. Common Shares Zhivov, Vadim 4 06/12/2010 10 4.87 100,000 -100,000 Uranium One Inc. Options Zhivov, Vadim 4 29/11/2010 51 0 -100,000 URSA MAJOR MINERALS INCORPORATED

Common Shares Colin, Jean-Pierre 4 02/12/2010 10 0.13 100,000 100,000

URSA MAJOR MINERALS INCORPORATED

Common Shares Colin, Jean-Pierre 4 02/12/2010 10 0.13 100,000

URSA MAJOR MINERALS INCORPORATED

Common Shares Colin, Jean-Pierre 4 29/09/2010 00

Vaaldiam Mining Inc. (formerly Tiomin Resources Inc.)

Common Shares Caron, Mario 4 06/12/2010 10 0.27 120,000 -7,000

Valdez Gold Inc. Common Shares John, William Murray 6 24/11/2010 00 Valdez Gold Inc. Common Shares John, William Murray 6 25/11/2010 00 Valeant Pharmaceuticals International, Inc.

Common Shares De Silva, Rajiv 5 28/09/2010 00 47,482

Valeant Pharmaceuticals International, Inc.

Common Shares De Silva, Rajiv 5 29/09/2010 57 243,233 195,751


Common Shares De Silva, Rajiv 5 01/12/2010 51 8.11 261,510 18,277


Common Shares De Silva, Rajiv 5 01/12/2010 10 27 243,233 -18,277


Common Shares De Silva, Rajiv 5 01/12/2010 10 27 41,613 -201,620


Options De Silva, Rajiv 5 01/12/2010 51 8.11 641,662 -18,277


Rights Restricted Share Units (RSUs)

De Silva, Rajiv 5 29/09/2010 59 269,413 -214,826



De Silva, Rajiv 5 29/09/2010 57 73,662 -195,751


Common Shares Valeant Pharmaceuticals International, Inc.

1 09/11/2010 38 25.95 700,000 700,000



1 09/11/2010 38 0 -700,000



1 10/11/2010 38 25.322 700,000 700,000



1 10/11/2010 38 0 -700,000



1 11/11/2010 38 25.358 555,000 555,000



1 11/11/2010 38 0 -555,000



1 12/11/2010 38 25.218 50,000 50,000



1 12/11/2010 38 0 -50,000


Common Shares Wells, William McDowell 4 05/10/2010 22 275,541


Common Shares Wells, William McDowell 4 05/10/2010 22 565,461 490,461


Common Shares Wells, William McDowell 4 07/12/2010 57 582,851 17,390


Common Shares Wells, William McDowell 4 07/12/2010 10 28.05 565,461 -17,390


Rights Deferred Share Units (DSUs)

Wells, William McDowell 4 28/09/2010 56 29,805 110



Wells, William McDowell 4 01/10/2010 56 33,203 3,398



Wells, William McDowell 4 04/10/2010 35 109



Wells, William McDowell 4 04/10/2010 35 33,325 122



Wells, William McDowell 4 07/12/2010 57 2,150 -17,390



Wells, William McDowell 4 07/12/2010 59 0 -2,150

Valterra Resource Corporation

Common Shares Hean, Scott Bradbury 5 07/12/2010 10 0.04 50,000


Common Shares Hean, Scott Bradbury 5 07/12/2010 10 0.04 50,000

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11847


T/O Unit Price


Acquired/ Disposed


Common Shares Manex Resource Group Inc.

3, 5 07/12/2010 10 0.04 50,000


Common Shares Manex Resource Group Inc.

3, 5 07/12/2010 10 0.04 50,000


Common Shares Page, Derek Lawrence 4 07/12/2010 10 0.04 951,606 50,000


Common Shares Page, Lawrence Peter 3, 4, 5 07/12/2010 10 0.04 50,000


Common Shares Page, Lawrence Peter 3, 4, 5 07/12/2010 10 0.04 50,000

Vast Exploration Inc. Options Moulds, Darren 5 02/12/2010 00 85,000 Vecima Networks Inc. Common Shares Kumar, Surinder Ghai 3, 4, 5 03/12/2010 10 3.89 50,400 1,000 Velan Inc. Subordinate Voting

SharesVelan Inc. 1 01/11/2010 38 13.5 7,900 100

Velan Inc. Subordinate Voting Shares

Velan Inc. 1 04/11/2010 38 13.1 8,000 100


Velan Inc. 1 09/11/2010 38 13 8,700 700


Velan Inc. 1 12/11/2010 38 13 9,700 1,000


Velan Inc. 1 30/11/2010 38 13 2,900 1,000

Vena Resources Inc. Common Shares Vegarra, Juan 4, 5 25/11/2010 10 0.405 3,254,000 10,000

Vermilion Energy Inc. Common Shares Donadeo, Lorenzo 4, 5 09/12/2010 10 43.25 3,553,118 -80,000

Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 03/12/2010 10 43.23 2,612,357 -39,500

Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 06/12/2010 10 43.38 2,586,657 -25,700

Vermilion Energy Inc. Common Shares Mac Dougall, G.R. (Bob) 5 01/09/2010 00

Vermilion Energy Inc. Common Shares Mac Dougall, G.R. (Bob) 5 01/09/2010 00

Vermilion Energy Inc. Common Shares Mac Dougall, G.R. (Bob) 5 01/09/2010 00 81,367

VIQ Solutions Inc. Common Shares Noronha, Jay 3 12/11/2010 10 0.5 13,571,175 70,000






Virgin Metals Inc. Common Shares Berlet, Christopher James 4 26/08/2010 37 1,360,000 -5,440,000

Virgin Metals Inc. Common Shares Berlet, Christopher James 4 02/12/2010 97 0.2 170,000

Virgin Metals Inc. Common Shares Berlet, Christopher James 4 03/12/2010 97 0.2 1,700,000 170,000

Virgin Metals Inc. Rights Berlet, Christopher James 4 24/06/2010 00

Virgin Metals Inc. Warrants Berlet, Christopher James 4 26/08/2010 37 0.4 62,500 -250,000

Virgin Metals Inc. Warrants Berlet, Christopher James 4 02/12/2010 97 0.25 170,000

Virgin Metals Inc. Warrants Berlet, Christopher James 4 03/12/2010 97 0.25 402,500 170,000

VisionSky Corp. Common Shares Maddin, Preston J. 4, 5 08/12/2010 10 0.015 60,416 15,000

VisionSky Corp. Common Shares Maddin, Preston J. 4, 5 07/12/2010 11 0.01 309,167 -15,000



VisionSky Corp. Common Shares Maddin, Preston J. 4, 5 16/02/2006 00

VisionSky Corp. Common Shares Maddin, Preston J. 4, 5 07/12/2010 11 0.01 15,000 15,000

VisionSky Corp. Warrants August 27, 2004 Maddin, Preston J. 4, 5 09/12/2010 55 0 -6,250




Insider Reporting

December 17, 2010 (2010) 33 OSCB 11848


T/O Unit Price


Acquired/ Disposed

VisionSky Corp. Warrants Feb.15/05 Prospectus

Maddin, Preston J. 4, 5 09/12/2010 55 0 -17,500

VisionSky Corp. Warrants Feb.15/05 Prospectus

Maddin, Preston J. 4, 5 09/12/2010 55 0 -20,000

VisionSky Corp. Common Shares Tai, George 4 15/02/2008 00

VisionSky Corp. Common Shares Tai, George 4 08/12/2010 10 0.015 15,000 15,000

Viterra Inc. Common Shares Chapman, Don 5 02/12/2010 30 9.44 24,055 297

Volcanic Metals Corp. Common Shares Iverson, Michael Alexander 3, 4, 5 29/07/2009 11 0.05 400,000 -150,000

Volcanic Metals Corp. Common Shares Iverson, Michael Alexander 3, 4, 5 23/04/2010 11 0.05 250,000 -150,000

Volcanic Metals Corp. Options Iverson, Michael Alexander 3, 4, 5 03/02/2010 50 241,480 100,000

WaterFurnace Renewable Energy, Inc. (formerly WFI Industries Ltd.)

Common Shares Shields, Timothy E. 4 07/12/2010 97 380,638 -3,282

Wescan Goldfields Inc. Common Shares MacNeill, Kenneth Earl 4, 6 07/12/2010 16 0.06 5,327,102 1,666,668 Wescan Goldfields Inc. Warrants Warrants MacNeill, Kenneth Earl 4, 6 07/12/2010 53 0.1 1,833,334 833,334 Wesdome Gold Mines Ltd. (formerly River Gold Mines Ltd.)

Common Shares Pollitt, Donovan Arthur 5 06/12/2010 10 2.806 1,258,207 10,000

West Fraser Timber Co. Ltd. Options Clogg, Wayne 5 03/12/2010 59 151,593 -6,000

West Fraser Timber Co. Ltd. Options Hutchinson, Rodger 5 08/12/2010 59 93,695 -6,000

West Fraser Timber Co. Ltd. Options Kuper, Maureen Faye 5 08/12/2010 59 19,000 -2,000

West Fraser Timber Co. Ltd. Options McIver, Christopher Daryl 5 03/12/2010 59 64,994 -4,000

West Fraser Timber Co. Ltd. Options Seraphim, Edward 5 03/12/2010 59 119,330 -9,150

Westcore Energy Ltd. Common Shares Hodgkinson, Raymond John

4 07/12/2010 10 0.31 195,000 2,000


4 08/12/2010 10 0.31 196,000 1,000


4 09/12/2010 10 0.31 200,000 4,000

Western Coal Corp. Common Shares Burton, William D. 5 09/12/2010 10 11.81 25,566 -60,000 Western Financial Group Inc.

Common Shares Hanson, Gregory J. 6 06/12/2010 10 2.46 5,600 200

Western Financial Group Inc.

Common Shares Hanson, Gregory J. 6 06/12/2010 10 2.47 5,800 200

Western Financial Group Inc.

Common Shares Hanson, Gregory J. 6 06/12/2010 10 2.52 6,800 1,000

Western Plains Petroleum Ltd.

Warrants Joe Dwek Management Consultants 2007 Inc.

3 02/12/2010 55 0 -3,235,293


Common Shares Koenig, William David Brock

4 18/06/2010 00


Common Shares Koenig, William David Brock

4 02/12/2010 16 0.18 400,000 400,000


Warrants Koenig, William David Brock

4 18/06/2010 00


Warrants Koenig, William David Brock

4 02/12/2010 16 200,000 200,000


Common Shares STEWART, LEIGH DUNCAN

3, 4, 5 02/12/2010 16 0.18 180,000 25,000


Warrants STEWART, LEIGH DUNCAN

3, 4, 5 26/05/2005 00


Warrants STEWART, LEIGH DUNCAN

3, 4, 5 02/12/2010 16 12,500 12,500


Common Shares Wiebe, Menno 4 02/12/2010 16 0.18 695,000 300,000


Warrants Wiebe, Menno 4 26/05/2005 00


Warrants Wiebe, Menno 4 02/12/2010 16 150,000


Warrants Wiebe, Menno 4 02/12/2010 16 150,000 150,000

Western Troy Capital Resources Inc.




Insider Reporting

December 17, 2010 (2010) 33 OSCB 11849


T/O Unit Price


Acquired/ Disposed



3 08/12/2010 54 0.5 1,875,000 625,000



3 02/12/2010 10 0.63 1,526,000 -139,000



3 03/12/2010 10 0.66 1,496,000 -30,000



3 08/12/2010 54 0.5 2,871,000 1,375,000



3 08/12/2010 54 0.5 0 -625,000



3 08/12/2010 54 0.5 0 -1,375,000


Common Shares Loesby, Rex E. 5 02/12/2010 51 0.28 380,000 140,000


Common Shares Loesby, Rex E. 5 02/12/2010 10 0.6422 370,000 -10,000




Common Shares Loesby, Rex E. 5 02/12/2010 10 0.5821 -10,000
















Common Shares Loesby, Rex E. 5 10/12/2010 51 0.28 320,000 20,000


Options Loesby, Rex E. 5 02/12/2010 51 0.28 520,000 -140,000


Options Loesby, Rex E. 5 10/12/2010 51 0.28 500,000 -20,000



WesternOne Equity Income Fund

Units WEQ.UN McAleer, Ronald James 5 03/12/2010 10 4.22 8,261 535

WesternOne Equity Income Fund

Units WEQ.UN Yam, Carlos 5 08/12/2010 10 4.25 4,100 2,050

WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 10/11/2010 38 12.81 127,900 127,900

WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 15/11/2010 38 12.99 128,000 100


WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 17/11/2010 38 117,683 -127,900

WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 17/11/2010 38 117,583 -100









Insider Reporting

December 17, 2010 (2010) 33 OSCB 11850


T/O Unit Price


Acquired/ Disposed





















WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 03/12/2010 38 0 -109,383


WestJet Airlines Ltd. Common Shares - Voting WestJet Airlines Ltd 1 06/12/2010 38 0 -105,900

Whistler Blackcomb Holdings Inc.

Common Shares Brownlie, David Barrie 5 09/11/2010 10 12 22,500


Common Shares Brownlie, David Barrie 5 09/11/2010 15 12 22,500 22,500


Common Shares Doi, Susan Tamiko 5 09/11/2010 10 12 700


Common Shares Doi, Susan Tamiko 5 09/11/2010 15 12 700 700


Common Shares Forseth, Douglas James 5 09/11/2010 10 12 1,000


Common Shares Forseth, Douglas James 5 09/11/2010 15 12 1,000 1,000


Common Shares Forseth, Douglas James 5 09/11/2010 10 12 750


Common Shares Forseth, Douglas James 5 09/11/2010 15 12 750 750


Common Shares Rempel, Stuart Nicolas 5 09/11/2010 10 12 500


Common Shares Rempel, Stuart Nicolas 5 09/11/2010 15 12 500 500


Common Shares Rempel, Stuart Nicolas 5 09/11/2010 10 12 1,000


Common Shares Rempel, Stuart Nicolas 5 09/11/2010 15 12 1,000 1,000


Common Shares Smith, Kevin Ross 5 09/11/2010 10 12 600

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11851


T/O Unit Price


Acquired/ Disposed


Common Shares Smith, Kevin Ross 5 09/11/2010 15 12 600 600

White Pine Resources Inc. Common Shares Cudney, Robert Douglas 3 09/12/2010 11 0.25 2,304,222 600,000 White Pine Resources Inc. Warrants Cudney, Robert Douglas 3 09/12/2010 11 0.35 1,100,000 300,000 White Pine Resources Inc. Common Shares Kilbourne, Michael Wayne 5 09/12/2010 16 0.25 114,300 50,000 White Pine Resources Inc. Warrants Kilbourne, Michael Wayne 5 09/12/2010 16 0.35 50,000 25,000 White Pine Resources Inc. Common Shares Leskovec, Michael George 5 14/09/2010 00

White Pine Resources Inc. Common Shares Leskovec, Michael George 5 09/12/2010 16 0.25 50,000 50,000

White Pine Resources Inc. Warrants Leskovec, Michael George 5 14/09/2010 00

White Pine Resources Inc. Warrants Leskovec, Michael George 5 09/12/2010 16 0.35 25,000 25,000

White Pine Resources Inc. Common Shares Tait, John Graham 4, 5 09/12/2010 16 0.25 1,249,533 250,000

White Pine Resources Inc. Warrants Tait, John Graham 4, 5 09/12/2010 16 0.35 573,250 125,000

Whitecap Resources Inc. Common Shares Deans Knight Capital Management Ltd.

3 15/10/2010 37 5,193,755 -46,743,795

Whitecap Resources Inc. Common Shares Langdon, Craig 6 15/10/2010 37 5,000 -45,000

Wild Stream Exploration Inc. Options Colborne, Paul 4 05/10/2009 00

Wild Stream Exploration Inc. Options Colborne, Paul 4 06/12/2010 50 6.4 65,000 65,000

Wild Stream Exploration Inc. Common Shares Olson, Kevin 4 06/12/2010 10 9.1 303,700 -29,000

Williams Creek Explorations Limited

Options McInnes, James Edward 4, 5 26/08/2007 52 0.3 150,000 -520,000

Williams Creek Explorations Limited

Options McInnes, James Edward 4, 5 02/11/2008 52 0.235 0 -150,000

X-Terra Resources Corporation

Common Shares Plouffe, Sébastien 4, 5 09/12/2010 10 0.5 277,500 -2,500

X-Terra Resources Corporation

Common Shares Plouffe, Sébastien 4, 5 09/12/2010 10 0.48 265,000 -12,500

XPEL TECHNOLOGIES CORP.

Common Shares Pape, Ryan 5 02/12/2010 10 0.03 1,247,702 15,000

Xylitol Canada Inc. Common Shares Kierans, Thomas E. 4 22/04/2010 00

Xylitol Canada Inc. Common Shares Kierans, Thomas E. 4 02/12/2010 10 0.23 215,000 215,000

Yaletown Capital Corp. Common Shares Kind, Douglas 3, 4, 5 06/12/2010 10 0.23 3,869,250 10,000






Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 01/12/2010 10 0.8 4,685,131 20,000




Yangarra Resources Ltd. Options DURANTE, Joseph Samual 4 07/01/2010 00 500,000

Yangarra Resources Ltd. Options DURANTE, Joseph Samual 4 30/04/2010 37 0.1 100,000 -400,000

Yangarra Resources Ltd. Options DURANTE, Joseph Samual 4 28/06/2010 50 200,000 100,000

Yangarra Resources Ltd. Options DURANTE, Joseph Samual 4 24/11/2010 50 250,000 50,000

Yangarra Resources Ltd. Common Shares Evaskevich, James Grant 4, 5 03/12/2010 10 0.82 2,771,213 10,000

Yangarra Resources Ltd. Common Shares Evaskevich, James Grant 4, 5 03/12/2010 10 0.8 2,791,213 20,000

Yangarra Resources Ltd. Common Shares Glessing, James, Alan 5 09/12/2010 10 41,100 17,100

Yangarra Resources Ltd. Common Shares Glessing, James, Alan 5 01/12/2010 00

Yangarra Resources Ltd. Common Shares Glessing, James, Alan 5 09/12/2010 10 8,900 8,900

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11852


T/O Unit Price


Acquired/ Disposed

Yellow Media Inc. Common Shares Miller, Anthony G. 4 01/11/2010 00

Yellow Media Inc. Common Shares Miller, Anthony G. 4 10/12/2010 10 6.32 5,600 5,600

Yellow Media Inc. Preferred Shares First Preferred Shares 12,000,000 Series 1

Yellow Media Inc./Yellow Média inc.

