OSC Bulletin · Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban s. 127 and 127.1 C....

The Ontario Securities Commission

OSC Bulletin

December 23, 2011

Volume 34, Issue 51

(2011), 34 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 23, 2011 (2011) 34 OSCB

Table of Contents

Chapter 1 Notices / News Releases ....................12665 1.1 Notices ........................................................126651.1.1 Current Proceedings Before The Ontario Securities Commission ....................126651.1.2 Notice of Correction – MBS Group (Canada) Ltd. et al........................................12673 1.1.3 Notice of Ministerial Approval of Memorandum of Understanding between the OSC and FINRA ......................12674 1.2 Notices of Hearing......................................12674 1.2.1 Phoenix Credit Risk Management Consulting Inc. et al. – ss. 127, 127.1 ..........12674 1.2.2 Systematech Solutions Inc. et al. – ss. 127(7), 127(8) .....................................12677 1.3 News Releases ...........................................126781.3.1 Phoenix Credit Risk Management Consulting Inc. and Others Settle with Ontario Securities Commission ....................12678 1.4 Notices from the Office of the Secretary ..........................................126791.4.1 Phoenix Credit Risk Management Consulting Inc. et al. .....................................12679 1.4.2 North American Financial Group Inc. et al. .............................................................12680 1.4.3 Lehman Brothers & Associates Corp. et al. .............................................................12680 1.4.4 Phoenix Credit Risk Management Consulting Inc. et al. .....................................12681 1.4.5 Shallow Oil & Gas Inc. et al. .........................126811.4.6 Systematech Solutions Inc. et al. .................12682 1.4.7 Global Energy Group, Ltd. et al. ...................126821.4.8 Vincent Ciccone and Medra Corp.................126831.4.9 New Hudson Television Corporation et al. .............................................................12683 1.4.10 Bernard Boily................................................12684 1.4.11 Global Energy Group, Ltd. et al. ...................12684

Chapter 2 Decisions, Orders and Rulings ..........12685 2.1 Decisions ....................................................126852.1.1 Brookfield Renewable Energy Partners L.P. ................................................126852.1.2 Resverlogix Corp. et al. ................................12689 2.1.3 Microsemi Semicondcutor Corp. (formerly Zarlink Semiconductor Inc.)...........12695 2.1.4 Falcon Trust .................................................12696 2.2 Orders..........................................................126972.2.1 North American Financial Group Inc. et al. – ss. 127(7), 127(8) .............................126972.2.2 Phoenix Credit Risk Management Consulting Inc. et al. – ss. 127. 127.1 ..........12699 2.2.3 Shallow Oil & Gas Inc. et al. – ss. 127(1), 127(8) .....................................12702 2.2.4 Systematech Solutions Inc. et al. – ss. 127(1), 127(5) .....................................12704 2.2.5 Global Energy Group, Ltd. et al. – ss. 127(7), 127(8) .....................................12706 2.2.6 Acadian Energy Inc. – s. 144........................12711

2.2.7 Vincent Ciccone and Medra Corp. – Rule 6.7 of the OSC Rules of Procedure .................................................... 127122.2.8 New Hudson Television Corporation et al. – ss. 127(1), 127(8)............................. 127132.2.9 MBS Group (Canada) Ltd. et al. – ss. 127(1), 127(5)..................................... 12714 2.2.10 Bernard Boily – Rule 6.7 of the OSC Rules of Procedure ............................. 127162.3 Rulings............................................................(nil)

Chapter 3 Reasons: Decisions, Orders and Rulings ................................................ 127173.1 OSC Decisions, Orders and Rulings........ 12717 3.1.1 Lehman Brothers & Associates Corp. et al. – s. 127 ............................................... 12717 3.1.2 Phoenix Credit Risk Management Consulting Inc. et al. .................................... 127323.2 Court Decisions, Order and Rulings ............(nil)

Chapter 4 Cease Trading Orders ........................ 127454.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders....................... 12745 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ........... 12745 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................. 12745

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

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

Chapter 7 Insider Reporting................................ 12747

Chapter 8 Notice of Exempt Financings............. 12855 Reports of Trades Submitted on Forms 45-106F1 and 45-501F1............ 12855

Chapter 9 Legislation...............................................(nil)

Chapter 11 IPOs, New Issues and Secondary Financings........................................... 12861

Chapter 12 Registrations....................................... 12867 12.1.1 Registrants................................................... 12867

Chapter 13 SROs, Marketplaces and Clearing Agencies .............................. 12869

13.1 SROs...............................................................(nil) 13.2 Marketplaces .............................................. 1286913.2.1 Amendments to TSX Company Manual – Request for Comments ............................ 12869 13.3 Clearing Agencies ..................................... 12873 13.3.1 CDS – Notice of Effective Date – Technical Amendments to CDS Procedures – Annual Issuance and Custodial Certification Forms....................... 12873

Table of Contents

December 23, 2011 (2011) 34 OSCB

Chapter 25 Other Information................................12875 25.1 Consents .....................................................1287525.1.1 Envoy Capital Group Inc. – s. 4(b) of the Regulation ...........................12875

Index ..........................................................................12877

December 23, 2011 (2011) 34 OSCB 12665

Chapter 1

Notices / News Releases

1.1 Notices

1.1.1 Current Proceedings Before The Ontario Securities Commission

December 23, 2011

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 Mary G. Condon, Vice Chair — MGC Sinan O. Akdeniz — SOA James D. Carnwath — JDC Margot C. Howard — MCH Sarah B. Kavanagh — SBK Kevin J. Kelly — KJK Paulette L. Kennedy — PLK Edward P. Kerwin — EPK Vern Krishna __ VK Christopher Portner — CP Judith N. Robertson — JNR Charles Wesley Moore (Wes) Scott — CWMS

SCHEDULED OSC HEARINGS

January 3-10, 2012

10:00 a.m.

Simply Wealth Financial Group Inc.,Naida Allarde, Bernardo Giangrosso,K&S Global Wealth Creative Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban

s. 127 and 127.1

C. Johnson in attendance for Staff

Panel: JDC

January 9, 2012

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: CP/PLK

January 11, 2012

10:00 a.m.

Global Consulting and Financial Services, Crown Capital Management Corporation, Canadian Private Audit Service, Executive Asset Management, Michael Chomica, Peter Siklos (Also Known As Peter Kuti), Jan Chomica, and Lorne Banks

s. 127

H. Craig/C. Rossi in attendance for Staff

Panel: CP


December 23, 2011 (2011) 34 OSCB 12666

January 11, 2012

10:00 a.m.

Marlon Gary Hibbert, Ashanti Corporate Services Inc., Dominion International Resource Management Inc., Kabash Resource Management, Power to Create Wealth Inc. and Power to Create Wealth Inc. (Panama)

s. 127

J. Lynch/S. Chandra in attendance for Staff

Panel: JDC

January 12-13, 2012

10:00 a.m.

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

s. 127(7) and 127(8)

J. Feasby in attendance for Staff

Panel: EPK

January 12, March 28-30, and April 3, 2012

10:00 a.m.

January 16 and March 26,2012

11:00 a.m.

Shaun Gerard McErlean, Securus Capital Inc., and Acquiesce Investments

s. 127

M. Britton in attendance for Staff

Panel: VK/JDC

January 16, 2012

10:00 a.m.

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

s. 127

M. Vaillancourt in attendance for Staff

Panel: JEAT

January 18-23, 2012

10:00 a.m.

Peter Beck, Swift Trade Inc. (continued as 7722656 Canada Inc.), Biremis, Corp., Opal Stone Financial Services S.A., Barka Co. Limited, Trieme Corporation and a limited partnership referred to as “Anguilla LP” s. 127

B. Shulman in attendance for Staff

Panel: JEAT

January 20, 2012

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: EPK/PLK

January 23-26, January 30 and February 1-8, 2012

10:00 a.m.

