British Columbia Securities Commission "Pre-Filing Review of Mining Technical Disclosure" Policy Announcement 



The British Columbia Securities Commission (the "BCSC") announced on  July 15, 2009 that, effective September 1, 2009, the BCSC will permit issuers who intend to undertake a public offering of securities using the short form offering system in National Instrument 44-101 – Short Form Prospectus Distributions  to request that the BCSC review the issuer's mining technical disclosure that is filed on SEDAR.  The BCSC will review mining technical disclosure included in an issuer's annual information form, news releases, material change reports and existing National Instrument 43-101 technical reports before the preliminary prospectus is filed.  This will allow the BCSC to identify any issues that may delay the receipt for the final prospectus.

In order to take advantage of this pre-review process, issuers must file a notice with the BCSC at least 10 days' prior to the day they expect to file the preliminary prospectus requesting the staff to conduct a pre-filing review.  The pre-review notice and the review process are confidential, therefore such review will not signal to the market that the issuer is about to undertake a prospectus offering.

As there is no additional charge for this review, we highly recommend that our clients take advantage of this pre-filing review.  This review will greatly speed up the prospectus review process, allowing issuers to clear up any issues that could delay the prospectus process, giving greater certainty in the marketing of the issuer's securities.

This is only a brief summary of the "Pre-Filing Review" Policy and is not, nor should it be construed as, legal advice. You should contact your legal advisors directly for more information about the temporary relief measures.