1 30/11/2010 38 3,200 -21,366

Yellow Media Inc. Preferred Shares First Preferred Shares 12,000,000 Series 1


1 01/12/2010 38 -21,366

Yellow Media Inc. Preferred Shares First Preferred Shares, 8,000,000 Series 2


1 30/11/2010 38 6,336 -221,836

Yellow Media Inc. Preferred Shares First Preferred Shares, 8,000,000 Series 2


1 01/12/2010 38 -221,836

Yoho Resources Inc. Common Shares Allford, Richard Bruce 4 08/12/2010 11 3.3 110,377 12,122

Yoho Resources Inc. Common Shares Kurceba, Peter 4 08/12/2010 11 3.3 261,545 54,545

Yoho Resources Inc. Common Shares Olson, Kevin 4 08/12/2010 15 3.3 158,575 15,200

Yoho Resources Inc. Common Shares Olson, Kevin 4 08/12/2010 11 3.3 194,939 36,364

Yoho Resources Inc. Common Shares Perron, Gary 4 08/12/2010 11 3.3 2,923,870 157,379

ZARGON ENERGY TRUST Trust Units Howard, Tracy Leigh 7 16/11/2010 30 19.026 2,043 2

ZARGON ENERGY TRUST Trust Units Howard, Tracy Leigh 7 16/11/2010 30 19.026 2,052 9

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 51 12.26 3,000

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 51 12.26 3,000

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 51 12.26 -3,000

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 51 12.26 -3,000

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 51 12.26 4,441 3,000

ZARGON ENERGY TRUST Trust Units Schwetz, Lorne Douglas 5 01/12/2010 10 20 1,441 -3,000

ZARGON ENERGY TRUST Unit Options Schwetz, Lorne Douglas 5 01/12/2010 51 58,500 -3,000

ZCL Composites Inc. Common Shares Habib, Paul 7 07/12/2010 10 3 926,676 -900

Zedi Inc. Common Shares Deane, Debra 5 06/12/2010 10 0.82 311,094 553

Zedi Inc. Common Shares Exner, Ronald Grant 5 06/12/2010 10 0.82 109,520 1,209

Zedi Inc. Common Shares Freeman, James Edward 5 06/12/2010 10 0.81 176,734 864

Zedi Inc. Common Shares Gaudet, Clement 5 06/12/2010 10 0.82 441,995 128

Zedi Inc. Common Shares Gordon, Robert Wilson 5 06/12/2010 10 0.82 578,497 1,254

Zedi Inc. Common Shares Heard, Roderick Reece 5 06/12/2010 10 0.82 399,180 1,142

Zedi Inc. Common Shares Heffernan, Matthew 4 06/12/2010 10 0.82 1,101,813 840

Zedi Inc. Common Shares Ito, Tokunosuke 5 06/12/2010 10 0.82 869,874 235

Zedi Inc. Common Shares Ollenberger, Joseph A. 5 06/12/2010 10 0.82 580,989 1,067

Zincore Metals Inc. Common Shares Klassen, Arnold 4 10/12/2010 10 0.52 70,000 20,000

Zungui Haixi Corporation Common Shares Zungui Haixi Corporation 1 21/12/2009 00

Zungui Haixi Corporation Common Shares Zungui Haixi Corporation 1 01/11/2010 38 2.87 700 700

Zungui Haixi Corporation Common Shares Zungui Haixi Corporation 1 02/11/2010 38 2.88 8,700 8,000


Insider Reporting

December 17, 2010 (2010) 33 OSCB 11853


T/O Unit Price


Acquired/ Disposed











Zungui Haixi Corporation Common Shares Zungui Haixi Corporation 1 30/11/2010 38 12,000 -80,800

Insider Reporting

December 17, 2010 (2010) 33 OSCB 11854


December 17, 2010 (2010) 33 OSCB 11855

Chapter 8

Notice of Exempt Financings

REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1

Transaction Date

No. of Purchasers

Issuer/Security Total Purchase Price ($)

No. of Securities Distributed

11/30/2010 2 365 March Road Limited Partnership - Limited Partnership Interest

12,400,000.00 100.00

11/23/2010 to 11/30/2010

95 Abenteuer Resources Corp. - Receipts 12,000,000.00 15,000,000.00

11/30/2010 35 ACM Commercial Mortgage Fund - Units

1,739,458.24 15,809.41

11/24/2010 to 11/25/2010

10 Active Growth Capital Inc. - Common Shares

625,000.00 3,500,000.00

09/29/2009 9 Advanced Explorations Inc. - Units 325,000.00 2,166,667.00

11/25/2010 10 AgriMarine Holdings Inc. - Units 1,400,000.00 5,600,000.00

11/01/2010 9 American Achievement Corporation - Notes

3,547,600.00 9.00

11/30/2010 30 Amerix Precious Metals Corporation - Common Shares

512,750.00 7,725,000.00

11/12/2010 3 Applewood II Hotel Holdings Inc & Combo Construction Limited - Units

1,800,000.00 1,800,000.00

10/13/2010 1 Aroway Minerals Inc. - Common Shares

107,500.00 500,000.00

10/13/2010 72 Aroway Minerals Inc. - Flow-Through Units

1,369,084.00 6,845,420.00

10/13/2010 31 Aroway Minerals Inc. - Non-Flow Through Units

600,000.00 3,750,000.00

10/15/2010 26 Aura Silver Resources Inc. - Units 2,197,626.64 13,040,743.00

11/25/2010 61 AXMIN Inc. - Common Shares 10,000,000.00 83,333,333.00

10/13/2010 14 BacTech Mining Corporation - Units 430,000.00 43.00

10/14/2010 26 Bayfield Ventures Corp. - Common Shares

4,999,999.20 3,571,428.00

10/20/2010 7 Beaufield Resources Inc. - Common Shares

3,000,250.00 5,455,000.00

11/30/2010 3 Bedford Commons 2 Property Holdings Inc - Units

3,800,000.00 3,800,000.00

11/16/2010 25 biOasis Technologies Inc. - Units 1,029,287.50 2,058,575.00

12/02/2010 4 Birch Hill Equity Partners IV, L.P. - Limited Partnership Interest

48,000,000.00 4.00

12/02/2010 1 Birch Hill Equity Partners (Entrepreneurs) IV, L.P. - Limited Partnership Interest

300,000.00 1.00


December 17, 2010 (2010) 33 OSCB 11856

Transaction Date

No. of Purchasers



10/04/2010 7 Bolero Resources Corp. - Units 1,000,000.00 8,000,000.00

11/30/2010 16 Bonnefield Canadian Farmland LP 1 - Limited Partnership Units

5,185,000.00 5,185.00

11/26/2010 5 BonTerra Resources Inc. - Units 2,000,000.00 4,000,000.00

09/27/2010 389 Brant County Riverbend Development Investment Corporation - Common Shares

8,061,600.00 806,160.00

09/27/2010 232 Brant County Riverbend Development LP - Limited Partnership Units

15,994,180.00 1,599,418.00

11/26/2010 30 BRC Minerals Ltd - Common Shares 1,890,450.50 1,855,000.00

10/19/2010 1 Campus Crest Communities, Inc. - Common Shares

20,592.00 1,600,000.00

10/18/2010 to 10/25/2010

28 Canadian Arrow Mines Limited - Units 664,750.10 9,496,430.00

11/23/2010 167 Canadian Energy Exploration Inc - Common Shares

6,999,999.86 N/A

11/30/2010 59 Canadian Western Bank - Debentures 300,000,000.00 N/A

11/30/2010 35 Centurion Apartment Real Estate Investment Trust - Units

1,618,040.00 161,804.00

11/30/2010 5 CGS Flow-Through 2010 LP - Limited Partnership Units

195,000.00 7,800.00

10/08/2010 1 China XD Plastics Co. Ltd. - Common Shares

1,500,000.00 250,000.00

11/23/2010 42 Cloudbreak Resources Ltd. - Common Shares

3,313,499.50 7,942,840.00

11/22/2010 to 11/26/2010

9 Colwood City Centre Limited Partnership - Notes

249,000.00 249,000.00

11/30/2010 to 12/03/2010

5 Colwood City Centre Limited Partnership - Notes

76,000.00 76,000.00

11/02/2010 to 11/25/2010

7 CommunityLend Inc. - Loan Agreements

78,300.00 78,300.00

11/08/2010 to 11/11/2010

3 CommunityLend Inc. - Units 1,600.00 3.00

12/03/2010 26 Connaught Oil & Gas Ltd. - Common Shares

50,714,200.00 1,267,855.00

11/09/2010 3 Costamare Inc. - Common Shares 10,577,600.00 880,000.00

10/21/2010 99 Crazy Horse Resources Inc - Receipts 8,499,999.75 11,333,333.00

11/25/2010 37 Creston Moly Corp. - Special Warrants 11,500,000.00 28,750,000.00

11/23/2010 111 Crosshair Exploration & Mining Corp. - Flow-Through Shares

10,000,000.00 N/A

11/23/2010 111 Crosshair Exploration & Mining Corp. - Receipts

10,000,000.00 40,000,000.00

11/10/2010 20 Cue Resources Ltd. - Units 1,146,899.95 16,384,285.00


December 17, 2010 (2010) 33 OSCB 11857

Transaction Date

No. of Purchasers



11/24/2010 152 Curtis Resources Ltd - Common Shares

41,154,282.00 20,577,141.00

11/24/2010 1 CVR Energy, Inc. - Common Shares 1,630,500.00 150,000.00

11/05/2010 1 Developers Divershified Realty Corporation - Notes

500,750.00 500,000.00

01/01/2009 to 12/01/2009

27 DKAM Capital Ideas Fund LP - Limited Partnership Units

5,234,174.00 38,698.02

11/23/2010 15 Embotics Corporation - Debentures 2,000,000.00 11,816.00

09/28/2010 to 10/04/2010

35 Enhanced Oil Resources Inc. - Units 1,849,685.00 9,248,425.00

12/03/2010 17 Estrella Gold Corporation - Units 1,000,000.00 2,000,000.00

11/26/2010 4 Excalibur Resources Ltd. - Units 400,500.00 2,670,000.00

11/03/2009 to 09/24/2010

1 Excel BRIC Fund - Units 5,321,643.00 296,882.18

11/03/2009 to 09/24/2010


11/03/2009 to 09/24/2010


11/03/2009 to 09/24/2010


11/19/2010 30 Exile Resources Inc. - Units 2,412,000.00 20,100,000.00

11/29/2010 2 First Leaside Mortgage Fund - Trust Units

1,044,330.00 1,044,330.00

11/29/2010 1 First Leaside Ultimate Limited Partnership - Limited Partnership Interest

250,000.77 245,701.00

11/30/2010 2 First Leaside Wealth Management Fund - Trust Units

1,150,000.00 1,150,000.00

10/22/2010 8 Focus Metal Inc. - Units 60,500.00 605,000.00

06/29/2010 to 06/30/2010

6 Fortune Minerals Limited - Flow-Through Shares

1,977,300.00 2,535,000.00

07/09/2010 1 Foundation Resources Inc, - Common Shares

5,000.00 50,000.00

11/23/2010 14 General Motors Company - Common Shares

63,258,510.00 2,907,333.00

11/22/2010 66 Global Minerals Ltd. - Units 3,982,099.55 9,239,390.00

09/10/2010 2 Gold Standard Ventures Corp. - Units 1,745,000.40 2,684,616.00

11/24/2010 2 Goodbaby International Holdings Limited - Common Shares

127,937.34 200,000.00

11/17/2010 16 Grayd Resource Corporation - Common Shares

6,000,000.00 4,800,000.00

11/26/2010 44 Gunpoint Exploration Ltd. - Common Shares

17,319,070.00 33,500,626.00


December 17, 2010 (2010) 33 OSCB 11858

Transaction Date

No. of Purchasers



11/30/2010 8 GWR Resources Inc. - Flow-Through Units

1,750,000.00 6,250,000.00

11/29/2010 4 IGW Real Estate Investment Trust - Units

97,084.95 96,557.21

11/22/2010 to 11/26/2010

110 IGW Real Estate Invnestment Trust - Units

4,369,127.51 N/A

11/23/2010 1 Investeco Private Equity Fund III, L.P - Limited Partnership Units

251,762.50 250.00

11/29/2010 4 Jack Cooper Holdings Corp - Units 6,586,326.07 6,500.00

12/01/2010 23 Kane Biotech Inc. - Units 253,280.00 3,166,000.00

11/05/2010 16 Kilo Goldmines Ltd. - Units 4,748,000.00 23,740,000.00

11/30/2010 3 Kingwest Avenue Portfolio - Units 175,924.31 5,930.49

11/30/2010 14 Kirrin Resources Inc. - Units 674,000.00 8,425,000.00

08/16/2010 1 Kokomo Enterprises Inc. - Units 120,000.00 2,000,000.00

07/29/2009 4 Kokomo Enterprises Inc. - Units 85,500.00 1,140,000.00

11/03/2010 1 Le Gaga Holdings Limited - American Depository Shares

1,918.00 200.00

11/24/2010 25 Logan Resources Ltd. - Flow-Through Units

771,250.00 10,283,332.00

11/24/2010 17 Logan Resources Ltd. - Non-Flow Through Units

400,000.00 6,666,667.00

11/12/2010 to 11/19/2010

40 Lynden Energy Corp. - Units 2,993,000.00 5,986,000.00

01/01/2008 to 12/31/2008

2 M-L International Investment Fund - Units

84,935,151.58 872,199.30

11/04/2010 21 Macusani Yellowcake Inc. - Units 4,502,500.00 18,010,000.00

11/10/2010 2 Mail.ru Group Limited - Common Shares

1,942,500.00 70,000.00

11/12/2010 29 Mainstream Minerals Corporation - Units

450,000.00 5,000,000.00

08/06/2010 5 Marine Mining Corp. - Units 400,000.00 3,333,333.00

11/09/2010 to 11/18/2010

80 Medallion Resources Ltd. - Units 1,524,998.70 5,083,329.00

07/30/2010 30 Metanor Resources Inc. - Flow-Through Shares

3,186,944.80 4,902,992.00

10/21/2010 19 Metanor Resources Inc. - Flow-Through Shares

4,266,900.00 8,285,242.00

11/30/2010 5 Molycor Gold Corp. - Flow-Through Units

420,000.00 5,250,000.00

10/27/2010 1 Momentive Performance Materials Inc. - Note

1,002,400.00 1.00

11/10/2010 8 Montero Mining and Exploration ltd. - Common Shares

2,100,000.00 N/A


December 17, 2010 (2010) 33 OSCB 11859

Transaction Date

No. of Purchasers



11/26/2010 35 Morrison Laurier Mortgage Corporation - Preferred Shares

1,907,000.00 190,700.00

11/30/2010 28 MPT Mustard Products & Technologies Inc. - Common Shares

441,425.25 1,261,215.00

11/04/2010 to 11/05/2010

29 Naina Capital Corp - Units 1,351,000.00 N/A

11/09/2010 2 Nakina Systems Inc. - Notes 270,616.35 2.00

11/23/2010 to 12/01/2010

2 Nakina Systems Inc. - Warrants 335,860.76 7.00

11/10/2010 1 NeoProbe Corporation - Units 1,500,000.60 789,474.00

10/13/2010 to 10/22/2010

25 Newport Canadian Equity Fund - Trust Units

506,300.00 3,958.84

10/12/2010 to 10/22/2010

7 Newport Fixed Income Fund - Trust Units

812,500.00 7,503.98

10/12/2010 to 10/22/2010

6 Newport Global Equity Fund - Trust Units

420,000.00 7,086.03

10/08/2010 to 10/22/2010

47 Newport Yield Fund - Trust Units 1,524,846.00 13,076.38

11/30/2010 1 Nichromet Extraction Inc. - Units 665,000.00 6,650,000.00

10/01/2009 to 09/30/2010

1 Northwest Select Global Growth Portfolio - Units

18,883,344.22 N/A

11/19/2010 81 NQ Exploration Inc. - Units 1,000,000.00 1,000.00

11/01/2010 11 NQ Exploration Inc. - Units 300,000.00 3,000,000.00

10/04/2010 20 Nuinsco Resources Limited - Units 499,999.99 7,142,857.00

10/01/2010 1 Nuinsco Resources Limited - Units 500,000.00 10,000,000.00

11/18/2010 5 Oakwood Retirement Communities Inc - Bonds

90,000,000.00 5.00

10/20/2010 83 OceanaGold Corporation - Special Warrants

42,081,760.00 8,152,860.00

11/29/2010 153 Petro Uno Resources Ltd. - Warrants 11,502,300.00 20,320,730.00

11/08/2010 10 Pinestar Gold Inc - Common Shares 132,000.00 2,200,000.00

11/30/2010 3 Plazabridge Lifestyle Communites Inc - Units

11,500,000.00 11,500,000.00

11/29/2010 2 Plazacorp Properties Holdings Inc. - Units

4,307,000.00 4,307,000.00

11/18/2010 3 Plenary Justice Thunder Bay LP - Notes

92,239,282.00 92,239,282.00

10/21/2010 1 Premier Gold Mines Limited - Common Shares

136,000.00 25,000.00

11/10/2010 1 President and Fellows of Haarvard College - Bonds

4,975,093.31 5,000,000.00

10/27/2010 27 Quaterra Resources Inc. - Units 17,050,090.00 11,724,000.00


December 17, 2010 (2010) 33 OSCB 11860

Transaction Date

No. of Purchasers



10/29/2010 6 Radiant Energy Corporation - Common Shares

93,679.56 764,107.00

06/25/2010 to 06/28/2010

2 Rainy River Resources Ltd. - Common Shares

131,800.00 20,000.00

09/08/2010 61 Rainy River Resources Ltd. - Flow-Through Shares

21,041,000.00 2,450,000.00

11/30/2010 to 12/03/2010

34 Range Royalty Limited Partnership - Limited Partnership Units

8,231,888.00 587,992.00

11/30/2010 to 12/03/2010

191 Range Royalty Trust - Units 28,168,112.00 2,012,008.00

12/03/2010 1 Raven Minerals Corp. - Common Shares

3,240,000.00 3,600,000.00

10/29/2010 3 Red Pine Exploration - Common Shares

32,500.00 250,000.00

10/22/2010 13 Renforth Resouces Inc. - Units 760,000.00 15,200,000.00

11/26/2010 148 Reservoir Capital Corp. - Units 3,060,001.00 5,100,000.00

10/01/2010 1 Riva Gold Corporation - Units 111,250.00 741,667.00

11/12/2010 67 Roca Mines Inc. - Units 5,075,000.00 20,300,000.00

11/23/2010 46 Rockgate Capital Corp. - Receipts 15,000,920.00 13,637,200.00

12/02/2010 23 Rockhaven Resources Ltd. - Units 6,000,009.40 8,571,442.00

10/28/2010 7 RTN Stealth Software Inc. - Units 112,350.00 312,000.00

11/22/2010 140 Rugby Mining Limited - Common Shares

8,500,000.00 10,000,000.00

11/23/2010 5 Slam Exploration Ltd. - Flow-Through Units

1,293,600.00 6,160,000.00

10/21/2010 103 Solara Exploration Ltd. - Units 3,989,879.70 N/A

11/26/2010 30 Southern Silver Exploration Corp. - Units

1,060,100.00 10,061,000.00

12/01/2010 2 Stacey Muirhead Limited Partnership - Limited Partnership Units

402,000.00 10,360.32

12/01/2010 1 Stacey Muirhead RSP Fund - Trust Units

500.00 48.92

11/25/2010 29 STG Markets Limited Partnership - Limited Partnership Units

1,040,000.00 104.00

10/29/2010 71 STG Markets Limited Partnership - Units

1,510,000.00 N/A

11/30/2010 32 Stone 2010-WCPD Flow-Through Limited Partnership - Limited Partnership Units

2,490,000.00 99,600.00

11/12/2010 28 Stone 2010-WCPD Flow-Through Limited Partnership - Limited Partnership Units

2,015,000.00 80,600.00

10/28/2010 35 Strike Minerals Inc. - Units 406,000.00 8,120,000.00


December 17, 2010 (2010) 33 OSCB 11861

Transaction Date

No. of Purchasers



10/28/2010 33 Strike Minerals Inc. - Units 406,000.00 8,120,000,000.