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

H. Craig in attendance for Staff

Panel: PLK/MCH/JNR

January 24, 2012

10:00 a.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: EPK/PLK


December 23, 2011 (2011) 34 OSCB 12667

January 26-27, 2012

10:00 a.m.

Empire Consulting Inc. and Desmond Chambers

s. 127


Panel: EPK

January 30, 2012

10:00 a.m.

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

s. 127


Panel: JEAT

January 31, 2012

3:00 p.m.

Bruce Carlos Mitchell

s. 127


Panel: TBA

February 1, 2012

10:00 a.m.

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

s. 127


Panel: PLK

February 1-3, February 7-10 February 15-17 and February 22-23, 2012

10:00 a.m.

February 6, 13 and 21, 2012

11:00 a.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, Pocketop Corporation, 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: VK

February 2-3, 2012

10:00 a.m.

Zungui Haixi Corporation, Yanda Cai and Fengyi Cai

s. 127

J. Superina in attendance for Staff

Panel: CP

February 15-17, 2012

10:00 a.m.

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

s. 127 and 127.1


Panel: EPK


December 23, 2011 (2011) 34 OSCB 12668

March 5-12 and March 14-21, 2012

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. 127

H. Craig/C. Rossi in attendance for Staff

Panel: CP

March 8, 2012

10:00 a.m.

Energy Syndications Inc., Green Syndications Inc., Syndications Canada Inc., Land Syndications Inc. and Douglas Chaddock

s. 127


Panel: CP

March 12, March 14-26, and March 28, 2012

10:00 a.m.

David M. O’Brien

s. 37, 127 and 127.1


Panel: EPK

March 27,2012

10:00 a.m.

June 18 and June 20-22, 2012

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: PLK

April 2-5, April 9, April 11-23 and April 25-27, 2012

10:00 a.m.

Bernard Boily

s. 127 and 127.1

M. Vaillancourt/U. Sheikh in attendance for Staff

Panel: TBA

April 18, 2012

10:00 a.m.

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

s. 127

T. Center in attendance for Staff

Panel: JDC

April 30-May 7, May 9-18 and May 23-25, 2012

10:00 a.m.

Rezwealth Financial Services Inc., Pamela Ramoutar, Justin Ramoutar, Tiffin Financial Corporation, Daniel Tiffin, 2150129 Ontario Inc., Sylvan Blackett, 1778445 Ontario Inc. and Willoughby Smith

s. 127(1) and (5)

A. Heydon in attendance for Staff

Panel: CP

May 9-18 and May 23-25, 2012

10:00 a.m.

Crown Hill Capital Corporation and Wayne Lawrence Pushka

s. 127

A. Perschy in attendance for Staff

Panel: EPK

June 4, June 6-18, and June 20-26, 2012

10:00 a.m.

Peter Sbaraglia

s. 127

J. Lynch in attendance for Staff

Panel: TBA

June 22, 2012

10:00 a.m.

New Hudson Television Corporation, New Hudson Television L.L.C. & James Dmitry Salganov

s. 127

C. Watson in attendance for Staff

Panel: TBA


December 23, 2011 (2011) 34 OSCB 12669

September 4-10,September 12-14, September 19-24, and September 26 –October 5,2012

10:00 a.m.

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

s. 127

H Craig in attendance for Staff

Panel: TBA

September 21, 2012

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

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 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/C. Rossi 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)

C. Price in attendance for Staff

Panel: TBA


December 23, 2011 (2011) 34 OSCB 12670

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

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 Abel Da Silva

s. 127


Panel: TBA

TBA 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: TBA

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

s. 127

T. Center in attendance for Staff

Panel: TBA

TBA Alexander Christ Doulis (aka Alexander Christos Doulis, aka Alexandros Christodoulidis) and Liberty Consulting Ltd.

s. 127

S. Horgan in attendance for Staff

Panel: TBA

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

s. 127

H. Craig/C.Rossi in attendance for Staff

Panel: TBA

TBA Paul Donald

s. 127


Panel: TBA

TBA 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


December 23, 2011 (2011) 34 OSCB 12671

TBA 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

TBA Goldpoint Resources Corporation, Pasqualino Novielli also known as Lee or Lino Novielli, Brian Patrick Moloney also known as Brian Caldwell, and Zaida Pimentel also known as Zaida Novielli

s. 127(1) and 127(5)


Panel: TBA

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

s. 127

C. Rossi in attendance for Staff

Panel: TBA

TBA Ground Wealth Inc., Armadillo Energy Inc., Paul Schuett, Doug DeBoer, James Linde, Susan Lawson, Michelle Dunk, Adrion Smith, Bianca Soto and Terry Reichert

s. 127

S. Schumacher in attendance for Staff

Panel: TBA

TBA Heir Home Equity Investment Rewards Inc.; FFI First Fruit Investments Inc.; Wealth Building Mortgages Inc.; Archibald Robertson; Eric Deschamps; Canyon Acquisitions, LLC; Canyon Acquisitions International, LLC; Brent Borland; Wayne D. Robbins; Marco Caruso; Placencia Estates Development, Ltd.; Copal Resort Development Group, LLC; Rendezvous Island, Ltd.; The Placencia Marina, Ltd.; and The Placencia Hotel and Residences Ltd.

s. 127

A. Perschy / B. Shulman in attendance for Staff

Panel: TBA

TBA Sino-Forest Corporation, Allen Chan, Albert Ip, Alfred C.T. Hung, George Ho and Simon Yeung

s. 127

A. Perschy/H. Craig in attendance for Staff

Panel: TBA

TBA Normand Gauthier, Gentree Asset Management Inc., R.E.A.L. Group Fund III (Canada) LP, and CanPro Income Fund I, LP

s. 127


Panel: TBA

TBA Vincent Ciccone and Medra Corp.

s. 127


Panel: TBA


December 23, 2011 (2011) 34 OSCB 12672

TBA FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun

s. 127


Panel: CP

TBA New Found Freedom Financial, Ron Deonarine Singh, Wayne Gerard Martinez, Pauline Levy, David Whidden, Paul Swaby and Zompas Consulting

s. 127

A. Heydon in attendance for Staff

Panel: TBA

TBA MBS Group (Canada) Ltd., Balbir Ahluwalia and Mohinder Ahluwalia

s. 37, 127 and 127.1

C. Rossi in attendance for staff

Panel: TBA

TBA 2196768 Ontario Ltd carrying on business as Rare Investments, Ramadhar Dookhie, Adil Sunderji and Evgueni Todorov

s. 127

D. Campbell in attendance for Staff

Panel: TBA

TBA 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/C. Watson in attendance for Staff

Panel: TBA

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

s. 127


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: VK/MCH

TBA American Heritage Stock Transfer Inc., American Heritage Stock Transfer, Inc., BFM Industries Inc., Denver Gardner Inc., Sandy Winick, Andrea Lee McCarthy, Kolt Curry and Laura Mateyak

s. 127

J. Feasby in attendance for Staff

Panel: TBA

TBA Systematech Solutions Inc., April Vuong and Hao Quach

s. 127

S. Schumacher 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


December 23, 2011 (2011) 34 OSCB 12673

ADJOURNED SINE DIE

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

1.1.2 Notice of Correction – MBS Group (Canada) Ltd. et al.

IN THE MATTER OF THE SECURITIES ACT,

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

AND

IN THE MATTER OF MBS GROUP (CANADA) LTD.,

BALBIR AHLUWALIA AND MOHINDER AHLUWALIA

MBS Group (Canada) Ltd. et al., (2011), 34 O.S.C.B. 12032. On page 12032, the final paragraph of the Order reads:

IT IS FURTHER ORDERED that a pre-hearing conference is scheduled for January 13, 2011 at 10:00 a.m. at the offices of the Commission at which time the Commission will set dates for the hearing on the merits in this matter.