11/24/2010 6 Sultan Minerals Inc. - Common Shares 373,000.00 4,662,500.00

06/29/2010 2 Temex Resource Corp. - Common Shares

625,000.00 2,000,000.00

11/01/2010 84 Terreno Resources Corp. - Units 2,770,499.55 18,469,997.00

09/30/2010 to 10/31/2010

20 The Absolute Resource Fund L.P. - Limited Partnership Interest

12,409,170.00 20.00

11/15/2010 6 The Coca-Cola Company - Notes 25,150,673.63 25,000,000.00

11/25/2010 3 The CRS 2010 Limited Partnership - Limited Partnership Units

125,000.00 5.00

11/03/2010 54 The Goldman Sachs Group, Inc. - Notes

499,955,000.00 500,000,000.00

12/01/2010 8 The Investment Partners Fund - Trust Units

1,268,124.43 70,911.89

11/24/2010 12 Trincan Capital Corp - Units 300,000.00 3,000,000.00

07/28/2010 1 Trueclaim Exploration Inc. - Common Shares

12,000.00 100,000.00

11/16/2010 13 Tuscany Energy Ltd - Flow-Through Shares

1,200,000.00 8,000,000.00

10/14/2010 59 U308 Corp. - Units 7,196,730.00 23,989,100.00

11/26/2010 6 UEX Corporation - Flow-Through Shares

9,075,000.00 5,500,000.00

11/23/2010 7 Valeant Pharmaceuticals International - Notes

12,901,081.41 12,689,000.00

10/22/2010 2 Ventana Gold Corp. - Warrants 65,000,000.00 6,500,000.00

10/04/2010 69 VentriPoint Diagnostics Ltd - Common Shares

1,070,000.00 10,700,000.00

09/24/2010 to 09/27/2010

65 Walton GA Woodbury Park Investment Corporation - Common Shares

1,214,580.00 121,458.00

09/17/2010 175 Walton GA Woodbury Park Investment Corporation - Common Shares

4,073,860.00 407,386.00

09/17/2010 6 Walton GA Woodbury Park LP - Limited Partnership Units

4,021,264.15 351,402.00

09/24/2010 to 09/27/2010

57 Walton Southern U.S. Land 2 Investment Corporation - Common Shares

1,189,510.00 118,951.00

09/17/2010 52 Walton Southern U.S. Land 2 Investment Corporation - Common Shares

1,511,510.00 151,151.00

09/17/2010 7 Walton Southern U.S. Land LP 2 - Limited Partnership Units

1,658,110.59 161,389.00

09/24/2010 to 09/27/2010

8 Walton Southern U.S. Land LP 2 - Limited Partnership Units

1,403,358.48 136,164.00


December 17, 2010 (2010) 33 OSCB 11862

Transaction Date

No. of Purchasers



11/30/2010 to 12/03/2010

5 Wesbrooke Retirement Limited Partnership - Units

37,500.00 37,500.00

11/02/2010 24 West kirkland Mining Inc - Flow-Through Shares

2,587,479.60 2,156,233.00

11/29/2010 1 Wimberly Fund - Trust Units 10,000.00 10,000.00

11/29/2010 to 11/30/2010

2 Wimberly Fund - Trust Units 155,000.00 155,000.00

11/26/2010 327 Wind Acquisition Finances S.A. - Notes 3,686,455,000.00 N/A

11/22/2010 78 Windstorm Resources Inc - Units 2,415,600.00 8,052,000.00

11/22/2010 90 Xianburg Data Systems Canada Corporation - Common Shares

1,229,750.00 4,099,168.00

11/03/2010 to 11/04/2010

16 Yellowhead Mining Inc. - Units 2,632,890.96 2,437,862.00

December 17, 2010 (2010) 33 OSCB 11863

Chapter 9

Legislation

9.1.1 Bill 135, Helping Ontario Families and Managing Responsibly Act, 2010

HELPING ONTARIO FAMILIES AND MANAGING RESPONSIBLY ACT, 2010

Schedules 3 and 18 of the Helping Ontario Families and Managing Responsibly Act, 2010 contain amendments to the Commodity Futures Act and the Securities Act. Bill 135 received Royal Assent on December 8, 2010. Bill 135 has become chapter 26, Statutes of Ontario, 2010. Most of these amendments came into force on the same date and the remainder come into force on one or more days to be named by proclamation of the Lieutenant Governor of Ontario.

These Schedules may be viewed on the Ontario Legislative Assembly’s website at www.ontla.on.ca. In addition, consolidated versions of the Securities Act and the Commodity Futures Act reflecting these amendments are expected to be available shortly on the Ontario e-laws site at www.e-laws.gov.on.ca.

The Explanatory Notes in Bill 135 provided a summary of these amendments. Relevant extracts are reproduced below, subject to minor text changes made for greater clarity and to the addition of italicized notes. The additional notes generally specify which of the provisions are to come into force on proclamation.

SCHEDULE 3 COMMODITY FUTURES ACT

Currently, section 59 of the Commodity Futures Act authorizes the Ontario Securities Commission to issue a direction for the interim preservation of property or money in certain circumstances, and requires the Commission to apply to court no later thanseven days after the direction is issued for a court order continuing the direction. An amendment to the section requires the Commission, instead, to serve and file a notice of application for a court order no later than 10 days after the Commission issues the direction.

Subsection 64(3) of the Act is re-enacted to make its wording consistent with Crown immunity provisions in other Ontario statutes.

SCHEDULE 18 SECURITIES ACT

In general terms, the amendments to the Securities Act deal with five matters: the establishment of a regulatory framework for trading in derivatives; the regulation of credit rating organizations; the regulation of alternative trading systems; insider trading; and technical matters. Here are some highlights of these amendments.

Regulatory framework for derivatives

Amendments to the Act establish a regulatory framework for trading in derivatives in Ontario. A new Part respecting trading in derivatives is added to the Act. New rule-making authority is also added to the Act. Current provisions of the Act are made applicable to derivatives, including provisions respecting registration, fraud, market manipulation, insider trading and the oversight of exchanges.

Here is a more detailed description of some of those amendments.

Definitions of “derivative”, “designated derivative” and “related derivative” are added to subsection 1(1) of the Act. Related amendments are made to several other definitions. Amendments to other provisions of the Act authorize the Ontario Securities Commission to include or exclude financial instruments from the definition of derivative or designated derivative. (See, for example, the amendment to subsection 1(10) of the Act.) Related amendments are made to subsection 143(1) of the Act, which authorizes the Commission to make rules. (See, in particular, new paragraphs 10.1, 19.1, 19.2 and 19.4 of subsection 143(1) of the Act.) [Note: Paragraphs 19.1, 19.2 and 19.4 of subsection 143(1) of the Act come into force on proclamation.]

A new Part XV.1 is added to the Act. It imposes requirements for trading in designated derivatives. Section 64.1 of the Act prohibits a person or company from trading in a designated derivative unless a prescribed disclosure document has been filed and accepted by the Director. Provision is made for exceptions to this requirement. Subsection 64.2(2) of the Act provides thatno derivatives transaction is void, voidable or unenforceable, and no counterparty is entitled to rescind a transaction, solelybecause the transaction failed to comply with the Act or the regulations. Related amendments are made to subsection 143(1) of

Legislation

December 17, 2010 (2010) 33 OSCB 11864

the Act, which authorizes the Commission to make rules. (See, in particular, paragraphs 11 and 35 of subsection 143(1) of the Act.) [Note: Part XV.1 and paragraph 143(1) 35 of the Act come into force on proclamation.]

Subsection 21(5) of the Act is re-enacted to extend the Commission’s supervisory powers to exchanges on which derivatives are traded. A new section 21.2.2 of the Act permits the Commission to designate trade repositories and to regulate them. Related amendments are made to subsection 143(1) of the Act, which authorizes the Commission to make rules. (See, in particular, paragraphs 11, 12 and 35 of subsection 143(1) of the Act.)

The registration requirement in subsection 25(1) of the Act, which currently applies only in relation to securities, is amended to apply in relation to derivatives too. Persons or companies who are in the business of trading in derivatives are required to beregistered as dealers. Additional categories of registration may be prescribed under the new subsection 25(1.1) of the Act for persons or companies trading in derivatives. Corresponding amendments are made with respect to registration as advisors, and relating to exemptions from the registration requirements. (See, for example, the amendments to subsections 25(7), 27(3) and section 34 and the new subsection 35(5.1) of the Act.) [Note: The amendments referred to in this paragraph come into force on proclamation.]

Part XIII of the Act is amended to extend the market conduct requirements to dealers in derivatives. These amendments include the requirement to provide trade confirmations (subsection 36(1) of the Act), the requirement to provide trade information to theCommission (subsection 36(2) of the Act), the prohibition against telephoning a residence or calling at a residence for the purpose of trading in a derivative (subsection 37(1) of the Act) and the requirement to obtain Commission approval of certain advertising material and disclosure documents (subsection 50(2) of the Act).

Provisions dealing with insider trading and tipping (sections 76 and 134 of the Act), misrepresentation in disclosure documents(section 122 of the Act) and fraud and market manipulation (sections 126.1 and 126.2 of the Act) are extended to include derivatives. Amendments to subsections 134 (7) and (8) of the Act also extend, for “related derivatives”, the operation of the provision concerning civil liability for insider trading and tipping. [Note: The amendment to section 122 of the Act comes into force on proclamation.]

The Commission’s investigation and enforcement powers are extended to cover derivatives. This includes amendments to the Commission’s power to order investigations and financial examinations (sections 11 and 12 of the Act) and to conduct compliance reviews (section 20 of the Act). The Commission’s authority under section 127 of the Act to issue sanctions when required in the public interest is also extended.

Regulation of credit rating organizations

A new Part IX of the Act authorizes the Commission to regulate credit rating organizations. Definitions of “credit rating organization” and “credit rating” are added to subsection 1(1) of the Act.

Under a new section 22 of the Act, credit rating organizations may apply to the Commission to be designated. Section 23 of the Act requires the designated credit rating organizations to comply with regulatory requirements. A related amendment is made to subsection 143(1) of the Act, which authorizes the Commission to make rules. (See paragraph 63 of subsection 143(1) of the Act.)

A new subsection 24(2) of the Act prohibits designated credit rating organizations from making representations that the Commission has in any way passed upon the merits of a credit rating or the methodologies used to determine the credit rating.

Regulation of alternative trading systems

Currently, under section 21 of the Act, the Commission is authorized to recognize stock exchanges and to make decisions relating to them. A new section 21.0.1 of the Act gives the Commission analogous authority to make decisions relating to alternative trading systems. A definition of “alternative trading system” is added to subsection 1(1) of the Act. A related amendment is made to subsection 143(1) of the Act, which authorizes the Commission to make rules. (See paragraph 12 of subsection 143(1) of the Act.)

Insider trading

Currently, section 76 of the Act prohibits insider trading and tipping in relation to reporting issuers. This prohibition is extended in relation to issuers that have a real and substantial connection to Ontario and whose securities are listed and posted for trading on the TSX Venture Exchange. (See the new definition of “reporting issuer” in subsection 76(5) of the Act.) [Note: As indicated previously, section 76 has also been amended to apply to derivatives. This is implemented through the reference to “related derivative” in subsection 76(6).]

Legislation

December 17, 2010 (2010) 33 OSCB 11865

Technical matters

Currently, section 126 of the Act authorizes the Commission to issue a direction for the interim preservation of property or money in certain circumstances, and requires the Commission to apply to court no later than seven days after the direction is issued for a court order continuing the direction. An amendment to the section requires the Commission, instead, to serve and file a notice of application for a court order no later than 10 days after the Commission issues the direction.

The English version of subsection 141(3) of the Act is re-enacted to make its wording consistent with Crown immunity provisionsin other Ontario statutes.

Legislation

December 17, 2010 (2010) 33 OSCB 11866


December 17, 2010 (2010) 33 OSCB 11867

Chapter 11

IPOs, New Issues and Secondary Financings

Issuer Name: Air Canada Principal Regulator - Quebec Type and Date: Preliminary Short Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: $162,800,000.00 - 44,000,000 Class A Variable Voting Shares and/or Class B Voting Shares Price: $3.70 per ShareUnderwriter(s) or Distributor(s): Canaccord Genuity Corp. RBC Dominion Securities Inc. TD Securities Inc. Promoter(s):-Project #1674197

_______________________________________________ Issuer Name: Alexco Resource Corp. Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $41,000,000.00 - 5,000,000 COMMON SHARES Price: $8.20 per Common Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Cormark Securities Inc. Promoter(s):-Project #1675526

_______________________________________________ Issuer Name: American Bonanza Gold Corp. Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Up to $15,400,000.00 - 44,000,000 Units Price: $0.35 per UnitUnderwriter(s) or Distributor(s): Wellington West Capital Markets Inc. Promoter(s):-Project #1673749

_______________________________________________

Issuer Name: Breakwater Resources Ltd. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $40,005,000.00 - 6,350,000 Common Shares Price: $6.30 per Common Share Underwriter(s) or Distributor(s): Dundee Securities Corporation GMP Securities L.P. Canaccord Genuity Corp. Credit Suisse Securities (Canada), Inc. TD Securities Inc. Cormark Securities Inc. Octagon Capital Corporation Promoter(s):-Project #1675502

_______________________________________________ Issuer Name: Brompton Advantaged Oil & Gas Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Warrants to Subscribe for up to * Units at a Subscription Price of $* per Unit Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673939

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11868

Issuer Name: Brompton Advantaged VIP Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Warrants to Subscribe for up to * Units at a Subscription Price of $* per Unit Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673926

_______________________________________________ Issuer Name: Brompton Oil & Gas Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Warrants to Subscribe for up to * Units at a Subscription Price of $* per Unit Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673940

_______________________________________________ Issuer Name: Brompton VIP Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Warrants to Subscribe for up to * Units at a Subscription Price of $* per Unit Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673925

_______________________________________________

Issuer Name: CC&L Balanced Growth Portfolio CC&L Balanced Income Portfolio CC&L Balanced Portfolio CC&L Growth Portfolio CC&L Money Market Fund Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectuses dated December 9, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: Canadian First Series units Underwriter(s) or Distributor(s): -Promoter(s):Connor Clark & Lunn Managed Portfolios Inc. Project #1674430

_______________________________________________ Issuer Name: Chieftain Metals Inc. Principal Regulator - Ontario Type and Date: Amended and Restated Preliminary Long Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $ * : $ * - * Common Shares at $ * Per Common Share; and $ * - * Flow-Through Shares at $ * Per Flow-Through ShareUnderwriter(s) or Distributor(s): Wellington West Capital Markets Inc. Raymond James Ltd. Haywood Securities Inc. Promoter(s):-Project #1660663

_______________________________________________ Issuer Name: Cogeco Cable Inc. Principal Regulator - Quebec Type and Date: Preliminary Base Shelf Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $750,000,000.00 - Debt Securities Underwriter(s) or Distributor(s): -Promoter(s):-Project #1674827

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11869

Issuer Name: Creststreet 2011 FT National Class Creststreet 2011 FT Québec Class Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: Maximum Offering: $25,000,000 - 2,500,000 Creststreet 2011 FTNational Class Units @ $10.00 per Creststreet 2011 FT National Class Unit Underwriter(s) or Distributor(s): Scotia Capital Inc. CIBC World Markets Inc. National Bank Financial Inc. BMO Nesbitt Burns Inc. Dundee Securities Corporation HSBC Securities (Canada) Inc. Canaccord Genuity Corp. GMP Securities L.P. Raymond James Ltd. Wellington West Capital Markets Inc. Desjardins Securities Inc. Industrial Alliance Securities Inc. Manulife Securities Incorporated Union Securities Ltd. Promoter(s):Creststreet Asset Management Limited Project #1674841/1644843

_______________________________________________ Issuer Name: Criterion Utility Plus Fund Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus and dated December 7, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Class A and F Units Underwriter(s) or Distributor(s): -Promoter(s):Criterion Investments Inc. Project #1673558

_______________________________________________

Issuer Name: Denison Mines Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: $25,000,000.00 - Common Shares Issuable on the Exercise of 25,000,000 Outstanding Special Warrants and 1,400,000 Common Shares Issuable on the Exercise of 1,400,000 Outstanding Flow-Through Special Warrants Price:$2.45 per Special Warrant and $3.00 per Flow-Through Special Warrant Underwriter(s) or Distributor(s): GMP Securities L.P. Scotia Capital Inc. Promoter(s):-Project #1674373

_______________________________________________ Issuer Name: Deutsche Bank Aktiengesellschaft Principal Regulator - Ontario Type and Date: Amended and Restated Preliminary Base Shelf Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: $2,000,000,000.00 - Notes (Structured Notes) Underwriter(s) or Distributor(s): DEUTSCHE BANK SECURITIES LIMITED Promoter(s):-Project #1612680

_______________________________________________ Issuer Name: Dollarama Inc. Principal Regulator - Quebec Type and Date: Preliminary Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $324,800,000.00 - 11,200,000 Common Shares Price: $29.00 per Common Share Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. CIBC World Markets Inc.Scotia Capital Inc. National Bank Financial Inc. Barclays Capital Canada Inc. Credit Suisse Securities (Canada), Inc. Desjardins Securities Inc. HSBC Securities (Canada) Inc. Raymond James Ltd. Promoter(s):-Project #1674723

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11870

Issuer Name: Flaherty & Crumrine Investment Grade Fixed Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Warrants to Subscribe for up to * Units at a Subscription Price of $* per Unit Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673935