This should read instead:



December 23, 2011 (2011) 34 OSCB 12674

1.1.3 Notice of Ministerial Approval of Memorandum of Understanding between the OSC and FINRA

NOTICE OF MINISTERIAL APPROVAL OF MEMORANDUM OF UNDERSTANDING

BETWEEN THE OSC AND FINRA

On December 13, 2011, the Minister of Finance approved, pursuant to section 143.10 of the Securities Act (Ontario), the Memorandum of Understanding (MOU) between the Ontario Securities Commission and the United States Financial Industry Regulatory Authority, Inc. (FINRA). The MOU is intended to facilitate the exchange of information with respect to regulated entities that operate across our respective borders, with a focus on enforcement-related matters.

The MOU came into effect in Ontario on December 13, 2011. The MOU signed by the OSC and FINRA was published in the Bulletin on November 18, 2011. (See (2011) 34 OSCB 11500.)

Questions may be referred to:

Jean-Paul Bureaud Manager Office of Domestic and International Affairs Tel: 416-593-8131 E-mail: [email protected]

December 23, 2011

1.2 Notices of Hearing

1.2.1 Phoenix Credit Risk Management Consulting Inc. et al. – ss. 127, 127.1



AND

IN THE MATTER OF PHOENIX CREDIT RISK MANAGEMENT CONSULTING INC., PHOENIX PENSION

SERVICES INC., PHOENIX CAPITAL RESOURCES INC., RATHORE & ASSOCIATES ASSET

MANAGEMENT LTD., 2195043 ONTARIO INC., JAWAD RATHORE, VINCENZO PETROZZA

AND OMAR MALONEY

NOTICE OF HEARING (Sections 127 and 127.1 of the Securities Act)

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act,R.S.O. 1990, c. S.5, as amended (the “Securities Act”) at the offices of the Commission located at 20 Queen Street West, Toronto, 17th Floor, commencing on Monday, December 19, 2011, at 10:00 a.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 the settlement of the proceeding entered into between Staff of the Commission and Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc., Jawad Rathore, Vincenzo Petrozza and Omar Maloney (the “Settlement Agreement”), and to make an order approving the sanctions set out in the Settlement Agreement;

BY REASON OF the allegations set out in the Statement of Allegations dated December 15, 2011 and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding 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 proceeding.

DATED at Toronto this 15th day of December 2011.

“John Stevenson” Secretary to the Commission


December 23, 2011 (2011) 34 OSCB 12675



AND




AND OMAR MALONEY

STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION

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

Overview

1. Between January 1, 2007 and June 30, 2009 (the “Relevant Time”), Jawad Rathore (“Rathore”) and Vincenzo Petrozza (“Petrozza”) were the sole officers and directors of Phoenix Credit Risk Management Consulting Inc. (“Phoenix CRMC”) and Phoenix Capital Resources Inc. (“Phoenix Capital Resources”).

2. During the Relevant Time, Rathore was the sole officer and director of Phoenix Pension Services Inc. (“Phoenix Pension”) and Rathore & Associates Asset Management Ltd. (“R&A”).

3. During the Relevant Time, Rathore and Petrozza had signing authority on the bank account of 2195043 Ontario Inc. (“2195043”). Rathore’s wife and Petrozza’s wife were each directors and shareholders of 2195043.

4. Phoenix CRMC, Phoenix Pension, Phoenix Capital Resources, R&A and 2195043 are collectively referred to herein as the “Companies.” The Companies and Rathore, Petrozza and Omar Maloney (“Maloney”) are collectively referred to herein as the “Respondents.”

5. The Companies are Ontario corporations, with the following incorporation dates:

– R&A: November 21, 2001;

– Phoenix Pension: July 12, 2002;

– Phoenix CRMC: May 30, 2003;

– Phoenix Capital Resources: February 8, 2006; and

– 2195043: January 9, 2009.

6. During the Relevant Time, Maloney was an employee of Phoenix CRMC.

7. Prior to the Relevant Time, Phoenix Pension provided consulting services regarding funds in locked-in retirement accounts, including assisting individuals in unlocking or accessing funds in their retirement accounts to repay debts.

8. During the Relevant Time, Phoenix CRMC provided consulting services regarding funds in locked-in retirement accounts, including assisting individuals in unlocking or accessing funds in their retirement accounts to repay debts. Many clients of Phoenix CRMC were referred to it by collection agencies.

9. During the Relevant Time, Phoenix Capital Resources offered short term bridge loans to individuals who were unlocking funds in their retirement accounts to repay debt.

10. During the Relevant Time, Phoenix Pension, R&A and 2195043 received payments in respect of the Respondents’ referral of clients of Phoenix CRMC to purchase shares in Great Pacific International Inc. (“GPI”) and/or OSE Corp. (“OSE”).

11. None of the Respondents were registered with the Commission during the Relevant Time.

GPI and OSE

12. During the Relevant Time, GPI and OSE were both reporting issuers listed on the TSX Venture Exchange (“TSXV”) carrying on business as oil and gas companies.

13. During the Relevant Time, Thalbinder Poonian (“Poonian”) was the President and a director of GPI and owned and/or controlled shares of GPI and OSE.

14. The Respondents were introduced to Poonian by a registered representative who was employed by an investment dealer registered with the Investment Dealers Association (as it then was).

The Phoenix Investors

15. Some Phoenix CRMC clients had amounts remaining in their accounts after unlocking their retirement funds and repaying debts.

16. During the Relevant Time, Rathore and Maloney, with and through Phoenix CRMC, recommended to many of those clients the purchase of shares of GPI and OSE. Many of those clients subsequently purchased shares of GPI and/or OSE (the “Phoenix Investors”).

17. In many cases, the Respondents (other than Petrozza) told Phoenix Investors that the future


December 23, 2011 (2011) 34 OSCB 12676

value and price of GPI, OSE or both, would increase.

18. The Phoenix Investors purchased their shares in GPI and/or OSE in accounts held at registered investment dealers. Some of the accounts were with full service investment dealers and some were with discount brokerage firms. If a Phoenix Investor did not have a trading account, Phoenix CRMC offered to assist the client in opening an account at an investment dealer and in many cases did so.

19. The Phoenix Investors were, in some cases, referred to representatives of GPI and OSE, including Poonian, who gave them information regarding GPI and OSE. Sometimes one of the Respondents (other than Petrozza), or an employee of one of the Companies, participated in those calls.

20. In order to effect many of the purchases, one of the Respondents (other than Petrozza), or an employee of one of the Companies participated in a three-way telephone call with the Phoenix Investor and a representative of the Phoenix Investor’s investment dealer. Purchases were occasionally effected by the Phoenix Investors directly.

21. The Phoenix Investors thereby acquired shares of GPI, OSE, or both.

22. During the Relevant Time, the Phoenix Investors purchased approximately 11 million GPI shares and approximately 4.9 million OSE shares.

23. The Phoenix Investors invested a total of approximately $16.5 million in GPI and OSE.

24. In many cases, the shares purchased by the Phoenix Investors through the TSXV were sold by Poonian personally, or persons and companies related to and/or controlled or directed by him (the “Poonian Sellers”). Poonian effected these sales by specifying to the Respondents the timing and price of purchases by the Phoenix Investors.

25. Pursuant to an agreement with Poonian, certain of the Respondents, directly or indirectly, received compensation for referring investors to GPI and OSE from persons and companies related to, directed by and/or associated with Poonian. The compensation was typically a percentage of the amounts invested in GPI and OSE by the Phoenix Investors.

26. During the Relevant Time, approximately $3 million in compensation was paid to Phoenix Pension, R&A and 2195043 for the sale of GPI and OSE shares to the Phoenix Investors.

27. The Respondents did not disclose to the Phoenix Investors that they received compensation for referring Phoenix Investors to GPI and/or OSE.