_______________________________________________ Issuer Name: Front Street Flow-Through 2011-I Limited Partnership Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $150,000.00 - Maximum Offering - 6,000,000 Units @ $25.00 per Unit Underwriter(s) or Distributor(s): National Bank Financial Inc. CIBC World Markets Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. TD Securities Inc. GMP Securities L.P. Scotia Capital Inc. Canaccord Genuity Corp. Macquarie Capital Markets Canada Ltd. Raymond James Ltd. Tuscarora Capital Inc. Dundee Securities Corporation HSBC Securities (Canada) Inc. Manulife Securities Incorporated Sherbrooke Street Capital (SSC) Inc. Wellington West Capital Markets Inc. Promoter(s):Front Street Capital 2004 Project #1674771

_______________________________________________

Issuer Name: Global Uranium Fund Inc. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Class D Warrants to Subscribe for up to * Equity Shares at a Subscription Price of $* per Equity Share Underwriter(s) or Distributor(s): -Promoter(s):-Project #1673932

_______________________________________________ Issuer Name: Kirkcaldy Capital Corp. Principal Regulator - British Columbia Type and Date: Preliminary CPC Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $300,000.00 - 1,500,000 Common Shares Price: $0.20 per Common Share Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s):Ionic Securities Ltd. Project #1675113

_______________________________________________ Issuer Name: Metals Plus Income Corp. Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: Maximum $* - * Class A Shares @ $10.00 per Share Underwriter(s) or Distributor(s): BMO Nesbitt Burns Inc. CIBC World Markets Inc. National Bank Financial Inc. Scotia Capital Inc. Canaccord Genuity Corp. HSBC Securities (Canada) Inc. GMP Securities L.P. Raymond James Ltd. Dundee Securities Corporation Mackie Research Capital Corporation Macquarie Private Wealth Inc. Desjardins Securities Inc. Manulife Securities Incorporated Wellington West Capital Markets Inc. Promoter(s):Faircourt Asset Management Inc. Project #1674301

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11871

Issuer Name: Northern Graphite Corporation Principal Regulator - Ontario Type and Date: Amended and Restated Preliminary Long Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: $1,000,000.00 to $3,000,000.00: 2,000,000 to 6,000,000 Common Shares Price: $0.50 per Common Share Underwriter(s) or Distributor(s): Union Securities Ltd. Promoter(s):Gregory Bowes Project #1633818

_______________________________________________ Issuer Name: Parkland Income Fund Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated December 7, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: $45,000,000.00 - 5.75% SERIES 2 CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES DUE DECEMBER 31, 2015 Price: $1,000.00 per Debenture Underwriter(s) or Distributor(s): Scotia Capital Inc. RBC Capital Markets CIBC World Markets Inc. TD Securities Inc. HSBC Securities (Canada) Inc. Canaccord Genuity Corp. Dundee Securities Corporation PI Financial Corp. Promoter(s):-Project #1673698

_______________________________________________ Issuer Name: Petro Uno Resources Ltd. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: $11,502,300.00 - 19,170,500 Common Shares issuable on exercise of outstanding Special Warrants Underwriter(s) or Distributor(s): Macquarie Capital Markets Canada Ltd. Canaccord Genuity Corp. Paradigm Capital Inc. Promoter(s):-Project #1673997

_______________________________________________

Issuer Name: PMI Gold Corporation Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $7,500,500.00 - 10,715,000 Common Shares on Exercise of 10,715,000 Special Warrants Price: $0.70 per Special Warrant Underwriter(s) or Distributor(s): Cormark Securities Inc. Haywood Securities Inc. Salman Partner Inc. M Partners Inc. Promoter(s):-Project #1674881

_______________________________________________ Issuer Name: Premium Brands Holdings Corporation Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $50,000,000.00 - 5.75% Convertible Unsecured Subordinated Debentures Price: $1,000.00 per Debenture Underwriter(s) or Distributor(s): National Bank Financial Inc. Scotia Capital Inc. BMO Nesbitt Burns Inc. CIBC World Markets Inc. TD Securities Inc. Canaccord Genuity Corp. Industrial Alliance Securities Inc. Laurentian Bank Securities Inc. PI Financial Corp. Promoter(s):-Project #1675573

_______________________________________________ Issuer Name: Prosperity Goldfields Corp. Principal Regulator - British Columbia Type and Date: Preliminary Long Form Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: Distribution by Evolving Gold Corp. as a Dividend-in-Kind of Common Shares of the Company Underwriter(s) or Distributor(s): -Promoter(s):EVOLVING GOLD CORP. Project #1673898

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11872

Issuer Name: Resaas Services Inc. Principal Regulator - British Columbia Type and Date: Amended and Restated Preliminary6 Long Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $800,000.00 to $1,200,000 - 3,200,000 to 4,800,000 Units Price: $0.25 per Unit Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s):Cory Brandolini Cameron Shippit Project #1615640

_______________________________________________ Issuer Name: Superior Plus Corp. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $150,000,000.00 - 6.0% Convertible Unsecured Subordinated Debentures Price: $1,000.00 per Debenture Underwriter(s) or Distributor(s): National Bank Financial Inc. CIBC World Markets Inc. BMO Nesbitt Burns Inc. Scotia Capital Inc. Cormark Securities Inc. Promoter(s):-Project #1675038

_______________________________________________ Issuer Name: Tahoe Resources Inc. Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $306,027,528.00 - 21,704,080 Shares Price: $14.10 per ShareUnderwriter(s) or Distributor(s): GMP Securities L.P. BMO Nesbitt Burns Inc. Canaccord Genuity Corp. CIBC World Markets Inc. Merrill Lynch Canada Inc. RBC Dominion Securities Inc. Dundee Securities Corporation TD Securities Inc. Promoter(s):-Project #1674790

_______________________________________________

Issuer Name: Aumento Capital Corporation Type and Date: Final CPC Prospectus dated December 10, 2010 Receipted on December 14, 2010 Offering Price and Description: Minimum of $400,000.00 - 2,000,000 Common Shares; Maximum of $600,000.00 - 3,000,000 Common Shares Price: $0.20 per Common Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Promoter(s):David Danziger Project #1643436

_______________________________________________ Issuer Name: Barclays Bank PLC Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: U.S.$21,000,000,000.00 - Global Medium-Term Notes, Series A (principal protected notes) Underwriter(s) or Distributor(s): -Promoter(s):-Project #1663842

_______________________________________________ Issuer Name: Bioniche Life Sciences Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $14,500,000.00 - 10,000,000 Common Shares Price: $1.45 Per Offered Share Underwriter(s) or Distributor(s): NCP Northland Capital Partners Inc. Dundee Securities Corporation National Bank Financial Inc. Promoter(s):-Project #1662915

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11873

Issuer Name: Bridgeport Ventures Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $15,000,000.00 – 15,000,000: Units Per Offered Unit $1.00Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. MGI Securities Inc. Promoter(s):-Project #1668295

_______________________________________________ Issuer Name: Canadian Advantaged Convertibles Fund Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: Maximum $90,000,000.00 (9,000,000 Units) $10.00 per UnitUnderwriter(s) or Distributor(s): CIBC World Markets Inc. National Bank Financial Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc.Scotia Capital Inc. TD Securities Inc. HSBC Securities (Canada) Inc. Raymond James Ltd. Canaccord Genuity Corp. Wellington West Capital Markets Inc. Dundee Securities Corporation Macquarie Private Wealth Inc. Mackie Research Capital Corporation Promoter(s):First Asset Investment Management Inc. Project #1662028

_______________________________________________ Issuer Name: Canadian Convertibles Fund Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):First Asset Investment Management Inc. Project #1662409

_______________________________________________

Issuer Name: CGX Energy Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 6, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: $20,025,000.00 - 22,250,000 Common Shares Price: $0.90 per Common Share Underwriter(s) or Distributor(s): Cormark Securities Inc. Canaccord Genuity Corp. Macquarie Capital Markets Canada Ltd. GMP Securities L.P. Toll Cross Securities L.P. Promoter(s):-Project #1666594

_______________________________________________ Issuer Name: D-Box Technologies Inc. Principal Regulator - Quebec Type and Date: Final Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $15,000,050.00 - 23,077,000 Common Shares Price: $0.65 per share Underwriter(s) or Distributor(s): National Bank Financial Inc. Canaccord Genuity Corp. NCP Northland Capital Partners Inc. Cormark Securities Inc. Industrial Alliance Securities Inc. Promoter(s):-Project #1672555

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11874

Issuer Name: Dividend 15 Split Corp. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $63,800,000.00 (Maximum) - Up to 2,900,000 Preferred Shares @ $10.00/Share and 2,900,000 Class A Shares @ $12.00/Share Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. CIBC World Markets Inc. BMO Nesbitt Burns Inc. Desjardins Securities Inc. National Bank Financial Inc. Dundee Securities Corporation HSBC Securities (Canada) Inc. Manulife Securities Incorporated Raymond James Ltd. Promoter(s):Quadravest Capital Management Inc. Project #1671417

_______________________________________________ Issuer Name: Eaglewood Energy Inc. Principal Regulator - Alberta Type and Date: Final Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $10,125,000.00 - 13,500,000 Common Shares Price: $0.75 per Common Share Underwriter(s) or Distributor(s): FirstEnergy Capital Corp. Cormark Securities Inc. Macquarie Capital Markets Canada Ltd. Paradigm Capital Inc. Promoter(s):Ray Antony Project #1672580

_______________________________________________ Issuer Name: EMED Mining Public Limited Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $24,430,950.00 - 180,970,000 ORDINARY SHARES Price: $0.135 per Offered Share Underwriter(s) or Distributor(s): Canaccord Geniuty Corp. GMP Securities L.P. Paradigm Capital Inc. Promoter(s):-Project #1647178

_______________________________________________

Issuer Name: Exemplar Canadian Focus Portfolio Exemplar Diversified Portfolio Exemplar Global Opportunities Portfolio Exemplar Leaders Portfolio Principal Regulator - Ontario Type and Date: Amendment #1 dated December 9, 2010 to the Long Form Prospectus dated April 23, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):Blumont Capital Corporation Project #1550444

_______________________________________________ Issuer Name: Exemplar Leaders Fund (formerly, Northern Rivers Conservative Growth Fund) Principal Regulator - Ontario Type and Date: Amendment #1 dated December 3, 2010 to the Simplified Prospectus and Annual Information Form dated August 20, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: Mutual Fund Units @ Net Asset Value Underwriter(s) or Distributor(s): -Promoter(s):BluMont Capital Corporation Project #1609222

_______________________________________________ Issuer Name: Fairfax Financial Holdings Limited Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):-Project #1670932

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11875

Issuer Name: Frontiers Canadian Short Term Income Pool (Class A units) Frontiers Canadian Fixed Income Pool (Class A, C, I, and O units) Frontiers Canadian Monthly Income Pool (Class A, C, I, and O units) Frontiers Canadian Equity Pool (Class A, C, I, and O units) Frontiers U.S. Equity Pool (Class A, C, I, and O units) Frontiers U.S. Equity Currency Neutral Pool (Class O units) Frontiers International Equity Pool (Class A, C, I, and O units)Frontiers Emerging Markets Equity Pool (Class A, C, I, and O units) Frontiers Global Bond Pool (Class A, C, I, and O units) Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated December 8, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: Class A, C, I, and O units Underwriter(s) or Distributor(s): -Promoter(s):CIBC Asset Management Inc Project #1651995

_______________________________________________ Issuer Name: Geodrill Limited Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $40,000,000.00 - 20,000,000 ORDINARY SHARES Price: $2.00 per Offered Share Underwriter(s) or Distributor(s): Clarus Securities Inc. Jennings Capital Inc. Promoter(s):-Project #1661562

_______________________________________________ Issuer Name: Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF Horizons BetaPro S&P 500 VIX Short-Term Futures ETF Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: Mutual Fund Trust Units at Net Asset Value Underwriter(s) or Distributor(s): -Promoter(s):BetaPro Management Inc. Project #1581773

_______________________________________________

Issuer Name: ING DIRECT Streetwise Balanced Fund ING DIRECT Streetwise Balanced Growth Fund ING DIRECT Streetwise Balanced Income Fund Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated December 10, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: Mutual Fund Units @ Net Asset Value Underwriter(s) or Distributor(s): ING Direct Funds Limited Promoter(s):-Project #1657158

_______________________________________________ Issuer Name: NAV CANADA Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated December 8, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: $750,000,000.00 - General Obligation Notes Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. TD Securities Inc. BMO Nesbitt Burns Inc. CIBC World Markets Inc. National Bank Financial Inc. Desjardins Securities Inc. Laurentian Bank Securities Inc. Promoter(s):-Project #1664482

_______________________________________________ Issuer Name: Orezone Gold Corporation Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $46,875,000.00 - 12,500,000 Common Shares Price: $3.75 per Common Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Desjardins Securities Inc. CIBC World Markets Inc. BMO Nesbitt Burns Inc.Raymond James Ltd. Promoter(s):-Project #1672047

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11876

Issuer Name: Pathway Multi Series Fund Inc. - Explorer Series Fund (Mutual Fund Shares: A/Rollover Series, A/Regular Series, F Series and I Series) Pathway Multi Series Fund Inc. - Energy Series Fund (Mutual Fund Shares: A/Rollover Series, A/Regular Series, F Series and I Series) Pathway Multi Series Fund Inc. - Canadian Flex ™ Series Fund (Mutual Fund Shares: A/Regular Series, Low Load/DSC Series, F Series and I Series) Pathway Multi Series Fund Inc. - Resource Flex ™ Series Fund (Mutual Fund Shares: A/Regular Series, Low Load/DSC Series, F Series and I Series) Pathway Multi Series Fund Inc. - Flex Dividend and Income Growth ™ Series Fund (Mutual Fund Shares: A/Regular Series, Low Load/DSC Series, F Series and I Series) Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated December 13, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: Mutual Fund Shares: A/Rollover Series, A/Regular Series, Low Load/DSC Series, F Series and I Series Underwriter(s) or Distributor(s): -Promoter(s):-Project #1653499

_______________________________________________ Issuer Name: Penfold Capital Acquisition IV Corporation Principal Regulator - Ontario Type and Date: Final CPC Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: Minimum Offering: $375,000.00 or 3,750,000 Common Shares; Maximum Offering: $425,000 or 4,250,000Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): Northern Securities Inc. Promoter(s):Gary M. Clifford Project #1575388

_______________________________________________

Issuer Name: PetroNova Inc. Principal Regulator - Alberta Type and Date: Final Long Form Prospectus dated December 13, 2010 NP 11-202 Receipt dated December 14, 2010 Offering Price and Description: Cdn$65,400,000.00 - 52,320,000 Common Shares Price: Cdn$1.25 per Common Share Underwriter(s) or Distributor(s): Raymond James Ltd. Canaccord Genuity Corp. FirstEnergy Capital Corp. GMP Securities L.P. TD Securities Inc. Promoter(s):Antonio Vincentelli Project #1651281

_______________________________________________ Issuer Name: Royal Nickel Corporation Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 10, 2010 Offering Price and Description: $45,125,000.00 - 14,500,000 Units - $2.25 per Unit; and 5,000,000 Flow-Through Units $2.50 per Flow-Through UnitUnderwriter(s) or Distributor(s): RBC Dominion Securities Inc. UBS Securities Canada Inc. Scotia Capital Inc. Desjardins Securities Inc. Haywood Securities Inc. Raymond James Ltd. Promoter(s):-Project #1661095

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11877

Issuer Name: Russell LifePoints Balanced Income Portfolio (Series A, B, F, F-5, I-5) Russell LifePoints Balanced Portfolio (Series A, B, F, F-6, I-6)Russell LifePoints Balanced Growth Portfolio (Series A, B, F, F-7, I-7) Russell LifePoints Long-Term Growth Portfolio (Series A, B, F) Russell LifePoints All Equity Portfolio (Series A, B, F) Russell LifePoints Balanced Class Portfolio (Series B, F, F-6, I-6) Russell LifePoints Balanced Growth Class Portfolio (Series B, F, F-7, I-7) Russell LifePoints Long-Term Growth Class Portfolio (Series B, F) Russell LifePoints All Equity Class Portfolio (Series B, F) Principal Regulator - Ontario Type and Date: Amendment #1 dated December 6, 2010 to the Simplified Prospectuses and Annual Information Form dated July 20, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: -Underwriter(s) or Distributor(s): Russell Investments Canada Limited

Promoter(s):Russell Investments Canada Limited Project #1597869

_______________________________________________

Issuer Name: STONE & CO. DIVIDEND GROWTH CLASS CANADA (Series A, B, C, F, T8A, T8B and T8C) STONE & CO. RESOURCE PLUS CLASS (Series A, B and C) STONE & CO. FLAGSHIP GROWTH & INCOME FUND CANADA(Series F, AA, BB, CC, FF, T8A, T8B and T8C) STONE & CO. FLAGSHIP STOCK FUND CANADA (Series A, B, C, F, T8A, T8B and T8C) STONE & CO. FLAGSHIP GLOBAL GROWTH FUND (Series A, B, C, F, T8A, T8B and T8C) STONE & CO. GROWTH INDUSTRIES FUND (Series A, B, C and F) STONE & CO. FLAGSHIP MONEY MARKET FUND CANADA(Series A, B and C) STONE & CO. EUROPLUS DIVIDEND GROWTH FUND (Series A, B, C, F, T8A, T8B and T8C) Principal Regulator - Ontario Type and Date: Amendment #1 dated November 26, 2010 to the Simplified Prospectuses and Annual Information Form dated August 18, 2010 NP 11-202 Receipt dated December 8, 2010 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):Stone & Co. Limited Project #1607273

_______________________________________________ Issuer Name: Surrey Capital Corp. Principal Regulator - Ontario Type and Date: Final CPC Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: MINIMUM OFFERING: $200,000.00 or 2,000,000 Common Shares; MAXIMUM OFFERING: $500,000.00 or 5,000,000 Common Shares PRICE: $0.10 per Common Share Underwriter(s) or Distributor(s): Leede Financial Markets Inc. Promoter(s):Claude Ayache Project #1649960

_______________________________________________


December 17, 2010 (2010) 33 OSCB 11878

Issuer Name: Toronto Hydro Corporation Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated December 9, 2010 NP 11-202 Receipt dated December 9, 2010 Offering Price and Description: $1,000,000,000.00 - DEBENTURES (unsecured) Underwriter(s) or Distributor(s): -Promoter(s):-Project #1672031

_______________________________________________ Issuer Name: Wi-LAN Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 10, 2010 NP 11-202 Receipt dated December 13, 2010 Offering Price and Description: $21,750,000.00 - 5,000,000 COMMON SHARES PRICE: $4.35 PER COMMON SHARE Underwriter(s) or Distributor(s): Paradigm Captial Inc. Wellington West Capital Markets Inc. CIBC World Markets Inc. Fraser Mackenzie Limited Promoter(s):-Project #1672534

_______________________________________________

December 17, 2010 (2010) 33 OSCB 11879

Chapter 12

Registrations

12.1.1 Registrants

Type Company Category of Registration Effective Date

Name Change

From: R.A. Floyd Capital Management Inc.

To: Birchleaf Investments Inc.