28. During the Relevant Time, certain of the Companies caused approximately $261,787.55 in cheques to be issued to or for the benefit of several Phoenix Investors. Some of the cheques contained the notation “Dividends.” During the Relevant Time, GPI and OSE did not declare dividends.

29. During the Relevant Time, certain of the Companies also made payments to or for the direct benefit of Phoenix Investors in the amount of approximately $10,500.00.

30. As outlined above, during the Relevant Time, Phoenix Capital Resources offered short term bridge loans to individuals who were unlocking funds in their retirement accounts to repay debt. These funds were advanced either directly to Phoenix Investors or to third party collection agencies as payments towards debts owing by Phoenix Investors. Debts owing to Phoenix Capital Resources by Phoenix Investors in the amount of approximately $22,500.00 as a result of such loans have been unconditionally forgiven by the Respondents.

Conduct Contrary to the Securities Act and Contrary to the Public Interest

31. The Respondents’ activities in respect of GPI and OSE constituted trading in securities without registration in respect of which no exemption was available, contrary to section 25 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”).

32. In their roles as directors and officers, including de facto directors and officers, Rathore and Petrozza authorized, permitted or acquiesced in the non-compliance of the Companies with Ontario securities law and, accordingly, failed to comply with Ontario securities law contrary to section 129.2 of the Securities Act.

33. The Respondents, except Petrozza, gave undertakings as to the future value or price of GPI and OSE with the intention of effecting trades in those securities, contrary to section 38(2) of the Securities Act.

34. The Respondents engaged in conduct contrary to the public interest by:

a. failing to do adequate due diligence with respect to Poonian, the Poonian Sellers, GPI and OSE, before recommending shares of those companies to Phoenix Investors;


December 23, 2011 (2011) 34 OSCB 12677

b. receiving compensation from Poonian or from others associated or related to him for referring Phoenix Investors;

c. failing to advise the Phoenix Investors that they received compensation for referring the Phoenix Investors to purchase GPI and/or OSE; and

d. describing payments to Phoenix Investors as dividends when they were not.

DATED at Toronto, the 15th day of December, 2011.

1.2.2 Systematech Solutions Inc. et al. – ss. 127(7), 127(8)



AND

IN THE MATTER OF SYSTEMATECH SOLUTIONS INC., APRIL VUONG AND HAO QUACH

NOTICE OF HEARING (Subsections 127(7) and 127(8))

WHEREAS on December 15, 2011, the Ontario Securities Commission (the “Commission”) issued a 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”) that the Respondents cease all trading and that all trading in the securities of Systematech Solutions Inc. cease;

TAKE NOTICE THAT the Commission will hold a Hearing (the “Hearing”) pursuant to subsections 127(7) and (8) of the Act at the offices of the Commission at 20 Queen Street West, 17th Floor Hearing Room on December 22, 2011 at 10:00 a.m. or as soon thereafter as the Hearing can be held;

TO CONSIDER whether, in the opinion of the Commission, it is in the public interest for the Commission:

(i) to extend the Temporary Order, pursuant to subsections 127(7) and (8) of the Act, until January 31, 2012 or until such further time as is ordered by the Commission; and

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

BY REASON OF the recitals set out in the Temporary Order and such allegations and evidence as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding 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 proceeding.

DATED at Toronto this 15th day of December, 2011

“Daisy Aranha” Per: John Stevenson Secretary to the Commission


December 23, 2011 (2011) 34 OSCB 12678

1.3 News Releases

1.3.1 Phoenix Credit Risk Management Consulting Inc. and Others Settle with Ontario Securities Commission

FOR IMMEDIATE RELEASE December 20, 2011

PHOENIX CREDIT RISK MANAGEMENT CONSULTING INC. AND OTHERS SETTLE WITH

ONTARIO SECURITIES COMMISSION

TORONTO – The Ontario Securities Commission approved a settlement agreement yesterday between Staff and Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc., Jawad Rathore (“Rathore”), Vincenzo Petrozza (“Petrozza”) and Omar Maloney (“Maloney”) (the “Respondents”).

The Respondents admitted that their conduct relating to shares of Great Pacific International Inc. (“GPI”) and OSE Corp. (“OSE”) constituted unregistered trading in securities. The Respondents, except Petrozza, gave undertakings as to the future value or price of GPI and OSE in order to effect trades in those securities, and Petrozza and Rathore, in their roles as directors and officers, authorized, permitted or acquiesced in the non-compliance with Ontario securities law of the corporate respondents.

The Respondents engaged in conduct contrary to the public interest by failing to do adequate due diligence before recommending GPI and OSE shares to investors, receiving compensation in return for referring investors to GPI and/or OSE and failing to inform investors of the compensation. The Respondents also described payments to investors as dividends when they were not.

Under the settlement agreement, a total of $2,955,212.45 will be disgorged. The Respondents will also pay an administrative penalty of $250,000.00 and costs of $100,000.00 and will be subject to 15 year bans on trading and acquiring securities, subject to certain exceptions for the individuals. Rathore, Petrozza and Maloney are also prevented from acting as directors and officers of any registrant, investment fund manager or issuer that distributes securities under a prospectus or prospectus exemption, subject to certain exceptions.

A copy of the Settlement Agreement and Order of the Commission in this matter are available on the OSC website at www.osc.gov.on.ca.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.gov.on.ca.

For media inquiries: [email protected]

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

Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361

Dylan Rae Media Relations Specialist 416-595-8934

For investor inquiries:

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


December 23, 2011 (2011) 34 OSCB 12679

1.4 Notices from the Office of the Secretary

1.4.1 Phoenix Credit Risk Management Consulting Inc. et al.




AND




AND OMAR MALONEY

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 Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc., Jawad Rathore, Vincenzo Petrozza and Omar Maloney.

The hearing will be held on December 19, 2011 at 10:00 a.m. in Hearing Room B 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 15, 2011 and Statement of Allegations of Staff of the Ontario Securities Commission dated December 15, 2011 are available at www.osc.gov.on.ca.

OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY








December 23, 2011 (2011) 34 OSCB 12680

1.4.2 North American Financial Group Inc. et al.




AND

IN THE MATTER OF NORTH AMERICAN FINANCIAL GROUP INC.,

NORTH AMERICAN CAPITAL INC., ALEXANDER FLAVIO ARCONTI, AND

LUIGINO ARCONTI

TORONTO – The Commission issued an Order today in the above named matter which provides that the Temporary Order as further amended is extended to January 17, 2012; and the hearing in this matter be adjourned to Monday, January 16, 2012 at 10:00 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties.

A copy of the Order dated December 16, 2011 is available at www.osc.gov.on.ca.








1.4.3 Lehman Brothers & Associates Corp. et al.




AND

IN THE MATTER OF LEHMAN BROTHERS & ASSOCIATES CORP.,

GREG MARKS, KENT EMERSON LOUNDS AND GREGORY WILLIAM HIGGINS

TORONTO – Following the hearing on the merits in the above noted matter, the Panel released its Reasons and Decision.

A copy of the Reasons and Decision dated December 16, 2011 is available at www.osc.gov.on.ca.









December 23, 2011 (2011) 34 OSCB 12681





AND


SERVICES INC., PHOENIX CAPITAL RESOURCES INC., RATHORE & ASSOCIATES

ASSET MANAGEMENT LTD., 2195043 ONTARIO INC., JAWAD RATHORE, VINCENZO PETROZZA

AND OMAR MALONEY

TORONTO – Following a hearing held today, the Commission issued an Order in the above named matter approving the Settlement Agreement reached between Staff of the Commission and Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc., Jawad Rathore, Vincenzo Petrozza and Omar Maloney.

A copy of the Order dated December 19, 2011 and Settlement Agreement dated December 15, 2011 are available at www.osc.gov.on.ca.








1.4.5 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 Commission issued an Order in the above named matter which provides that the hearing on the merits shall commence on June 18, 2012, and shall continue on June 20, 21, and 22, 2012, or such further or other dates as may be agreed to by the parties and fixed by the Office of the Secretary; and that the matter is adjourned to March 27, 2012 at 9:00 a.m. for a pre-hearing conference.










December 23, 2011 (2011) 34 OSCB 12682

1.4.6 Systematech Solutions Inc. et al.




AND


NOTICE OF HEARING (Subsections 127(7) and 127(8))

TORONTO – The Office of the Secretary issued a Notice of Hearing on December 15, 2011 setting the matter down to be heard on December 22, 2011 at 10:00 a.m. to consider whether it is in the public interest for the Commission:

(1) to extend the Temporary Order pursuant to subsections 127(7) and (8) of the Act until the conclusion of the hearing, or until such further time as considered necessary by the Commission; and

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

A copy of the Notice of Hearing dated December 15, 2011 and Temporary Order dated December 15, 2011 are available at www.osc.gov.on.ca.








1.4.7 Global Energy Group, Ltd. et al.




AND

IN THE MATTER OF GLOBAL ENERGY GROUP, LTD.,

NEW GOLD LIMITED PARTNERSHIPS, 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

TORONTO – The Commission issued an Order in the above named matter which provides that the Temporary Order is extended against Rash until October 22, 2012; and that the hearing is adjourned to October 19, 2012, at 10:00 a.m., without prejudice to either Staff or Rash to apply for a variation of the Temporary Order under section 144 of the Act.










December 23, 2011 (2011) 34 OSCB 12683

1.4.8 Vincent Ciccone and Medra Corp.




AND

IN THE MATTER OF VINCENT CICCONE AND MEDRA CORP.

TORONTO – The Commission issued an Order in the above named matter which provides that this matter is adjourned to a confidential pre-hearing conference to be held on February 1, 2012 at 10:30 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties.









1.4.9 New Hudson Television Corporation et al.




AND

IN THE MATTER OF NEW HUDSON TELEVISION CORPORATION,

NEW HUDSON TELEVISION L.L.C. & JAMES DMITRY SALGANOV

TORONTO – The Commission issued an Order today in the above named matter which provides that pursuant to subsection 127(8) of the Act, Amended Temporary Order is extended to June 25, 2012; and that the hearing to consider any further extension of the Amended Temporary Order will be held on June 22, 2012 at 10:00 a.m., or such other date and time as set by the Office of the Secretary.










December 23, 2011 (2011) 34 OSCB 12684

1.4.10 Bernard Boily




AND

IN THE MATTER OF BERNARD BOILY

TORONTO – The Commission issued an Order in the above named matter which provides that this matter is adjourned to a confidential pre-hearing conference to be held on January 30, 2012 at 2:00 p.m.









1.4.11 Global Energy Group, Ltd. et al.




AND


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

TORONTO – Take notice that the hearing on the merits in the above named matter scheduled to commence on January 18, 2012 at 10:00 a.m. has been revised to commence on January 23, 2012 at 10:00 a.m. and continue on January 24, 25, 26 and 30, 2012 and February 1, 2, 3, 6, 7 and 8, 2012.








December 23, 2011 (2011) 34 OSCB 12685

Chapter 2

Decisions, Orders and Rulings

2.1 Decisions

2.1.1 Brookfield Renewable Energy Partners L.P.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, s. 9.1 – issuer is a real estate investment trust which holds all of its properties through limited partnership – entity holds units in limited partnership which are exchangeable into and in all material respects the economic equivalent to the issuer’s publicly traded units – issuer may include entity’s indirect interest in issuer when calculating market capitalization for the purposes of using the 25% market capitalization exemption for certain related party transactions.

Applicable Legislative Provisions

Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, ss. 5.5(a), 5.7(a), 9.1.

December 15, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF

ONTARIO (THE “JURISDICTION”)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF BROOKFIELD RENEWABLE ENERGY

PARTNERS L.P. (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”) exempting the Filer, pursuant to section 9.1 of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), from the requirements of section 5.4 of MI 61-101 (the “Formal Valuation Requirement”) and the requirements of section 5.6 of MI 61-101 (the “Minority Approval Requirement”) in each case relating to any related party transaction of the Filer entered into indirectly through Brookfield Renewable Energy L.P. (“BRELP”) or any other subsidiary entity of BRELP, if that transaction would qualify for the transaction size exemptions set out in sections 5.5(a) and 5.7(a) of MI 61-101 if the indirect limited partnership interest of the Filer, which is held in the form of redeemable-exchangeable limited partnership units of BRELP, were included in the calculation of the Filer’s market capitalization (collectively, the “Requested Relief”).

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

(a) the Ontario Securities Commission 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.


December 23, 2011 (2011) 34 OSCB 12686

Interpretation

Terms defined in National Instrument 14-101 Definitions, MI 11-102 and MI 61-101 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 a Bermuda exempted limited partnership that was established on June 27, 2011.

2. BRELP is a Bermuda exempted limited partnership that was established on June 27, 2011.

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

4. The Filer is, to the best of its knowledge, not in default of any requirement of Canadian securities laws.

5. The limited partnership units (“LP Units”) of BREP are listed on the Toronto Stock Exchange under the symbol “BEP”. The Filer also intends to apply to have the LP Units listed for trading on the New York Stock Exchange.

6. 2288509 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of the Filer. The general partner of the Filer holds a 0.01% general partnership interest in the Filer. The general partner of the Filer is a wholly-owned subsidiary of Brookfield Renewable Power Inc. (“BRPI”). Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of the Filer.

7. The Filer has entered into a management agreement with certain affiliates of BRPI (collectively, the “Manager”) to provide the Filer, BRELP and specified subsidiary entities of BRELP with management and other services.

8. The LP Units are non-voting limited partnership units and the Filer’s general partner controls the Filer.

9. BREP Holding L.P. (“BRELP GP LP”), a Bermuda exempted limited partnership, acts as the general partner of BRELP. BRELP GP LP holds an approximate 1% general partnership interest in BRELP. 2288508 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of BRELP GP LP. The general partner of BRELP GP LP is a wholly-owned subsidiary of BRPI. Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of BRELP GP LP. The general partner of BRELP GP LP is controlled by the Filer, through its general partner, pursuant to the Voting Agreement described below.

10. The Filer’s sole asset is an approximate 50.1% limited partnership interest in BRELP, with the remaining limited partnership interest held by BRPI, directly or indirectly. The limited partnership units (the “Redeemable Partnership Units”) held by BRPI are subject to a redemption-exchange mechanism pursuant to which the holders may acquire LP Units in exchange for their BRELP limited partnership units on a one for one basis. The Redeemable Partnership Units effectively represent an ownership in the Filer rather than BRELP.

11. At any time after two years from November 28, 2011, BRPI has the right to require BRELP to redeem all or a portion of the Redeemable Partnership Units for cash. It may exercise its right of redemption by delivering a notice of redemption to BRELP and the Filer. After presentation for redemption, BRPI will receive, subject to the Filer’s rights described below, for each Redeemable Partnership Unit that is presented, cash in an amount equal to the market value of one LP Unit multiplied by the number of Redeemable Partnership Units to be redeemed (as determined by reference to the five day volume weighted average of the trading price of LP Units and subject to certain customary adjustments). Upon its receipt of the redemption notice, the Filer will have a right of first refusal entitling it, at its sole discretion, to elect toacquire all (but not less than all) of the Redeemable Partnership Units so presented to BRELP in exchange for LP Units, on a one for one basis (subject to certain customary adjustments). BRPI would hold an aggregate interest in the Filer equal to approximately 73% (including BRPI’s general partnership interests) if it exercised its redemption right in full and the Filer exercised its right of first refusal and, provided BRPI exercised its redemption right in full, the Filer would have a 100% limited partnership interest in BRELP.