Portfolio Manager and Investment Fund Manager

December 7, 2010

Consent to Suspension (Pending Surrender)

Prime Rate Capital Management LLP Exempt Market Dealer

December 9, 2010

New Registration Excel Funds Management Inc. Investment Fund Manager December 10, 2010

Change in Registration Category Thornmark Asset Management Inc.

From: Exempt Market Dealer and Portfolio Manager

To: Exempt Market Dealer, Portfolio Manager and Investment Fund Manager

December 10, 2010

New Registration JovFinancial Solutions Inc. Exempt Fund Manager and Investment Fund Manager

December 10, 2010

Change in Registration Category

Kassirer Asset Management Corporation

From: Portfolio Manager and Exempt Market Dealer

To: Portfolio Manager, Exempt Market Dealer and Investment Fund Manager

December 13, 2010


Perennial Asset Management Corp.

From: Portfolio Manager and Exempt Market Dealer

To: Portfolio Manager, Exempt Market Dealer and Investment Fund Manager

December 13, 2010

Consent to Suspension (Pending Surrender) Storm Capital Corporation Exempt Market Dealer December 13,

2010

Registrations

December 17, 2010 (2010) 33 OSCB 11880

Type Company Category of Registration Effective Date


Gestion Palos Inc./Palos Management Inc.

From: Exempt Market Dealer

To: Exempt Market Dealer, Portfolio Manager and Investment Fund Manager

December 14, 2010

Change in Registration Category Mapleridge Capital Corporation

From: Portfolio Manager, Commodity Trading Manager and Exempt Market Dealer

To: Portfolio Manager, Commodity Trading Manager, Exempt Market Dealer and Investment Fund Manager

December 14, 2010


Robert Evans Investment Counsel Limited

From: Portfolio Manager

To: Portfolio Manager and Investment Fund Manager

December 14, 2010

Change in Registration Category Brickburn Asset Management Inc.

From: Portfolio Manager

To: Portfolio Manager and Investment Fund Manager

December 15, 2010

December 17, 2010 (2010) 33 OSCB 11881

Chapter 13

SROs, Marketplaces and Clearing Agencies

13.2 Marketplaces

13.2.1 Alpha ATS LP Notice – Summary of Comments for Alpha Self Trade Management

ALPHA ATS LP NOTICE

SUMMARY OF COMMENTS FOR ALPHA SELF TRADE MANAGEMENT

Background

The Ontario Securities Commission (OSC) published on July 30, 2010 a notice regarding Alpha ATS LP (Alpha)’s proposed new functionality named Alpha Self Trade Management.

Alpha Self Trade Management introduces an optional order tag that will allow firms to have unintentional self (or “wash”) tradessuppressed from the public feed. A self trade occurs where orders on both sides of the trade are from the same Subscriber and include the identical self trade key. The self trade key is intended for use only on orders that may result in trades where there is no change in beneficial or economic ownership. Self trades do not update the last sale price, daily volume, turnover or other trading statistics.

The objective of Alpha Self Trade Management is to provide Subscribers with a means to address concerns regarding the public dissemination of unintentional wash trades. Suppressing self trades from the public feed prevents the misleading appearance of trading activity or interest in the purchase or sale of the security where there is no change in beneficial or economic ownership.

The OSC and Alpha received 3 comment letters from other marketplaces1.

Alpha would like to thank all commenters for their submissions. This summary will summarize the key issues and Alpha’s responses. Alpha notes that most of comments were in fact questions regarding the functionality of the Self Trade Management tag. Alpha notes that a detailed product sheet is available on its web site and that staff are available to answer any questions.

General Comments

Two of the marketplaces2 described how Policy 2.2 of UMIRs prohibits effecting a trade in security which involved no change in the beneficial or economic interest where the participant or Access person knows or ought reasonably to know that the execution of the trade would create or reasonably be expected to create a false or misleading appearance of trading activity.

Alpha Response

Unintentional wash trades occur on all Canadian marketplaces. Marketplaces have implemented different solutions to identify and/or prevent unintentional wash trades.

TMX, Omega, Chi-X, Pure, and TriAct MATCH Now add a (private) wash trade marker where the trade has occurred between proprietary accounts of the same firm. TMX, Omega, Chi-X, and Pure disseminate wash trades on the public feed. Tri-Act MATCH Now does not include wash trades in public trade reports.

Two marketplaces have implemented solutions to prevent unintentional self trades: TMX offers Self Trade Prevention to allow firms to prevent two orders from the same firm from trading against each other based on matching keys – when keys match, the portion of the active order is reduced to prevent the self trade. Omega offers an optional No-Match ID that prevents orders withmatching No-Match IDs from executing against each other.

Alpha’s Self Trade Management is aligned with TMX, Omega, and TriAct in preventing the misleading appearance of trading activity or interest in the purchase or sale of the security where there is no change in beneficial or economic ownership. Alpha’s solution is considered a beneficial alternative consistent with regulatory policy objectives: providing the benefits of execution(such as downstream events) but suppressing the print on the public record that could influence participants. Alpha’s Self Trade

1 TMX, Chi-X Canada and CNSX Markets Inc. 2 TMX and Chi-X Canada


December 17, 2010 (2010) 33 OSCB 11882

Management also reduces the opportunity for crossed or locked markets that may result from other marketplace solutions where an order router attempts to take out an order at a price level, but is rejected.

Use of Self Trade Tag

One marketplace3 expressed concerns that the tag can be misused by a dealer in order to prevent reporting trades to the public feed. It also expressed concerns about the use of the tag in the Alpha IntraSpread™ Facility.

Alpha Response

Similar to implementations by TMX and Omega, the unique trading key provided by the Subscriber is intended for use only on buy and sell orders for accounts that may result in trades where there is no change in beneficial or economic ownership. This may apply to Dark orders and Seek Dark Liquidity™ (SDL) orders entered to the Alpha IntraSpread™ Facility where there is no change in beneficial or economic ownership.

The self trade key is set on an order by order basis. There is no global association for setting the self trade key based on Trader ID, Account ID (or any other identifier). Subscribers are expected to use the tag for the purpose intended and will be responsible for inappropriately using it in compliance with UMIR.

Alpha will capture self trading activity in a daily report that will be available for review by Alpha Staff. Also these trades will be identifiable to IIROC.

Post Trade transparency requirements

All three marketplaces requested clarification on how does Alpha comply with the transparency requirements in S. 7.2 of National Instrument 21-101 if it doesn’t report the trades to the public feed and whether it has received an exemption from therequirement.

Alpha Response

Self trades (as defined by Alpha Self Trade Management), which should involve no change in beneficial or economic ownership, and are generally no different from journal transactions between inventories, should not be considered as trades executed on the marketplace for the purposes of the transparency requirements. Alpha is effectively avoiding the need for a participant orAccess person to “take down” an unintentional wash trade - the net result is the same.

IIROC Monitoring

All three marketplaces request clarification on whether IIROC will be able to monitor the trades even though they will not be reported to the public data feed.

Alpha Response

We have worked with IIROC to provide the necessary information for IIROC to review.

Recordkeeping Requirements

Two marketplaces4 asked questions regarding the information available to subscribers who use this feature and whether they will be able to do reconciliation.

Alpha Response

The same information available for any other order or trade will be available to the subscriber. These trades will clear throughCDS in the same manner as any other trades.

Other marketplaces

One marketplace asked for information regarding any other marketplace which did not provide such trades to the public feed.

Alpha Response

According to information published TriAct Canada web site: “Public trade reports do not include trades between two principal accounts for the same broker (“wash trades”).

3 TMX 4 ChiX Canada and CNSX Markets Inc.


December 17, 2010 (2010) 33 OSCB 11883

13.2.2 Alpha ATS LP – Notice of Proposed Changes and Request for Feedback

ALPHA ATS LP

NOTICE OF PROPOSED CHANGES AND REQUEST FOR FEEDBACK

INTRASPREAD FACILITY

Alpha ATS LP has announced its proposed plans to implement the changes described below in Q1 2011. It is publishing this Notice of Proposed Changes in accordance with the requirements set out in OSC Staff Notice 21-703 – Transparency of the Operations of Stock Exchanges and Alternative Trading Systems. Pursuant to OSC Staff Notice 21-703, Commission staff invite market participants to provide feedback on the proposed changes.

Feedback on the proposed changes should be in writing and submitted by Wednesday, January 26, 2011 to:

Market Regulation Branch Ontario Securities Commission

Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8

Fax (416) 595-8940 Email: [email protected]

And to:

Randee Pavalow Head of Operations and Legal

Alpha ATS LP 70 York Street, suite 1501

Toronto, ON M5J 1S9 Email: [email protected]

Comments received will be made public on the OSC website. Upon completion of the review by OSC staff, and in the absence of any regulatory concerns, notice will be published to confirm the completion of Commission staff’s review and to outline the intended implementation date of the changes.

ALPHA ATS LP

NOTICE OF PROPOSED CHANGES TO ALPHA INTRASPREAD™ FACILITY

AND

SUMMARY OF COMMENTS AND RESPONSES TO JULY 16, 2010 PROPOSAL

Background

The Ontario Securities Commission (OSC) published on July 16, 2010 Alpha ATS LP (Alpha)’s notice regarding its proposed new functionality named Alpha IntraSpread™ Facility (the original proposal).

The original Alpha IntraSpread™ Facility, included a set of new order types offered by Alpha ATS, which allowed Subscribers to seek order matches within their firm without pre-trade transparency, with guaranteed price improvement for active orders. It wasintended that the IntraSpread™ facility would be available to all Subscribers and for all symbols traded on Alpha ATS.

Alpha Objectives

The objective of the Alpha IntraSpread™ Facility (both the original and revised proposal) is to provide choice and options to accommodate different trading strategies and marketplace participants. Some of the strategies that would benefit from using thefacility include: enabling the retail flow to participate on the active side and receive a guaranteed price improvement, a larger fill


December 17, 2010 (2010) 33 OSCB 11884

size and a lower active fee; enabling buy side clients to post Dark Orders and benefit from accessing the active flows; and enabling liquidity providers to post Dark Orders to benefit from access to the active flows.

Comment Process and Current Status The OSC and Alpha received 13 comment letters: 7 from dealers1, 4 from other marketplaces2, and 2 from other marketplace participants3.

Alpha would like to thank all commenters for their submissions. The summary that follows the discussion of the new proposal will summarize the key issues and Alpha’s responses. A more specific summary of each letter and Alpha’s response is attached as well. The responses to the comments reflects the views of Alpha and do not necessarily reflect the views of the Ontario Securities Commission (OSC) or of the Investment Industry Regulatory Organization of Canada (IIROC).

Alpha began discussions with the OSC and IIROC staff after the closing of the comment period. The OSC Staff expressed concerns regarding the current proposal based on the views it had developed regarding a marketplace facilitating a dealer matching orders within its own firm without interacting with orders of other dealers. In response to the comments raised by OSCStaff and further discussions with both OSC and IIROC Staff, Alpha has revised its proposal which is being published today for comment.

Alpha’s Revised Proposal

Description of Proposed Changes and Reasons for Changes

Alpha plans to introduce a revised Alpha IntraSpread™ Facility.4

The changes are intended to address the regulatory concerns related to marketplaces facilitating internalization of dealer orderflow, while at the same time preserve the benefits of the original IntraSpread™ Facility proposal, including reduced trading fees,price improvement and increased trade size for the active side, and improved access to liquidity for the passive side. The revised proposal constitutes what was originally planned as phase II of the IntraSpread Facitlity™, and makes these benefits more accessible.

The revised IntraSpread™ Facility is designed to allow matching of orders between dealers, with additional features designed tomaximize benefits for the active, retail order flow and minimize potential for “gaming” the passive liquidity providing flow.

The revised IntraSpread™ Facility continues to be based on the two order types: Dark order and Seek Dark Liquidity™ (SDL™) order, but with some changes in the implementation details.

Dark Order

The Dark order is a fully hidden order, used to manage passive interest with no pre-trade transparency, and offer price improvement to tradable incoming orders.

• Dark orders have no pre-trade transparency as information on Dark orders is not disseminated on any public data feeds.

• The price of a Dark order is calculated as an offset of the NBBO by adding the price offset to the National Best Bid for a buy order and subtracting it from the National Best Offer for a sell order. The price of the Dark order can optionally be capped.

• The price offset is calculated as a percentage of the NBBO spread, and can have one of two values:

o 10% capped to one price tick (i.e. “no more than a penny”), or

o 50% with no tick cap.

• If either side of the NBBO is not set, or the NBBO is locked or crossed, Dark orders will not trade.

1 CIBC World Markets Inc., GMP Securities Ltd., Maple Securities Canada Ltd., Newedge Group SA, Penson Financial Services Canada

Inc., RBC Capital Markets, Scotia Capital Inc., 2 Chi-X Canada, CNSX Markets Inc., Liquidnet Canada Inc., and TMX Group 3 F. Martin, Consultant and CSTA, Inc., an industry association. 4 Additional information is available in the Subscriber Notice and blacklined Trading Policies on the Alpha ATS web site:

www.alphatradingsystems.ca


December 17, 2010 (2010) 33 OSCB 11885

• Dark orders are day only orders and must be for a board lot quantity. Dark orders cannot be Iceberg, On-Stop, Inside Match, AON, FOK, FAK, MOO, LOO, MOC, Special Terms, Bypass, Passive Only, TTM or ROC.

• Dark orders can be amended, including quantity, price offset and price cap, in addition to other standard amendable order attributes.

• Dark orders trade only with incoming SDL™ orders that are tradable at the calculated price of the Dark order. Dark orders do not trade with each other.

• Dark orders are accepted in Pre-Open and Continuous trading sessions (from 7:00am to 4:00pm). Dark orders trade in the Continuous trading session but do not participate in opening or closing auctions.

Seek Dark Liquidity™ (SDL™) Order

The SDL™ order is used to interact with the dark liquidity.

• SDL™ orders are “immediate-or-cancel” - they trade with eligible Dark orders to the extent possible, and any residual is cancelled. Price can be market or limit.

• SDL™ orders only trade with Dark orders and do not interact with other transparent orders in the Alpha CLOB.

• SDL™ orders interact with Dark orders from any Alpha Subscriber.

• SDL™ orders must be for a board lot quantity, and cannot be Iceberg, On-Stop, Inside Match, AON, FAK, MOO, LOO, MOC, Special Terms, Bypass, Passive Only, TTM or ROC.

• SDL™ orders are accepted only during Continuous trading session (from 9:30am to 4:00pm)

IntraSpread™ Trades

• Matching in IntraSpread™ follows the price/broker /smart size/round-robin priority set out below:

o Price Priority - Dark orders with better price (higher price offset) have priority, then

o Broker Preferencing - Dark orders from the same Subscriber have priority, then

o Smart Size Priority - Dark orders with sufficient size to fully fill the incoming order have priority, then

o Round-Robin Priority - Dark orders take turns in interacting with the incoming order. Each time a Dark order is inserted, it is placed at the end of the queue. Each time a Dark order trades or its quantity is increased, the order is placed at the end of the queue.

• Trades are disseminated on the public data feed in real-time. These trades do not set the Alpha last sale price (ALSP) or the NLSP. Trade prices may have up to three decimal places for prices above $0.50 and up to four decimal places for prices below $0.50.

Eligibility

• IntraSpread facility is available to all Subscribers and for all symbols traded on Alpha ATS.

• SDL™ orders can be entered only on behalf of Retail Customers

o The definition of Retail Customer is based on the definition set out in the IIROC Dealer Member rules.

o It is expected that Subscribers have policies and procedures in place in regards to identifying which accounts qualify and supervisory procedures to monitor ongoing compliance.

o If Alpha deems that a Subscriber is allowing SDL™ orders from non-retail clients, Alpha may take appropriate action against the firm regarding access to the Alpha IntraSpread™ Facility.

• Dark orders can be entered without any constraints.


December 17, 2010 (2010) 33 OSCB 11886

Expected Impact of the changes

The Alpha IntraSpread™ Facility will give Alpha Subscribers the opportunity to allow large buy-side orders to access a new liquidity pool with minimal market impact, to provide retail orders with price improvement opportunities, and to reduce the overallcost of trading.

Consultations

Alpha received requests for this facility from its Subscribers. Discussions were held with Subscribers and buy-side firms to refinerequirements and review initial feedback from the regulators. Alpha also received comments from the industry and the regulatorsin response to the July 16th 2010 proposal.

Current implementation of changes in the Canadian marketplace and any alternatives considered

Dark matching facilities and orders are currently available in the Canadian capital markets. Alpha IntraSpread ™ Facility was designed to address comments and requests made by its Subscribers. Alternatives considered focused on the interaction between dark orders and the CLOB, price improvement variables, internalization and sub-penny pricing.

Alpha notes that it has also reviewed the Joint CSA/IIROC Position Paper 23-405 on Dark Liquidity in the Canadian Market which was published on November 18, 2010. While the Alpha revised proposal is generally in line with the policy considerations set out in the paper, we acknowledge that changes may be required if some of the proposals are adopted. Since the outcome of the position paper is unknown at this time, we intend to go ahead with our proposal with the understanding that it may need to change in the future.

Summary of Comments and Responses regarding Alpha IntraSpread™ Facility proposed on July 16, 2010 (the original proposal)

General Comments

Introduction

The original Alpha IntraSpread™ Facility combined market structure features that currently exist in the marketplace (internalization, price improvement orders, no pre-trade transparency); and, in fact, have existed in slightly different forms over a long period of time. Examples include the upstairs market, broker preferencing, TMX Posit proposal, TMX ATX proposal, TMX Pegged Order proposal, TriAct’s MatchNow, Chi-X hidden orders, Alpha Inside Match Order, and iceberg orders.

The growth in these types of features has lead to the debate in the U.S. around the subject of “dark pools” which has spread toother parts of the world including Canada, even though neither their significance nor any harmful impact has been established. The nature of the discussion, including the characterization of these trading choices as “dark,” has often clouded the real issues – is there a need for different trading venues other than a transparent central limit order book and should the same rules applyor are special rules required.

Comments

There were 5 general comments in support of the original Alpha IntraSpread™ Facility which stated that there are benefits to dark forms of liquidity.5 Specifically, one commenter noted that the Alpha IntraSpread™ Facility provides price improvement to retail investors, allows trades at a lower cost and reduces back office trade processing fees.6

The two general comments against the Alpha IntraSpread™ Facility were concerned about reduced transparency in the public book.7

Alpha Response

The Alpha IntraSpread™ Facility was being introduced to provide choice and options to dealers and their clients. It has long been recognized that “one size does not fit all” in the world of investors and trading securities.

There have long existed alternatives to the CLOB such as crossing markets and the upstairs market. A variety of dark order types exist in Canadian market today, without any evidence of negatively impacting the transparent markets.

5 Chi-X, CIBC, F. Martin, RBC, and Scotia 6 F. Martin 7 CNSX Markets. Inc and Newedge Group SA.


December 17, 2010 (2010) 33 OSCB 11887

Also there is a danger in assuming facts for which there has been no evidence. There have been studies that have shown there is no evidence that the existence of dark pools and/or internalization, even in the U.S. where they are a much larger part of thetrading volume, harm the transparent marketplace.8

Process for Implementing New Order Types is not a Rulemaking Process, and therefore the outstanding Policy debate should not prevent the Alpha IntraSpread™ Facility from proceeding

Introduction

National Instrument 21-101 requires that an alternative trading system must provide 45 days notice before implementing any changes such as order types. Although the rule does not require publication for comment and approval, Alpha has always published on its web site any proposed changes. In addition, the OSC now requests the marketplaces to publish certain changes through it.9 While an opportunity to provide comments has been provided; it should be clear that marketplace changes are not a policy or rulemaking process. The marketplace filing with the securities regulator is analogous to an issuer’s filing of a prospectus in that it is reviewed to confirm that it does not raise any issues so that permitting the issuer to go ahead would not be contrary to the public interest. New products, or in this case new order types, are not to be prevented from proceeding whilethere is a debate going on regarding a new policy direction. This is necessary because any new direction or precedent must be subject to a rulemaking process (which often takes years to conclude), where the initial policy direction can change as a result of the process, and should be applicable to all marketplaces at the same time.

Comments

Four commenters have suggested that it is premature for the OSC to allow the Alpha IntraSpread™ Facility to proceed.10 Two argued that it should not proceed because of the CSA work being done on the topic of dark pools requires resolution before allowing any more dark pools11. One argued that the original Alpha IntraSpread™ Facility goes beyond current precedent, and the other is concerned because of the fact that the potential for success is greater.

Alpha Response

As pointed out in the CNSX Markets’ letter, The original Alpha IntraSpread™ Facility was a combination of historical forms of dark trading that have been allowed. As a result, we do not think it raised any new issues. These new order types should be allowed because any changes in policy direction must be applied to all market participants (including Chi-X, TMX, TriAct and Liquidnet) and not just new entrants.

Alpha also believes that some of the issues being raised are commercial or competitive issues rather than regulatory issues. The fact that Alpha has been successful in achieving a large market share and may be successful in introducing new order types is not a reason for stopping it from proceeding.

It also should be remembered that the marketplace only provides a tool when it offers new functionality; the actual use of the feature can depend upon many factors including the dealer’s particular clients, level of technology support, and ability to adapt to new offerings.

Although there has been some form of a dark facility for years, there is no evidence that such facilities harm the price discovery process or the transparent marketplaces. The opposite, in fact, may well be true: that reporting trades on a real time basis fordark trades that result from the matching of natural order flows provides highly valued information from a price discovery perspective.

Fair Access, Internalization and “Jitney Orders”

Introduction

A large number of the comments focused on whether the original Alpha IntraSpread™ Facility would benefit some dealers over others. These comments criticize allowing internalization or the use of jitney orders under the claim that it violates fair access.

8 “Diving into Dark Pools,” by Saritna Buti, Barbar Rindi and Ingrid Werner (Dice Center WIP 2010-10, Fisher College of Business WP 2010-

03-010)9 OSC Staff Notice 21-703 (32 OSCB 8007), October 9, 2009. 10 CNSX, Penson, Scotia and TMX 11 The Canadian Securities Administrators (CSA) with the Investment Industry Regulatory Organization of Canada (IIROC) have tried to bring

clarity to the issues through its Request for Comments which was published on September 30, 2009 (Dark Pools, Dark Orders and other Developments on Market Structure) , holding a forum on Dark Pools on March 23, 2010 , and recent publication on November 19, 2010(IIROC Notice 10-0303).


December 17, 2010 (2010) 33 OSCB 11888

While the regulatory structure does require fair access, this does not mean it requires open access to all or a guarantee that each market participant will be able to benefit in the same way as every other market participant.

The principles surrounding the U.S. National Market System (NMS) and Canadian rules regarding multiple marketplaces were intended to promote fair competition among marketplaces because such competition promotes more efficient and innovative trading services including more efficient pricing of securities.12 The U.S. SEC, when addressing the issue of fair access, was not guaranteeing that all access or functionality would be the same or have the same impact for all marketplace participants. It focused on membership in the marketplace and ability to access quotes in the transparent marketplaces, specifically stating that:

“Rules 610(a) and (b) further the goal of fair and efficient access to quotations primarily by prohibiting trading centers from unfairly discriminating against non-members or non-subscribers that attempt to access their quotations through a member or subscriber of the trading center. Market participants can either become members or they can obtain indirect access by “piggybacking” on the direct access of member or subscribers.”13

The access requirements for alternative trading systems in Canada are set out in Section 6.13 of National Instrument 21-101 on Marketplace Operations (Rule 21-101). It provides that an alternative trading system establish written standards for granting access and not unreasonably prohibit, condition or limit access by a person to services offered. Fair access does not require that all functionality be used by or similarly benefit all subscribers.

In the Canadian marketplace, we can identify numerous features that do not benefit all participants in the same way, most notably the trading fee tiers that several other marketplaces have in place.

Comments

Two marketplaces raised concerns regarding the proposed functionality benefiting a specific segment of intermediaries rather than all dealers.14 One of these marketplaces suggested it extends the impact of broker preferencing by deliberately optimizing internalization opportunities.15

Concerns were raised by three commenters that allowing some participants to have arrangements with others for using this facility (usually referred to in the comment letters as a jitney arrangement) would exacerbate the result of benefiting some subscribers and concentrating order flow.16

One dealer and one marketplace noted that the Alpha IntraSpread™ Facility is really a third party internalization engine ratherthan a dark pool17. The dealer stated that as such it facilitates a common practice which does not raise any concerns. However, the marketplace believes that each of the customers should be required to be regulated in order to use this facility or to otherwise do internalization.

One marketplace acknowledges the benefits of internalization for lower trading and clearing costs.18 The industry association stated that there were split views on internalization of order flow and whether it should be allowed on any marketplace; howeverthe survey supporting the letter indicated 61.6% in favor of internalization19.

Alpha Response

Dealers have always been allowed to choose the business model and therefore the clients with which they wish to deal. A dealer can choose to have an institutional or retail business. It can also choose to be purely agency, principal or some combination. Moreover a dealer can choose who they want to deal with and have in the Upstairs market, OTC markets, and in the third market system in the U.S. The concerns raised in the comment letters seem to focus on the fact that certain dealers have advantages due to their order flow. While this may be true, it is also a competitive issue and not a regulatory fairness oraccess issue. Whether a particular dealer or customer may benefit from using this facility depends upon many factors including its ability and business model. Public policy should not be focused on whether some participants may be able to benefit more than others but whether there is any inappropriate barriers to participation and benefits made available by the marketplace.

12 U.S. SEC Regulation NMS (Release no. 34-51808, June 2005), p12. 13 U.S. SEC Regulation NMS (Release no. 34-51808, June 2005), p166. 14 TMX and Chi-X 15 Chi-X 16 TMX,CSTA and CIBC 17 CIBC and Liquidnet 18 CNSX 19 CSTA


December 17, 2010 (2010) 33 OSCB 11889

Internalization has existed in various forms and has never been considered as unfair. Moreover NI 21-101 acknowledges this indirectly by excluding from the definition of marketplace, a dealer who execute trades through a marketplace (crosses).

As reflected in the quote from the SEC NMS Release, “jitney arrangements” or “piggybacking” actually support fair access by providing a means for those who might not otherwise have access to participate or benefit. In addition, jitney arrangements aresimilar to third market maker activity in the U.S. which has been accepted by the regulators and market participants provided clients receive best execution.

Any dealer using the Alpha IntraSpread™ Facility either directly or indirectly will still be subject to best execution. The sameprinciples and utility of jitney arrangements apply in Canada. Jitney arrangements allow the benefits of the Alpha IntraSpread™Facility to be shared by a larger group of dealers with different business models.

NI 21-101 only includes dealers as marketplaces if the dealers execute a trade outside of a marketplace. Thus this facility removes the need for the individual members to operate a separate marketplace and is no different than allowing a dealer to arrange a cross and print through a marketplace.

In response to regulatory comments, Alpha had agreed to remove the internalization feature and to expand the interaction among order flows. However, it expects that the regulators will take a consistent approach to all marketplaces and relevant parties that provide substantially similar functionality.

Sub-Penny Pricing and Price Improvement

Introduction

The requirements regarding sub-penny pricing are set out in Part 6 of UMIR. Section 6.1 states that no order shall be entered on a marketplace at a price that includes a fraction of a cent other than an increment of one half of one cent in respect of anorder with a price or less than $0.50. However Policy 6.1 provides exceptions for a Basis Order, Call Market Order, or a VWAP Order. What these order types have in common is that the price is determined outside of interaction with the central limit orderbook. Specifically, a Call Market Order is defined by UMIR as an order that is entered on a marketplace on a trading day at a price to be established by the trading system of the marketplace. Thus a review of the rule and its exceptions makes it clear that the rules were designed to apply to the lit markets.

The pegged/dark orders introduced by Chi-X, Tri-Act and Alpha have been permitted because they fall within the same policy considerations provided by the exceptions in Policy 6.1. The policy considerations reflected in UMIRs indicate that requirementsregarding sub-penny pricing were specifically created with the transparent marketplace in mind and not intended to apply to certain kinds of order such as dark orders.

Comments

The comments focused on two areas: (1) whether the same rules should apply to the dark and lit marketplace; and (2) whether sub-penny pricing undermines the UMIR rules that require price improvement.

Two commenters believe the same rules should apply to both lit and dark parts of the marketplace.20 Both of these supports sub-penny pricing, but one supports it only in the dark marketplace.

One commenter supports the position that all orders should continue to be permitted to execute at sub-tick prices and visible quotations should be limited to full-tick increments.21 The industry association, while noting different views on sub-penny pricing in the dark markets, indicated support for maintaining full-tick support in visible market.22

Four commenters believe that allowing sub-penny pricing in the dark circumvents providing meaningful price improvement as required by UMIR.23

Alpha Response

Currently there is sub-penny pricing for pegged and dark orders as well as for Basis, VWAP and Call Orders. The Alpha Dark order is consistent with current orders available at MatchNow, Chi-X and Alpha as well as the new order types proposed by TMX. UMIRS prohibit sub-penny pricing in the visible marketplace but allow it where there is no interaction within a central limit book. There are reasons why a dark pool or order type should be treated differently. The nature of a dark pool or dark order type

20 CNSX, Scotia. 21 CIBC 22 CSTA 23 GMP, Maple Securities Canada Limited, Newedge, TSX


December 17, 2010 (2010) 33 OSCB 11890

is more similar to a cross or crossing system than to the continuous market. In fact it fits within the definition of a call market order where the point in time is continuous.24

The discussion regarding changing Part 6 of UMIRS so that the same rules would apply to the lit and dark market, as well as how many decimal places should be allowed if sub-penny pricing is permitted in either the dark or lit, are really policy issues that should be dealt with separately from this filing.

Any decision to change current interpretations of UMIR so as to prohibit Alpha from proceeding with its implementation of Dark orders should be immediately applied to all other marketplaces, since it would create an inappropriate advantage and would be unfair to apply a different treatment to different marketplaces only due to the timing of the process.

Best Execution and Best Price

Introduction

Dealers’ use of any new order types or marketplace functionality is always subject to compliance with its own regulatory requirements (securities regulation as well as UMIRS). The availability of the Alpha IntraSpread™ Facility does not mitigate oreliminate that responsibility. In fact it supports those clients who are seeking execution without market impact.

Comments

One commenter claimed that trading client orders in an internalized manner with de minimus price improvement on Alpha could not be justified when compared to the trading opportunity on other lit Canadian marketplaces25.

Another commenter claimed that Alpha IntraSpread™ Facility is not consistent with the concept of best price because it only allows trades within the same dealer.26

One commenter suggested requiring disclosure to clients of the use of Dark orders27.

Alpha’s Response

Best execution requires that the dealer considers the client’s needs in regards to price, speed, depth and transaction cost28.While Alpha believes its original facility was able to satisfy each of these requirements, it wishes to acknowledge it is up to the dealer to determine best execution based on the actual facts and client’s needs at the time of trading. The policy on best price(which will be replaced by the Order Protection Rule) requires that no order trade through a better priced order on a visible marketplace. The guaranteed price improvement in Alpha IntraSpread Facility ensures that the obligation for best price will be satisfied. Furthermore, the price improvement over the NBBO that was traditionally available only to institutional clients via theupstairs market will now be available to retail clients as well. Finally, the dark orders will allow buy-side firms to improve thequality of execution for their large orders.

Decisions regarding which order types, routing choices and information to provide to clients have always been part of a dealer’sbest execution obligation. Transparency around those decisions has been left to the dealer’s discretion since they are proprietary and part of the service it provides to clients.

Contact Information:

Any questions regarding these changes should be addressed to Randee Pavalow, Head of Operations and Legal, Alpha ATS LP: [email protected], t: 647-259-0420

24 The concept of continuous call markets was introduced with Optimark and continues with facilities like MatchNow. 25 TMX 26 GMP 27 Liquidnet 28 NI 23-101, Part.


December 17, 2010 (2010) 33 OSCB 11891

Summary of Comments and Responses regarding Alpha IntraSpread™ Facility

ISSUE COMMENT RESPONSE

CIBC World Markets Inc.

Internalization IntraSpread™ will operate a third party internalization engine rather than a proper dark pool which does not raise any concerns. The internalization activity enabled by this facility is common practice today.

Fair Access and future phases

• Concerns focus around enabling counterparty selection in trading either through the internalization of jitney order from other dealers or through the addition of an exclusionary matching leg within IntraSpread™.

• Notes that while the ability to enter bi-lateral arrangements exists in Equiduct PartnerEx in Europe, permitting dealers to control who they deal with is not available to dealers today.

• Most regulation in Canada, the U.S. and Europe has been aimed at reducing selective information disclosure and selective access to order flow.

Fair Access requires that any party be able to access the marketplace. Any IIROC member can participate in the Alpha ATS and can use the facility. Jitney arrangements provide smaller dealers with the ability to receive the same benefits as larger ones.

Supports future phases where there is communal matching because it supports price improvement and fill probability.

No decisions have been made at this time on future phases or functionality.

Interaction of dark order with visible limit orders

• By providing that the dark order with the discretionary pricing are constrained to the dark pools, IntraSpread™ maintains the tradeoff between price and immediacy.

• All individual order should bear a single price at a single moment in time which is achieved by pegging to NBBO.

• The only dark order types that should be permitted on visible markets are those that are deterministically priced or that that bear a discretionary but reveal at least a portion of their size.

• Fully hidden, deterministically priced order should be permitted provided they are priced inside the NBBO.

IntraSpread™ satisfies all of the principles for interaction that are set out.

Priorities • Allocations should be based on price then visibility, with visible orders receiving priority at any given price level. IntraSpread™ achieves this through price improvement.

• Would like more information on allocation rules.

Priorities within IntraSpread™ are based on price then time within a subscriber.

Sub-penny pricing All orders should continue to be permitted to execute at sub-tick prices and visible quotations should continue to be limited to full-tick increments.

Alpha IntraSpread™ Facility is consistent with current rules which only limit visible quotations to full-tick increments.


December 17, 2010 (2010) 33 OSCB 11892


Chi-X Canada

General Comment –

Many benefits that are offered by dark forms of liquidity

Broker Preferencing and Fair Access

Broker preferencing has been around and an accepted feature but it has contributed to the disproportionately high concentration of order flow across a limited number of participants interfering with technology and other advancements.

Broker preferencing is available to all dealers. There is no evidence that broker preferencing rather than a successful business model is the basis for where order flow is located. Moreover, it should be raised as a policy issues and not a reason for delaying new functionality that is independent of the issue.

Same issues in IntraSpread: disincentive for those who are not customers of preferenced dealers impacting quote competition and appearance of a two-tiered market, market structure opportunism; disincentive for large investors to forgo investing in technology.

The concerns focus on concentration and size of specific participants which are competition and Canadian market structure issues that are not created by this facility.

IntraSpread provides more opportunity t o deliberately optimize internalization opportunities.

Internalization is an important part of market structure and exists throughout the world. While the dealer may benefit, so does the client.

Siphoning large segments of order flow into the hands of a limited few fragmenting markets without accessibility to majority of market of market participants could lead to further market segmentation, a less robust price discovery mechanism, and continued deterioration of public markets.

Competitive interests is not an appropriate basis for making an objection. These same kinds of objections were raised when the issue of multiple markets were first raise and the evidence now shows that any potential harms from fragmentation have been offset by the benefits of completion to reduced spreads and greater liquidity in the Canadian markets.

Concerns are exacerbated by Alpha’s Jitney allocation methodology: by allowing participants to resell their broker IDs to other brokers on a selected basis , small or intermediate dealers may be incented to aggregate their order flow with larger brokers

The Alpha IntraSpread™ Facility was not designed with the intent of specifically promoting jitney arrangements. Any such arrangements will be made between dealers as they are in other contexts. There is no support for Chi-X’ characterization of these arrangements. Moreover, jitney arrangements allow the benefits of the Alpha IntraSpread™ Facility to be shared by a larger group of dealers with different business models.

Questions:

Do customers opt-in or out when sending orders. Customers opt-in by marking the incoming order as SDL.

How will trades within the facility be marked? How will information be made available?

There will be no specific marker but trade information will be provided to the public feed as well as available to customers through their private data information.

These trades should set the LSP. Pegged orders have been treated like call market orders and therefore do not set the last sale price – example is MatchNow.

How will dealers be able to demonstrate best execution?

Each dealer has their own policies and procedures for determining best execution. Price will be assured since there is guaranteed price


December 17, 2010 (2010) 33 OSCB 11893


improvement. Information regarding transaction costs and liquidity on a historical basis will also be available.

How will orders be in compliance with order exposure rule?

IIROC’s guidelines to Policy 6.3 provide that client orders which are routed to a non-transparent facility to determine if liquidity is available on that marketplace at prices that are equal to or better than displayed order would comply with Rule 6.3 provided any unexecuted portion of the client order was then immediately entered on a marketplace that did provide order transparency. Clients can either configure their own routers to comply or can use the RAD routing strategy in the Alpha Order Router to comply.

CNSX Markets Inc.

GeneralComments

CNSX is against any initiative that reduces liquidity in public book and should be preceded by full review.

IntraSpread is a combination of historical forms of dark trading that have been allowed. The existing order types/pools were set in an environment with minimal multi-market experience and limited public and industry input can be distinguished: one was a call market and the other s provided open access or have a size threshold.

If current precedents are no longer valid then should repeal or prohibit all of them not just new entrants.

The risk of harm is greater becauseof economic clout and potential impact on amount of dark.