12. The Redeemable Partnership Units are, in all material respects, economically equivalent to the LP Units.

13. The Filer and BRPI entered into a voting agreement (the “Voting Agreement”) pursuant to which BRPI agreed that any voting rights with respect to the general partner of BRELP GP LP, BRELP GP LP and BRELP will be voted in accordance with the direction of the Filer with respect to (A) the election of directors of the general partner of BRELP GP LP and (B) the approval or rejection of the following matters relating to any such entity, as applicable: (i) any sale of


December 23, 2011 (2011) 34 OSCB 12687

all or substantially all of its assets, (ii) any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control, (iii) any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency, (iv) any amendment to the limited partnership agreement of BRELP GP LP or BRELP or (v) any commitment or agreement to do any of the foregoing. As a result, the Filer will consolidate BRELP (and all of BRELP’s assets) in its financial statements.

14. It is anticipated that the Filer may enter into transactions with certain related parties, including its general partner, BRELP GP LP and its general partner, the Manager and BRPI and its affiliates other than the Filer and its related entities (collectively, “Brookfield”) either directly, or indirectly through BRELP and its direct and indirect wholly-owned subsidiaries.

15. If Part 5 of MI 61-101 applies to a related party transaction by an issuer and the transaction is not otherwise exempt:

(a) the issuer must obtain a formal valuation of the transaction in a form satisfying the requirements of MI 61-101 by an independent valuator; and

(b) the issuer must obtain approval of the transaction by disinterested holders of the affected securities of the issuer (together, requirements (a) and (b) are referred to as the “Minority Protections”).

16. A related party transaction that is subject to MI 61-101 may be exempt from the Minority Protections if at the time the transaction is agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, exceeds 25% of the issuer’s market capitalization (the “Transaction Size Exemption”).

17. The Filer may not be entitled to rely on the Transaction Size Exemption available under the Legislation because the definition of “market capitalization” in the Legislation does not contemplate securities of another entity that are exchangeable into equity securities of the issuer.

18. The Redeemable Partnership Units represent part of the equity value of the Filer and provide the holders of the Redeemable Partnership Units with economic rights which are, as nearly as possible except for tax implications, equivalent to the LP Units. Taken together, the effect of BRPI’s redemption right and the Filer’s right of first refusal is that Brookfield will receive LP Units, or the value of such units, at the election of the Filer. Moreover, the economic interests that underlie the Redeemable Partnership Units are identical to those underlying the LP units; namely, the assets and operations held directly or indirectly by the Filer’s related entities.

19. If the Redeemable Partnership Units are not included in the market capitalization of the Filer, the equity value of the Filer will be understated by the value of BRPI’s limited partnership interest in BRELP (approximately $3.3 billion or 48.9%). As a result, related party transactions by the Filer that are entered into directly or indirectly through BRELP may be subject to the Minority Protections in circumstances where the fair market value of the transactions are effectively less than 25% of the fully diluted market capitalization of the Filer.

20. Section 1.4 of MI 61-101 treats an operating entity of an “income trust”, as such term is defined in National Policy 41-201 Income Trusts and Other Indirect Offerings (NP 41-201), on a consolidated basis with its parent trust entity for the purpose of determining which entities are related parties of the issuer and what transactions MI 61-101 should apply to. Section 1.2 of NP 41-201 provides that references to an “income trust” refer to a trust or other entity (including corporate and non-corporate entities) that issues securities which provide for participation by the holder in net cash flows generated by an underlying business owned by the trust or other entity. Accordingly, it is consistent that securities of the operating entity, such as the Redeemable Partnership Units, be treated on a consolidated basis for the purposes of determining the market value of the Filer under MI 61-101.

21. The inclusion of the Redeemable Partnership Units when determining the Filer’s market capitalization is consistent with the logic of including unlisted equity securities of the issuer which are convertible into listed securities of the issuer in determining an issuer’s market capitalization in that both are securities that are considered part of the equity value of the issuer whose value is measured on the basis of the listed securities into which they are convertible or exchangeable.

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.


December 23, 2011 (2011) 34 OSCB 12688

The decision of the principal regulator under the Legislation is that the Requested Relief is granted provided that:

1. the transaction would qualify for the Transaction Size Exemption contained in the Legislation if the Redeemable Partnership Units were considered an outstanding class of equity securities of the Filer that were convertible into LP Units;

2. there be no material change to the terms of the Redeemable Partnership Units, including the exchange rights associated therewith, as described above; and

3. any annual information form or equivalent of the Filer that is required to be filed in accordance with applicable securitieslaws contain the following disclosure, with any immaterial modifications as the context may require:

“Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI61-101”) provides a number of circumstances in which a transaction between an issuer and a related party may be subject to valuation and minority approval requirements. An exemption from such requirements is available when the fair market value of the transaction is not more than 25% of the market capitalization of the issuer. Brookfield Renewable Energy Partners L.P. (“BREP”) has been granted exemptive relief from the requirements of MI 61-101 that, subject to certain conditions, permits it to be exempt from the minority approval and valuation requirements for transactions that would have a value of less than 25% of BREP’s market capitalization, if the indirect equity interest in BREP, which is held in the form of redeemable-exchangeable limited partnership units of Brookfield Renewable Energy L.P. (“BRELP”), is included in the calculation of BREP’s market capitalization. As a result, the 25% threshold, above which the minority approval and valuation requirements apply, is increased to include the approximately 48.9% indirect interest in BREP held in the form of exchangeable limited partnership units of BRELP.”

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


December 23, 2011 (2011) 34 OSCB 12689

2.1.2 Resverlogix Corp. et al.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer to enter into equity distribution agreement with Canadian agent (which is registered as an investment dealer in Canada) to sell common shares by way of at-the-market distributions through the facilities of the TSX (or other Canadian marketplaces) using the shelf proceduresin Part 9 of National Instrument 44-102 Shelf Distributions – Issuer granted exemption from the prospectus delivery requirementand prospectus form requirements, subject to conditions – Decision document contains clause providing for post-decision confidentiality not to exceed 90 days.


Securities Act, R.S.O. 1990, c. S.5, as am., ss. 71(1), 71(2), 147. National Instrument 44-101 Short Form Prospectus Distributions, Part 8. Form 44-101F1 Short Form Prospectus, Item 20. National Instrument 44-102 Shelf Distributions, Part 9, Part 11 and section 2.1 of Appendix A.

Citation: Resverlogix Corp., Re, 2011 ABASC 479

September 14, 2011


ALBERTA AND ONTARIO (the Jurisdictions)

AND



AND

IN THE MATTER OF RESVERLOGIX CORP.

(THE ISSUER)

AND

JONESTRADING CANADA INC. (THE AGENT)

AND

JONESTRADING INSTITUTIONAL SERVICES LLC (JT US)

AND

MCNICOLL, LEWIS & VLAK LLC (MLV) and, together with JT US, (the US Agents and, together with the Issuer

and the Agent, the Filers)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Makers) has received an application from the Filers for a decision under the securities legislation of the Jurisdictions (the Legislation) for the following relief (the Exemption Sought):


December 23, 2011 (2011) 34 OSCB 12690

(a) that the requirement that a dealer, not acting as agent of the purchaser, who receives an order or subscription for a security offered in a distribution to which the prospectus requirement applies, send or deliver to the purchaser or its agent the latest prospectus (including the applicable prospectus supplement(s) in the case of a base shelf prospectus) and any amendment to the prospectus (the Delivery Requirement) does not apply to the Agent or any other Toronto Stock Exchange (TSX) participating organization or other registered investment dealer marketplace participant acting as selling agent for the Agent (each such other organization or marketplace participant, a Selling Agent) in connection with any at the market distributions (ATM Distributions) within the meaning of National Instrument 44-102 Shelf Distributions (NI 44-102) made by the Issuer pursuant to the equity distribution agreement (the Equity Distribution Agreement) between the Issuer, the US Agents and the Agent; and

(b) that the requirements (collectively, the Form Requirements) to include in a prospectus supplement:

(i) a certificate of the Issuer in the form specified in section 2.1 of Appendix A to NI 44-102; and

(ii) a statement respecting purchasers’ statutory rights of withdrawal and remedies for rescission or damages in substantially the form prescribed in Item 20 of Form 44-101F1 Short Form Prospectus (the Statement of Purchasers’ Rights);

do not apply to a prospectus supplement of the Issuer to be filed in respect of the sale of common shares (ATM Shares) of the Issuer pursuant to ATM Distributions under the Equity Distribution Agreement (the Prospectus Supplement) provided that the alternative form of certificate and disclosure regarding a purchaser’s statutory rights described below are included in the Prospectus Supplement.

The Decision Makers have also received a request from the Filers for a decision that the application and this decision be kept confidential and not made public until the earliest of (i) the date on which the Issuer, the US Agents and the Agent enter into the Equity Distribution Agreement, (ii) the date on which the Filers advise the Decision Makers that there is no longer any need forthe Application and this decision to remain confidential, (iii) the date on which a Filer publicly announces the proposed transaction and (iv) the date that is 90 days after the date of this decision (the Confidentiality Sought).

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 Filers 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 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 herein.

Representations

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

Resverlogix Corp.

1. The Issuer is incorporated under the Business Corporations Act (Alberta). The head office of the Issuer is located in Calgary, Alberta.

2. The Issuer is a reporting issuer under the securities legislation of British Columbia, Alberta, Ontario and Québec and is not in default of securities legislation in any jurisdiction.

3. As at 14 June 2011 there were 59,277,907 common shares of the Issuer (Common Shares) outstanding and listed and posted for trading on the TSX.


December 23, 2011 (2011) 34 OSCB 12691

JonesTrading Canada Inc.

4. The Agent, a wholly-owned subsidiary of JT US, is a corporation incorporated under the laws of British Columbia with its head office in Toronto, Ontario.

5. The Agent is registered as an investment dealer under the securities legislation of each of the provinces of Canada, a member of the Investment Industry Regulatory Organization of Canada and a participating organization of the TSX. The Agent is not in default of securities legislation in any jurisdiction.

JonesTrading Institutional Services LLC

6. JT US is a limited liability company incorporated under the laws of Delaware with its head office in Westlake Village, California.

McNicoll, Lewis & Vlak LLC

7. MLV is a limited liability company incorporated under the laws of Delaware with its head office in New York City, New York.

8. Each US Agent is a broker-dealer licensed under the US Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. Neither US Agent is a registered dealer in any jurisdiction nor is in default of securities legislation in any jurisdiction. Neither US Agent will sell any Common Shares to purchasers in Canada.

Proposed ATM Distribution and US Private Placements

9. The Issuer proposes to enter into the Equity Distribution Agreement with the Agent and the US Agents providing for: (i) the sale from time to time by the Issuer through the Agent, as agent, of ATM Shares pursuant to ATM Distributions under the shelf procedures prescribed by Part 9 of NI 44-102; and (ii) the solicitation by the US Agents, as agents, of offers to purchase Common Shares on a private placement basis at a fixed price to purchasers in the United States (the USPrivate Placements) pursuant to an exemption from registration under the US Securities Act of 1933, as amended. Under the terms of the Equity Distribution Agreement the Issuer will be required to obtain representations from each purchaser in a US Private Placement that it is not a resident of Canada and that it is purchasing the Common Shares for investment purposes and not with a view to distribution to residents of Canada.

10. Prior to making any ATM Distributions, the Issuer will have filed a shelf prospectus (Shelf Prospectus) and a Prospectus Supplement in each of the provinces of Canada to qualify the sale of ATM Shares under the Equity Distribution Agreement. The Prospectus Supplement will describe the Equity Distribution Agreement and otherwise supplement the disclosure in the Shelf Prospectus.

11. The Issuer will file prospectus supplement(s) to the Shelf Prospectus in each of the provinces of Canada describing the terms of the US Private Placements. Purchasers of Common Shares under the US Private Placements will receive a US offering memorandum consisting of the Shelf Prospectus and a prospectus supplement describing the terms of the US Private Placement including that resale of Common Shares is subject to restrictions under US federal securities law.

12. If the Equity Distribution Agreement is entered into, the Issuer will terminate its current standby equity distribution agreement dated 26 March 2010. In addition, the Issuer will issue a news release to announce the Equity Distribution Agreement and will file a copy of the agreement on SEDAR. The news release will state that the Shelf Prospectus and the Prospectus Supplement have been filed on SEDAR, and specify where and how purchasers may obtain copies. A copy of the news release will also be posted on the Issuer’s website. The news release will serve as the news release contemplated by section 3.2 of NI 44-102 for an expected distribution of equity securities under an unallocated shelf in connection with the distribution of ATM Shares.

13. The Equity Distribution Agreement will limit the number of ATM Shares that the Issuer may issue and sell pursuant to any ATM Distribution thereunder to an amount not to exceed 10% of the aggregate market value of the then outstanding Common Shares calculated in accordance with section 9.2 of NI 44-102.

14. The Issuer will sell ATM Shares in Canada through methods constituting ATM Distributions, including sales made on the TSX or any other Canadian “marketplace” (within the meaning of National Instrument 21-101 Marketplace Operation) on which the ATM Shares are listed or quoted or otherwise traded (a Marketplace), through the Agent (as agent) directly or through a Selling Agent.


December 23, 2011 (2011) 34 OSCB 12692

15. The Agent will act as the sole underwriter on behalf of the Issuer in connection with the sale of ATM Shares on a Marketplace pursuant to the Equity Distribution Agreement, and will be the only person or company paid an underwriting fee or commission by the Issuer in connection with such sales. The Agent will sign an underwriter’s certificate in the Prospectus Supplement.

16. The Agent will effect ATM Distributions on a Marketplace, either itself or through a Selling Agent. If sales are effected through a Selling Agent, the Selling Agent will be paid a customary seller’s commission for effecting the trades. A purchaser’s rights and remedies under the Legislation against the Agent, as underwriter of an ATM Distribution through a Marketplace, will not be affected by a decision to effect the sale directly or through a Selling Agent.

17. The number of ATM Shares sold on Marketplaces pursuant to an ATM Distribution on any trading day will not exceed 25% of the trading volume of the Common Shares on Marketplaces on that day.

18. The Equity Distribution Agreement will provide that, at the time of each sale of ATM Shares pursuant to an ATM Distribution, the Issuer will represent to the Agent that the Shelf Prospectus, as supplemented by the Prospectus Supplement and any applicable amendment or supplement to the Shelf Prospectus or the Prospectus Supplement (together, the Prospectus), contains full, true and plain disclosure of all material facts relating to the Issuer and the ATM Shares being distributed. The Issuer will therefore be unable to proceed with sales pursuant to an ATM Distribution when it is in possession of undisclosed information that would constitute a material fact or a material change in respect of the ATM Shares.

19. If after the Issuer delivers a notice to the Agent directing the Agent to sell ATM Shares on the Issuer’s behalf pursuant to the Equity Distribution Agreement (a Sell Notice), the sale of the ATM Shares specified in the Sell Notice, taking into consideration prior sales, would constitute a material fact or material change, the Issuer would be required to suspend sales under the Equity Distribution Agreement until either (i) it had filed a material change report or amended the Prospectus, or (ii) circumstances had changed so that the sales would no longer constitute a material fact or material change.

20. In determining whether the sale of the number of ATM Shares specified in a Sell Notice would constitute a material fact or material change, the Issuer will take into account a number of factors including, without limitation: (i) the parameters of the Sell Notice, including the number of ATM Shares proposed to be sold and any price or timing restrictions that the Issuer may impose with respect to the particular ATM Distribution, (ii) the percentage of outstanding ATM Shares represented by the number of ATM Shares proposed to be sold pursuant to the Sell Notice, (iii) trading volume and volatility of the ATM Shares, (iv) recent developments in the business, affairs and capital structure of the Issuer, and (v) prevailing market conditions generally.