There is no evidence to support the allegation and it is inappropriate to penalize parties because they are commercially successful.

Internalization Acknowledges that direct benefit of internalization is lower trading and clearing costs to the internalizer; however asks question of what data has been collected to evaluate estimated cost savings and whether there is a disproportionate benefit to some dealers.

Benefits to dealer depend on many factors including its ability and interest in using the new functionality and it is not just size that is the key determinant. Public policy debate is never focused on whether some benefit more than others but whether anyone is excluded from benefiting for the wrong reasons – the test being inappropriate discrimination.

Seems to be concerned will develop similar practices to those that exist in the US

No market integrity issues identified in US and no evidence dark was cause of “flash crash”

Asks whether volume estimates have been calculated whether caps have been considered.

This is not a question that should be considered in this context – more of policy issue.

Suggests that internalization benefit is incremental if there is broker preferencing and should be balanced against any unintended consequences.

The degree of benefit is not relevant where there is no evidence of harm.

Systemic fully-internalized trading does not appear to be consistent with the spirit of the UMIR order handling and best price requirements or CSA OPR.

No less inconsistent then upstairs market, and price improvement addresses any potential issues


December 17, 2010 (2010) 33 OSCB 11894


Questions whether a client Dark order can execute against non-client SDL

Must operate within context of UMIRS so unlikely for orders less than 5000 shares. Otherwise it should not matter as long client gets best execution.

Price Improvement Time to revisit application of price improvement rules – at time most of rules were created minimum tick was 1/8th of a dollar so that disincentive to do systemic internalization has been reduced

This argument is not a reason to stop new initiatives that fit within current rules unless prepared to prohibit all marketplaces and market participants

Aware that sub-tick price improvement currently exists but were established before transparency initiative of OSC.

Policy debate regarding sub-penny pricing should not prevent new developments if they are consistent with current practice. Operational changes should not be treated as a policy debate.

Sub-penny trading increments

Sub-penny trading increments are clearly appropriate for VWAP and basis trades because price is derived from a number factors

Dark order is derived from a reference price and should be treated in the same manner.

Believes allowing “quoting” in sub-pennies and that all marketplaces (dark or lit ) should be allowed to accept orders and report trades in subpenny increments or unfair advantage. Asks whether regulators are prepared to allow all marketplaces to do so.

Current rules do not treat dark and lit markets the same.

Questions • Why do trades in IntraSpread not set the last sale price?

• How does the exclusion of access to a dark order meet fair access?

• Will there be inter-dealer preferencing allowed through offering jitney access instead?

-Pegged orders have been treated like call market orders and therefore do not set the last sale price, as exemplified in MatchNow. Furthermore, if trades with fractional prices were to set the last sale price, then additional guidance may be required from IIROC wrt to handling of short sell orders, defining of the closing price, etc.-Fair access requires that all parties have appropriate access to the marketplace. Internalization has never been determined to violate any requirements including fair access. -Jitney arrangement have always been available for any purpose on Alpha.

CSTA, Inc

General CSTA did a survey and received 162 completed responses: 41 buy side and 121 sell side traders. They do not make any firm statements in favor or against the Alpha IntraSpread™ Facility, but note the survey discusses some relevant issues.

Relevance of ownership structure

The majority answered that the ownership structure should be considered when looking at new product offerings.

Although most marketplaces (exchanges and others) have dealers who are owners, ownership structure has never been considered as relevant to determining the quality of a marketplace’s functionality in Canada or elsewhere and should not be a relevant factor. Ownership structure may be relevant from a governance perspective in the case of exchanges or sometimes requires disclosure where there may be conflicts.


December 17, 2010 (2010) 33 OSCB 11895


Internalization There are split views on internalization of order flow and whether it should be allowed on any marketplace.

The survey actually indicates 61.6% in favour of internalization. Moreover internalization is happening today on marketplaces and throughout the world. Addressing internalization as an issue should be addressed through a policy analysis and not within the context of one marketplace’s proposals.

Price Improvement or Trading at the NBBO

The majority felt price improvement was not required and trading at the NNBO for dark orders should be allowed.

Sub-penny pricing There is a split decision that sub-penny pricing are significant; however continuous books should not move towards sub-penny pricing.

The issue of the significance of sub-penny pricing should be determined as part of a policy discussion and therefore applied consistently to all marketplaces.

Fair Access A majority thought that selective counterparty trading should not be allowed. A structure that would allow or counterparty selections would permit flow that was not internalized to be exposed to a select group of other dealers’ Dark Orders.

Allowing dealers to selectively choose who they want to deal with has always been available in the Upstairs market, OTC markets, third market system in the U.S. and EquiductPartnerEx in Europe.

Impact on quality of the markets

The majority believe that the facility will not improve market quality.

The CSTA itself raises the question whether regulators should evaluate if new functionality will improve the quality of the markets or whether that responsibility should be determined by the users of the product. The OSC standard for reviewing these kinds of changes is not a merit review but whether such changes will raise market integrity issues such as fraud and manipulation so that it is contrary to the public interest to allow it to proceed. Moreover, whether in fact the changes add or detract from market quality cannot be determined by opinion but should be determined by facts. Due to the diversified needs of the market participants, some will always support and some will always find fault. Regulators are not in a position to state what is the best solution or even what is a good solution: only market participants through their behavior can determine that.

Fionnuala Martin and Associates

General • Supportive of Alpha IntraSpread™ new initiatives that offer improved services, choices and cost effectiveness.

• New facility will improve on dark pool trading by lowering fees and reducing or eliminating data leakage that could be used by others to take advantage of retail order flow.

Benefits of IntraSpread™

• Provides price improvement to retail investors

• Allows trades at a lower cost • Reduce back office trade processing fees


December 17, 2010 (2010) 33 OSCB 11896


GMP

Best Price Alpha IntraSpread™ Facility is not consistent with the concept of best price because it only allows trades within the same dealer. The SDL Order should be allowed to trade against Dark Orders from all subscribers at the same price point.

The policy on best price (which will be replaced by the Order Protection Rule) requires that no order trade through a better priced order on a visible marketplace. First, because these orders are dark the rule does not apply to orders within the facility but also the guaranteed price improvement ensures that the obligation for best price for orders outside of the facility will be satisfied.

Sub-penny pricing The proposal allows dealers to intentionally circumvent the visible market with no meaningful price improvement.

The current rules treat the visible market differently from dark order types. Alpha IntraSpread™ Facility is consistent with current rules.

Liquidnet Canada

General Liquidnet supports competition and innovation in the marketplace, but believes that entities performing equivalent functions should be subject to equivalent regulation.

Internalization The Alpha IntraSpread™ Facility is only providing technology to its customers in order for them bring their customers’ orders together. Therefore each of the customers that use the tool to internalize should be required to be regulated as an alternative trading system under NI 21-101.

NI 21-101 only includes dealers as marketplaces if the dealers execute a trade outside of a marketplace. Thus this facility removes the need for the individual members to operate a separate marketplace and is no different than allowing a dealer to arrange a cross and print through a marketplace.

Best Execution • Liquidnet is suggesting that investors be informed in advance of use of order types and other information.

• To comply with best execution, dealers should route to providers of that dark liquidity.

Decisions regarding which order types, routing choices and information to provide to clients have always been part of a dealer’s best execution obligation. Transparency around those decisions have been left to the dealer’s discretion since they are proprietary and part of the service it provides to clients. Multiple dark pools/options are available to dealers today, so we are expecting that the approach to transparency around order routing should not significantly change with introduction of Alpha IntraSpread Facility.

Maple Securities Canada Limited

General comment These new order types will be very popular with the dealer community and expect that all marketable client orders will be routed through these dark markets.

Alpha Intraspread™ is being introduced to provide choice and options to dealers and their clients. It is hard to predict who will actually use it and how they will use it since it will be up to each dealer to evaluate how this facility fits in with its trading strategies and best execution obligations to its clients.

Sub-penny pricing • Introduction of sub-penny order types for -IIROC has previously expressed an opinion


December 17, 2010 (2010) 33 OSCB 11897


dark orders only is contrary to the spirit of the IIROC rule requiring price improvement for clients.

• Because price-improvement is dark, clients cannot easily compare potential price improvement between dealers.

• Dealers can use the dark market to avoid interference by client orders booked in the visible market.

• Dark orders sub-penny pricing increases the risk of client orders in the visible market being front run by predatory algorithms.

contrary to the view of the commenter. If this position is adopted then all marketplaces (Chi-X, MatchNow and TMX) should also be subject to the same requirements. -Price improvement is only owed to a client and not to another dealer’s clients so the comparison is not relevant.

Dark Locked and Crossed Markets

A subscriber could put in a buy and sell order at the same price.

Since the Dark orders do not trade against each other, they do not create locked or crossed markets nor should the rules apply to dark marketplaces because there is no need to protect against a perception of market quality issues.

Suggested solutions

SDL order should trade against all brokers rather than only the originating broker.

This functionality is under consideration for the next phase. In the mean time, jitney arrangements may be able to achieve the same thing.

Market SDL order that are not fully filled in the dark market should trade immediately with the visible market.

This can be done by designating the SDL order as a TTM order. It is left to the Dealer to decide whether that is appropriate in light of the particular strategy or needs of the client.

Dark Orders should be subject to same tick rules as visible orders.

This is not the current position of the regulators and there are marketplaces that currently have sub-penny pricing.

IIROC should rule on how locked and crossed markets will be applied to dark markets.

[It is the clear that the policy rationale behind locked and crossed markets is not relevant to dark marketplaces.]

Newedge Group SA

General comments • Alpha Intraspread ™ will benefit a small number of investors at the expense of overall market transparency and will exacerbate the unequal playing field that exists with respect to the current market structure in Canada.

• It will draw significant visible liquidity out of the market from high frequency traders which will further erode the visible price discovery mechanism within the Canadian markets.

• Any rules impacting market transparency and open access negatively are inconsistent with key OSC or IIROC principles. There are a number of dark pools operating in Canada that are eroding price discovery and creating an unequal playing field and should be reviewed to ensure they operate in a way that is consistent with current requirements.

-Alpha Intraspread™ is being introduced to provide choice and options to dealers and their clients. It is hard to predict who will actually use it and how they will use it since it will be up to each dealer as well its customers to evaluate how this facility fits in with its trading strategies and best execution obligations to its clients. In fact some parties have suggested that the fee structure will discourage high frequency traders from using the facility. - The facility as proposed works within any requirements regarding transparency and access. Regulators in Canada and throughout the world have acknowledged that full transparency is not appropriate in all circumstances. -Alpha made reference in the notice to its web site where it contains a product sheet which provides the details requested by the commenter.


December 17, 2010 (2010) 33 OSCB 11898


• Seeks greater clarity on how orders will function

Sub-penny pricing Allowing an SDL™ order of less than $.01 is in conflict with UMIR 6.3 because price improvement has been historically improved by at least one trading increment.

Chi-X, TriAct and Alpha provide price improvement of less than one trading increment. TMX received recent approval to implement order types that result in sub-penny trades.

Penson Financial Services Canada Inc.

No new services while policy debate is ongoing

It is premature to allow IntraSpread™ Facility in light of analysis being done by CSA.

Changes should not be prevented while a policy debate is going on if they are not inconsistent with current requirements.

Unequal Access Dark Pools may reduce liquidity since they are not accessible by all investors.

There is no evidence to support this claim either here or in other jurisdictions.

Clients of smaller dealers could be disadvantaged through reduced liquidity and trading information.

Trades from the facility will be published and there is no reason for smaller dealers to be disadvantaged.

RBC Dominion Securities Inc.

Supportive of initiatives that promote an efficient and competitive marketplace

The proposed initiative is a broker neutral solution which benefits the entire broker-dealer community by providing an additional source of dark liquidity.

TMX IntraSpread proposal moves far past the status quo for dark orders and should not be approved now while the policy making process is ongoing

Rulemaking process is a long process which often takes 3 or more years. New products cannot be put on hold especially when they are consistent with current products or precedent. Consistent doesn’t mean identical. There are no key differences between proposed Alpha IntraSpread Facility and various implementations available in the market today, which would impact the market integrity.

Notes internalize only feature may be considered similar to MatchNow but is significantly different as follows: • Unique internalization only nature • MatchNow features approved under

characterization of call market and IntraSpread is continuous.

• systematically provides micro-penny price improvement to marketable customer orders

• “marketflow” orders are exposed to all dealers

• 10% price improvement vs. 20% minimum price improvement

-The internalization feature is not unique since it was allowed under TMX ATX proposal and is available in MatchNow. Moreover the fact that it is made available from a marketplace does not mean it is different. In fact by doing it through a marketplace, it does not introduce any new characteristics other than additional transparency which should be welcome. -IntraSpread™ works in a very similar way to MatchNow and should be characterized in the same way. -Operates within current rules for sub-penny pricing.


December 17, 2010 (2010) 33 OSCB 11899


-MatchNow allows for preferencing which has the same effect as limiting order exposure. -Alpha Price Improvement order set the precedent for 10% price improvement.

Internalization Internalization benefits a specific segment of intermediaries but does not benefit the investing community as whole – raises concerns of fair treatment of investors and concerns related ensuring vibrancy of Canadian capital markets through the existence of strong visible marketplaces.

This comment, discusses internalization without discussing upstairs market or alternative internalization solutions, such as FOX product offered in the past by the TMX. It has long been accepted that transparency is not always good for investors (IOSCO paper), so alternative types of markets have been developed. Investors choose their market intermediaries based on various criteria including service and intermediaries compete so that some are more successful than others.By suggesting that some intermediaries may benefit more from this facility because they are more successful, the TMX is suggesting that dealers should not be able to benefit or allow their customers to benefit from their successes.

Policy making through rule review

IntraSpread should not be approved until CSA has articulated a view on a marketplace internalization vehicle or strategy: • Extent of dealer internalization expansion

because a threat to transparent price discovery

• What constitutes meaningful price improvement to ensure fiduciary obligations and preserve liquidity on Canadian equity exchanges

The issues of internalization caps or meaningful price improvement should be determined as part of a policy discussion and therefore applied consistently to all marketplaces. In the interim, Alpha IntraSpread Facility is using mechanisms already available today, which have not proven to cause harm, and should be approved to operate as such, until a policy change if any.

Broker Exclusion and Fair Access

IntraSpread will result in a system of broker exclusion that will result in pockets of liquidity residing on the Alpha marketplace that are only accessible to certain participants- all subscribers of Alpha will not receive the benefit of equal access to orders

Dealers have always been able to maximize efficiencies within its orderflow through crossing and the upstairs market. Fair Access does not guarantee access and benefits to everyone in the same identical way.

21-101 (6.13(b)) prohibits an ATS from unreasonably limiting access to services.

All subscribers have access to the service.

Creates two-tiered structure which is different from broker preferencing.

The structure created is no different from upstairs market.

While dealers are allowed to internalize within the UMIRS, marketplaces should be held to a higher standard and should not be used as an outsourced internalization vehicle.

Internalization services provided by marketplaces offer greater transparency into the solution and trading activity than internalizations solutions developed by dealers themselves, and should be the preferred approach by the industry.

Use of jitney orders or anticipated expansion is a harmful precedent if the dealer exclusivity is extended to selective groups of dealers thereby permitting a dealer consortium to execute orders among themselves because violates fair access principles and possible effect on diminished price discovery and lower liquidity on visible

As reflected In the quote from the SEC NMS Release, “jitney arrangements” or “piggybacking” actually support fair access by providing a means for those who might not otherwise have access to participate or benefit. In addition, jitney arrangements are similar to third market maker activity in the U.S. which has been accepted by


December 17, 2010 (2010) 33 OSCB 11900


marketplaces. the regulators and market participants provided clients receive best execution.

Disadvantages or impairs fair competition among dealers because not all can use facility in same advantageous way. It will encourage smaller dealers to enter into arrangements with larger dealers to that their flow can interact.

This practice was developed in the U.S. under the third market system which advantaged customers without any harm to transparency or market structure.

Jitney Orders Describes a “Jitney Order” as a jitney dealer’s Dark order matching with an SDL order of the executing dealer which will allow a consortium of preferred counterparities for purposes of the Alpha facility.

Characterization is incorrect. IntraSpread was not built to promote jitney arrangement but it should not be prohibited or it would limit other dealers be able to maximize best execution and reduce costs. Dealers have entered into these kinds of arrangements (including the introducing- carrying model) for various business reasons and are subject to IIROC requirements which address any potential concerns.

Meaningful Price Improvement

• Dealers will be able to execute against client order with less price improvement for the client than if the dealer had simply internalized the trade because the UMIR rules have the effect of requiring full tick price improvement while Alpha Dark Order and SDL can execute at less than a full tick.

• UMIR 6.3(1)(b) and 8.1(1) review require full tick price improvement. Best available price does not simply mean any price improvement over the best posted price.

• Sub-penny price improvement is not adequate improvement to justify the yielding of priority of a previously posted visible quote.

-The requirements regarding sub-penny pricing are set out in Part 6 of UMIR. Section 6.1 states that no order shall be entered on a marketplace at a price that includes a fraction of a cent other than an increment of one half of one cent in respect of an order with a price or less than $.50. However Policy 6.1 provides exceptions for a Basis Order, Call Market Order, or a VWAP Order. What these order types have in common is that the price is determined outside of interaction with the central limit order book. Specifically, a Call Market Order is defined by UMIR as an order that is entered on a marketplace on a trading day at a price to be established by the trading system of the marketplace. Thus a review of the rule and its exceptions makes it clear that the rules were designed to apply to the lit markets. -Different rules have been applied to dark orders. - Similar mechanisms exist today in the market (Match Now, Alpha’s PII/IM order type, and TMX approved discretionary order/Inside Spread order)

Acknowledges that sub-penny price improvement is currently being provided on marketplaces such as MatchNow, Chi-X an Alpha but these features were introduced without any consultation process; none of them should be allowed until issues have been resolved.

These orders and how they work were reviewed by both OSC and IIROC prior to implementation. Policy discussion to make changes to the rules has been started as well but should not affect new similar implementations, until it has been concluded.

Best Execution NI 23-101 requires dealers to make reasonable efforts and test should be onerous. Trading client orders in an internalized manner with de minimus price improvement on Alpha could not be justified when compared to the trading opportunity on other lit Canadian marketplaces.

TMX position ignores the factors that should be considered when determining best execution and attempts to undermine the dealer’s responsibility by suggesting rules should be in place to determine when a specific market can not satisfy this basic obligation to a client. Best execution requires that the dealer consider the client’s needs in regards to price, speed, depth and transaction cost. While Alpha believes its facility will be able to satisfy each of these requirements, it would acknowledge it is up to the dealer to


December 17, 2010 (2010) 33 OSCB 11901


determine based on the actual facts at the time of trading where best execution can be achieved.

Order Pricing and Wash Trades

Can a trader place buy and sell dark orders in a single security at overlapping prices?

Yes. Since dark order have no pre-trade transparency, there are no concerns of creating locked or crossed quotes. Dark orders with overlapping prices exist today between various dark pools, with no negative impact.

Public Markers Will OSC require distinct public marker requirements

There is no such requirement today for trades from dark orders in existing marketplaces. Any regulatory requirement must apply to all marketplaces at the same time.

Last Sale Price Will it update LSP? Chi-X does. Pegged orders have been treated like call market orders and therefore do not set the last sale price. Alpha IntraSpread Facility execution mechanism is most similar to MatchNow, and MatchNow trades do not set the LSP.

Execution price How does price increment cap work? Please see the example in the product sheet available on the Alpha website.

Execution Queue Does price improvement trump time priority in the facility?

Yes.

Trade Data Request for description of rounding methodology. There will be no price rounding on the public trade data.

Request for information on what is reported back to SDL Order provider when a trade occurs.

Detailed protocol specification changes related to IntraSpread order types is included in the product sheet available on the Alpha website.

Scotia Capital

General comment Supportive of continued innovation in marketplace systems and modes provided they are evaluated for potential impact on market functions, fairness and efficiency

Sub-penny Pricing • Consistent rules should be applied to both dark and lit marketplaces.

• Allowing similar sub-penny pricing to the visible marketplaces would expose some of the weaknesses of the maker /taker model.

• Sub-penny crosses should be allowed but not for the continuous book

-Different market structures may require different treatments.-Dark pools are more similar to crosses and crossing networks than continuous markets so sub-penny pricing should be allowed.

Delay until issues of sub-penny price improvement, maker/taker fee model and value of displayed orders has been considered and resolved

As pointed out in the CNSX Markets’ letter, The Alpha IntraSpread™ Facility is a combination of historical forms of dark trading that have been allowed. It does not raise any new issues. These new order types should be allowed because any changes in policy direction must be applied to all market participants (including Chi-X, TMX, TriAct and Liquidnet) and not just new entrants.Alpha also believes that some of the issues being raised are commercial or competitive issues rather than regulatory issues. The fact that Alpha


December 17, 2010 (2010) 33 OSCB 11902


has been successful in achieving a large market share and may be successful in introducing new order types is not a reason for stopping it from proceeding.

December 17, 2010 (2010) 33 OSCB 11903

Chapter 25

Other Information

25.1 Consents

25.1.1 SL Resources Inc. – s. 4(b)

Headnote

Consent given to a corporation under the Business Corporations Act (Ontario) to continue under the BVI Business Companies Act, 2004 (as amended).

Statutes Cited

Business Corporations Act, R.S.O. 1990, c. B.16, as am. Business Corporations Act, R.S.A. 2000, c. B9, as am. Securities Act, R.S.O. 1990, c. S.5, as am.

Regulation Cited

Regulation made under the Business Corporations Act, O. Reg. 289/00, as am., s. 4(b).

IN THE MATTER OF R.R.O 1990, REGULATION 289/00, AS AMENDED

(the “Regulation”) MADE UNDER THE

BUSINESS CORPORATIONS ACT (ONTARIO), R.S.O. 1990, c.B.16, AS AMENDED

(the “OBCA”)

AND

IN THE MATTER OF SL RESOURCES INC.

CONSENT(Subsection 4(b) of the Regulation)

UPON the application (the “Application”) of SL Resources Inc. (the “Applicant”) to the Ontario Securities Commission (the “Commission”) requesting the consent from the Commission for the Applicant to continue in another jurisdiction (the “Continuance”), as required by clause 4(b) of the Regulation;

AND UPON considering the Application and the recommendation of the staff of the Commission;

AND UPON the Applicant having represented to the Commission that:

1. The Applicant is a corporation existing under the provisions of the OBCA and was formed by Articles of Incorporation pursuant to the Business Corporations Act (Ontario) on April 8, 2005.

2. The Applicant’s registered office is located at 32 Roxborough Street East, Toronto, Ontario M4W 1V6.

3. The Applicant’s authorized share capital consists of an unlimited number of common shares (“Common Shares”) of which 4,800,000 Common Shares are issued and outstanding as of the date hereof.

4. The Applicant proposes to make an application to the Director under the OBCA pursuant to section 181 of the OBCA (the “Application for Continuance”) for authorization to continue as a company under the BVI Business Companies Act, 2004 (as amended) (the “BVI Act”). As a result of the Meeting (as defined below), wherein the shareholders of the Applicant approved the Applicant’s corporate name change to “White Tiger Gold Ltd.”, to be effected concurrently with the Continuance of the Applicant to the British Virgin Islands, the Applicant proposes to make the application for

Other Information

December 17, 2010 (2010) 33 OSCB 11904

authorization to continue as White Tiger Gold Ltd. Upon receipt of the consent to continue, the Applicant will continue under the BVI Act as White Tiger Gold Ltd.

5. Pursuant to clause 4(b) of the Regulation, where a corporation is an offering corporation under the OBCA, the Application for Continuance must be accompanied by a consent from the Commission.

6. The Applicant is an offering corporation under the OBCA and is a reporting issuer within the meaning of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”). The Applicant is not a reporting issuer in any other jurisdiction in Canada. The Applicant intends to remain a reporting issuer under the Act following the Continuance.

7. The Applicant is not in default of any of the provisions of the Act or the regulations or rules made under the Act.

8. The Applicant is not a party to any proceeding or, to the best of its knowledge, information and belief, pending proceeding under the Act.

9. The holders of Common Shares of the Applicant authorized the Continuance of the Applicant at a special meeting of shareholders (the “Meeting”) held on December 9, 2010. The special resolution authorizing the Continuance was approved at the Meeting by 100% of the votes cast.

10. The management information circular of the Applicant dated November 11, 2010 provided to all shareholders of the Applicant in connection with the Meeting included full disclosure of the reasons for, and the implications of, the proposed Continuance, included a summary of the material differences between the OBCA and the applicable laws of the British Virgin Islands and advised the shareholders of the Applicant of their dissent rights in connection with the Application for Continuance pursuant to section 185 of the OBCA

11. The Application for Continuance is being made in connection with the proposed reverse take-over transaction involving the acquisition (the “Acquisition”) by the Applicant of four wholly-owned subsidiaries of LLC UK Dalsvetmet (“DZM”)and DZM’s entire 80% interest in a fifth subsidiary.

12. The Continuance has been proposed to facilitate the Acquisition and the future business of the resulting issuer. The Continuance will allow the Applicant to take advantage of the favourable tax treatment accorded to companies governed by the BVI Act, particularly in light of the fact that the Applicant and the resulting issuer have no operations or material assets in Canada.

13. As the Applicant does not intend to maintain a corporate office in Canada subsequent to the Continuance, the Applicant has provided an undertaking (the “Undertaking”) to the Commission that it will complete and file an “Issuer Form of Submission to Jurisdiction and Appointment of Agent for Service of Process” in the form of Schedule “A” thereto (the “Submission to Jurisdiction Form”) with the Commission through the System for Electronic Document Analysis and Retrieval (SEDAR) promptly following the effective date of the Continuance. The Undertaking also provides that the Applicant will maintain and update the information contained in the Submission to Jurisdiction Form, or furnish a new Submission to Jurisdiction Form, in accordance with the provisions contained therein. The form of Undertaking provided to the Commission is attached as Appendix “A”.

14. The material rights, duties and obligations of a company governed by the laws of the British Virgin Islands and memorandum of association and articles of association substantially similar to those approved by the shareholders of the Applicant at the Meeting (the “Memorandum and Articles of Association”) are substantially similar to those of a corporation governed by the OBCA. Such rights provided by the Memorandum and Articles of Association cannot be amended without the consent of the shareholders of the Applicant.

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;

THE COMMISSION HEREBY CONSENTS to the continuance of the Applicant as a company under the BVI Act.

DATED at Toronto, Ontario this 9th day of December, 2010.

“Paulette Kennedy” Commissioner Ontario Securities Commission

“James Carnwath” Commissioner Ontario Securities Commission

Other Information

December 17, 2010 (2010) 33 OSCB 11905

APPENDIX “A”

UNDERTAKING

To: Ontario Securities Commission (the “Commission”)

RE: SL Resources Inc. (the “Applicant”) – Application dated November 15, 2010 for a Consent to continuance to the British Virgin Islands (the “Continuance”) pursuant to clause 4(b) of Ontario Regulation 289/00 made under the Business Corporations Act, R.S.O. 1990, c. B. 16

The Applicant hereby undertakes that it will complete and file an “Issuer Form of Submission to Jurisdiction and Appointment ofAgent for Service of Process” in the form of Schedule “A” hereto (the “Submission to Jurisdiction Form”) with the Commission through the System for Electronic Document Analysis and Retrieval (SEDAR) promptly following the effective date of the Continuance.

The Applicant hereby further undertakes that it will maintain and update the information contained in the Submission to Jurisdiction Form, or furnish a new Submission to Jurisdiction Form, in accordance with the provisions contained therein.

Dated: November 29, 2010

SL RESOURCES INC.

“Dennis H. Peterson” Name: Dennis H. Peterson Title: Director

Other Information

December 17, 2010 (2010) 33 OSCB 11906

SCHEDULE “A”

ISSUER FORM OF SUBMISSION TO JURISDICTION AND APPOINTMENT OF

AGENT FOR SERVICE OF PROCESS

1. Name of issuer (the "Issuer"):

2. Jurisdiction of incorporation, or equivalent, of Issuer:

3. Address of principal place of business of Issuer:

4. Description of securities (the "Securities"):

5. Name of agent for service of process (the "Agent"):

6. Address for service of process of Agent in Canada (which address may be anywhere in Canada):

7. The Issuer designates and appoints the Agent at the address of the Agent stated above as its agent upon whom may be served with any notice, pleading, subpoena, summons or other process in an action, investigation or administrative, criminal, quasi-criminal, penal or other proceeding (the "Proceeding") arising out of, relating to or concerning the obligations of the Issuer as a reporting issuer and irrevocably waives any right to raise as a defence in any such Proceeding an alleged lack of jurisdiction to bring such Proceeding.

8. The Issuer irrevocably and unconditionally submits to the non-exclusive jurisdiction of:

(a) the judicial, quasi-judicial and administrative tribunals of each of the provinces and territories of Canada in which the Securities have been distributed; and

(b) any administrative proceeding in any such province or territory,

in any Proceeding arising out of or related to or concerning the obligations of the Issuer as a reporting issuer.

9. Until six years after it has ceased to be a reporting issuer in any Canadian province or territory, the Issuer shall file a new Submission to Jurisdiction and Appointment of Agent for Service of Process in this form or as otherwise prescribed by securities law at least 30 days before termination, for any reason, of this Submission to Jurisdiction and Appointment of Agent for Service of Process.

10. Until six years after it has ceased to be a reporting issuer in any Canadian province or territory, the Issuer shall file anamended Submission to Jurisdiction and Appointment of Agent for Service of Process at least 30 days before a change in the name or address of the Agent.

11. This Submission to Jurisdiction and Appointment of Agent for Service of Process shall be governed by and construed in accordance with the laws of Province of Ontario.

Dated: _______________________ ___________________________________ Signature of Signing Officer of Issuer

Print name and title of person signing

Other Information

December 17, 2010 (2010) 33 OSCB 11907

AGENT

The undersigned accepts the appointment as agent for service of process of White Tiger Gold Ltd. under the terms and conditions of the preceding Submission to Jurisdiction and Appointment of Agent for Service of Process.

Dated: _______________________ ____________________________________ Signature of Agent

Print name of person signing and, if Agent is not an individual, the title of the person

Other Information

December 17, 2010 (2010) 33 OSCB 11908


December 17, 2010 (2010) 33 OSCB 11909

Index

1248136 Ontario Limited Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

2256479 Ontario Inc. Decision ..................................................................11689

Adira Energy Ltd. Order – s. 1(11)(b) ..................................................11724

Alpha ATS LP – Notice of Completion of Staff Review of Proposed Changes

Notice......................................................................11655 Notice......................................................................11657

Alpha ATS LP – Notice of Proposed Changes and Request for Feedback

Marketplaces1.........................................................11881

Alpha ATS LP Notice – Summary of Comments for Alpha Self Trade Management

Marketplaces...........................................................11881

Bank of Montreal Decision ..................................................................11693

Birchleaf Investments Inc. Name Change.........................................................11879

Boralex Power Income Fund Decision ..................................................................11706

Brickburn Asset Management Inc. Change in Registration Category ............................11879

Cathay Forest Products Corp. Cease Trading Order ..............................................11739

China Insurance Regulatory Commission Notice......................................................................11661

CI Financial Corp. Decision ..................................................................11707

Commission Approval of an Amended List of Exchanges, Lead Regulators and Exempting Regulators

Notice......................................................................11658

Commodity Futures Act Notice......................................................................11652

Legislation...............................................................11863

Consumers’ Waterheater Income Fund Decision ..................................................................11699

Consumers’ Waterheater Operating Trust Decision.................................................................. 11699

Culp, John David Notice from the Office of the Secretary .................. 11682

Order – ss. 127(1), 127(7), 127(8).......................... 11721

Da Silva, Abel Notice of Hearing – ss. 37, 127 .............................. 11678

Notice from the Office of the Secretary .................. 11682

Diadamo, Marco Notice of Hearing – ss. 37, 127 .............................. 11678


Drive Products Income Fund Decision.................................................................. 11689

EnerCare Inc. Order – s. 1(11)(b).................................................. 11722

EnerCare Solutions Inc. Order – s. 1(11)(b).................................................. 11722

Excel Funds Management Inc. New Registration .................................................... 11879

Ficor Resources Inc. Order – s. 144 ........................................................ 11727

Gagnon, Carl Joseph Notice from the Office of the Secretary .................. 11680

OSC Reasons ........................................................ 11733

Gahunia, Gurdip Singh Notice of Hearing – ss. 37, 127 .............................. 11678


Gahunia, Michael Notice of Hearing – ss. 37, 127 .............................. 11678


Gestion Palos Inc./Palos Management Inc. Change in Registration Category ........................... 11879

Globus Precision Inc. Order – s. 144 ........................................................ 11727

Grossman, Abraham Herbert Notice of Hearing – ss. 37, 127 .............................. 11678


Grossman, Allen Notice of Hearing – ss. 37, 127 .............................. 11678


Index

December 17, 2010 (2010) 33 OSCB 11910

Gulfland Holdings LLC Notice from the Office of the Secretary ...................11683

Order.......................................................................11727

Hartford Investments Canada Corp. Decision ..................................................................11707

Helping Ontario Families and Managing Responsibly Act, 2010

Notice......................................................................11652 Legislation...............................................................11863

Hermon, Richard Order – s. 144 .........................................................11727

IGM Financial Inc. Order – s. 104(2)(c) ................................................11730

Intact Financial Corporation Decision ..................................................................11712

Intact Investment General Partner Inc. Decision ..................................................................11710

Inviro Medical Inc. Order – s. 144 .........................................................11727

JovFinancial Solutions Inc. New Registration.....................................................11879

Kassirer Asset Management Corporation Change in Registration Category ............................11879

Kuszper, Helen Notice of Hearing – ss. 127, 127.1..........................11671

Notice from the Office of the Secretary ...................11681

Kuszper, Paul Notice of Hearing – ss. 127, 127.1..........................11671


Legacy Oil + Gas Inc. Decision ..................................................................11714

Mankofsky, William Notice of Hearing – ss. 37, 127...............................11678


Mapleridge Capital Corporation Change in Registration Category ............................11879

Maya, Claudio Fernando Notice from the Office of the Secretary ...................11682

Order – ss. 127(1), 127(7), 127(8) ..........................11721

McErlean, Shaun GerardAmended Notice of Hearing ....................................11662


McQuarrie, GordNotice of Hearing – ss. 37, 127...............................11678


Mega-C Power Corporation Notice from the Office of the Secretary .................. 11679

Endorsement – s. 127 ............................................ 11719

O’Brien, David M. Notice of Hearing – ss. 37, 127, 127.1 ................... 11667


O’Brien, Eric Notice of Hearing – ss. 37, 127 .............................. 11678


OSC Staff Notice 11-742 (Revised) – Securities Advisory Committee

Notice ..................................................................... 11653

OSC Staff Notice 52-719 – Going Concern Disclosure Review

Notice ..................................................................... 11656News Release ........................................................ 11678

Paladin Capital Markets Inc. Notice from the Office of the Secretary .................. 11682

Order – ss. 127(1), 127(7), 127(8).......................... 11721

Pardo, Rene Notice from the Office of the Secretary .................. 11679

Endorsement – s. 127 ............................................ 11719

Perennial Asset Management Corp. Change in Registration Category ........................... 11879

Prime Rate Capital Management LLP Consent to Suspension (Pending Surrender) ......... 11879

Private Investment Club Inc. Notice from the Office of the Secretary .................. 11683

Order ...................................................................... 11727

Pure Energy Visions Corporation Order – s. 144 ........................................................ 11727

R.A. Floyd Capital Management Inc. Name Change ........................................................ 11879

Red Back Mining Inc. Decision– s. 1(10) .................................................. 11688

Richards Oil & Gas Limited Order – s. 144 ........................................................ 11727

Robert Evans Investment Counsel Limited Change in Registration Category ........................... 11879

Rogers Communications Inc. Order – s. 104(2)(c) ................................................ 11716

Securities Act Notice ..................................................................... 11652

Legislation .............................................................. 11863

Index

December 17, 2010 (2010) 33 OSCB 11911

Securus Capital Inc. Amended Notice of Hearing ....................................11662


Shallow Oil & Gas Inc. Notice of Hearing – ss. 37, 127...............................11678


SL Resources Inc. Consent – s. 4(b) ....................................................11903

Storm Capital Corporation Consent to Suspension (Pending Surrender)..........11879

Storm Cat Energy Corporation Order – s. 144 .........................................................11727

Taylor Jr., Lewis Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

Taylor Sr., Lewis Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

Taylor, Colin Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

Taylor, Jared Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

Theratechnologies Inc. Decision ..................................................................11685

Thornmark Asset Management Inc. Change in Registration Category ............................11879

Trapeze Asset Management Inc. Order – s. 144 .........................................................11727

Trapeze Capital Corp. Order – s. 144 .........................................................11727

Tulsiani Investments Inc. Notice from the Office of the Secretary ...................11683

Order.......................................................................11727

Tulsiani, Sunil Notice from the Office of the Secretary ...................11683

Order.......................................................................11727

Usling, Gary Notice from the Office of the Secretary ...................11679

Endorsement – s. 127.............................................11719

Vanier, Robert Joseph Notice from the Office of the Secretary ...................11680

OSC Reasons .........................................................11733

Wash, Kevin Notice of Hearing – ss. 37, 127 .............................. 11678


Index

December 17, 2010 (2010) 33 OSCB 11912


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