21. The Agent will monitor closely the market’s reaction to trades made on Marketplaces pursuant to an ATM Distribution in order to evaluate the likely market impact of future trades. The Agent has experience and expertise in managing sell orders to limit downward pressure on trading prices. If the Agent has concerns as to whether a particular sell order placed by the Issuer may have a significant effect on the market price of the ATM Shares, the Agent will recommend against effecting the trade at that time. It is in the interest of both the Issuer and the Agent to minimize the market impact of sales under an ATM Distribution.

22. The underwriter’s certificate to be signed by the Agent and included in the Prospectus Supplement will be in the form specified in section 2.2 of Appendix B to NI 44-102.

Disclosure of Shares Sold

23. For each month during which ATM Shares are distributed on Marketplaces by the Issuer pursuant to ATM Distributions under the Prospectus, the Issuer will file on SEDAR, within seven calendar days after the end of such month, a report disclosing the number and average price of ATM Shares so distributed during that month, as well as total gross proceeds, commission and net proceeds.

24. The Issuer will also disclose the number and average price of ATM Shares sold pursuant to ATM Distributions under the Prospectus, as well as total gross proceeds, commission and net proceeds, in the ordinary course in its annual and interim financial statements and management’s discussion and analysis filed on SEDAR.

Prospectus Delivery Requirement

25. Pursuant to the Delivery Requirement, a dealer effecting a trade of ATM Shares on behalf of the Issuer as part of an ATM Distribution is required to deliver a copy of the prospectus (including the applicable prospectus supplement(s) in the case of a base shelf prospectus) to the purchaser within prescribed time limits.


December 23, 2011 (2011) 34 OSCB 12693

26. The delivery of a prospectus is not practicable in the circumstances of an ATM Distribution because the Agent or Selling Agent, as applicable, effecting the trade will not know the purchaser’s identity.

27. Although purchasers under an ATM Distribution would not physically receive a printed prospectus, the Shelf Prospectus and the Prospectus Supplement (together with all documents incorporated by reference) will be filed and readily available to all purchasers electronically via SEDAR. Moreover, the Issuer will issue a news release that specifies where and how copies of the Shelf Prospectus and the Prospectus Supplement can be obtained.

28. The liability of an issuer or an underwriter (and others) for misrepresentation in a prospectus pursuant to the civil liability provisions of the Legislation will not be affected by the grant of an exemption from the Delivery Requirement, because a purchaser of the securities offered by a prospectus during the period of distribution has a right of action for damages or rescission without regard as to whether the purchaser relied on the misrepresentation or in fact received a copy of the prospectus.

Withdrawal Right

29. Pursuant to the Legislation, an agreement to purchase securities is not binding on the purchaser if a dealer receives, not later than midnight on the second day exclusive of Saturdays, Sundays and holidays, after receipt by the purchaser of the latest prospectus or any amendment to the prospectus, a notice in writing that the purchaser does not intend to be bound by the agreement of purchase (the Withdrawal Right).

30. The Withdrawal Right is not workable in the context of an ATM Distribution because a prospectus will not be delivered to purchasers.

Right of Action for Non-Delivery

31. Pursuant to the Legislation, a purchaser of a security to whom a prospectus was required to be sent or delivered in compliance with the Delivery Requirement, but was not so sent or delivered, has a right of action for rescission or damages against the dealer who did not comply with the Delivery Requirement (the Right of Action for Non-Delivery).

32. The Right of Action for Non-Delivery is not workable in the context of an ATM Distribution because a prospectus will not be delivered to purchasers.

Prospectus Form Requirements

33. Exemptive relief from the Form Requirements is required with respect to the Issuer’s forward-looking certificate in the Prospectus Supplement to reflect that no pricing supplement will be filed subsequent to the Prospectus Supplement. Accordingly, the Issuer will file the Prospectus Supplement with the following forward-looking issuer certificate which will supersede and replace, solely in regard to ATM Distributions contemplated by the Prospectus Supplement, the forward-looking issuer certificate contained in the Shelf Prospectus:

This short form prospectus, as supplemented by the foregoing, together with the documents incorporated in this prospectus by reference as of the date of a particular distribution of securities offered by this prospectus, will, as of that date, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus, as required by the securities legislation of each of the provinces of Canada.

34. Exemptive relief from the Form Requirements is required to reflect the relief from the Delivery Requirement. Accordingly, the Issuer will include the following statement in the Prospectus Supplement in place of the statement prescribed by the Form Requirements:

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revision of the price, or damages if the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment are not delivered to the purchaser, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. However, purchasers of ATM Shares under an at-the-market distribution by the Issuer will not have the right to withdraw from an agreement to purchase the ATM Shares and will not have remedies for rescission or, in some jurisdictions, revision of the price, or damages for non-delivery, because the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment will not be delivered as permitted under a decision dated , 2011


December 23, 2011 (2011) 34 OSCB 12694

and granted pursuant to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.

Securities legislation in certain of the provinces of Canada also provides purchasers with remedies for rescission or, in some jurisdictions, revision of the price, or damages, if the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment contain a misrepresentation, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of ATM Shares under an at-the-market distribution by the Issuer may have against the Issuer or the Agent for rescission or, in some jurisdictions, revision of the price, or damages if the prospectus, prospectus supplements relating to the ATM Shares purchased by a purchaser and any amendment contain a misrepresentation remain unaffected by the non-delivery and the decision referred to above.

Purchasers should refer to the applicable provisions of the securities legislation and the decision referred to above for the particulars of their rights or consult with a legal advisor.

35. The modified disclosure of purchasers’ rights set forth in paragraph 34 above will be explicitly presented in the Prospectus Supplement and, solely in regard to ATM Distributions contemplated by the Prospectus Supplement, supersede and replace the statement of purchasers’ rights contained in the Shelf Prospectus.

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) as it relates to the Delivery Requirements, the representations made in paragraphs 12, 14, 15, 16, 17, 18, 19 and 21 are complied with;

(b) as it relates to the Form Requirements, the disclosure described in paragraphs 23, 33, 34 and 35 is made; and

(c) this decision will terminate 25 months after the issuance of a receipt for filing the Shelf Prospectus under the Legislation.

The further decision of the principal regulator and the securities regulatory authority or regulator in Ontario is that the Confidentiality Sought is granted.

For the Commission:

“Glenda Campbell, QC” Vice-Chair

“Stephen Murison” Vice-Chair


December 23, 2011 (2011) 34 OSCB 12695

2.1.3 Microsemi Semicondcutor Corp. (formerly Zarlink Semiconductor Inc.)

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer under applicable securities laws – requested relief granted.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). CSA Staff Notice 12-307 Applications for a Decision that an

Issuer is not a Reporting Issuer.

December 9, 2011


ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND AND NEWFOUNDLAND AND LABRADOR

(the Jurisdictions)

AND



AND

IN THE MATTER OF MICROSEMI SEMICONDCUTOR CORP.

(FORMERLY ZARLINK SEMICONDUCTOR INC.) (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 in all of the Jurisdictions (the Exemptive Relief Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions for a co-ordinated review application:

(a) the Ontario Securities Commission is the principal regulator for the 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 Definitionshave 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 a corporation incorporated under the Canada Business Corporations Act and has been continued under the Business Corporations Act (British Columbia) on November 9, 2011.

2. The Filer’s former head and registered office was located at 400 March Road, Ottawa, Ontario, K2K 3H4 and is now located at One Enterprise, Aliso Viejo, California, 92656, United States.

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

4. Pursuant to:

(a) offers to purchase dated August 17, 2011, as amended by the notice of vari-ation and extension dated September 22, 2011 and the notice of extension dated October 12, 2011, made by 0916573 B.C. ULC (the Offeror), an indirect wholly-owned subsidiary of Microsemi Corporation, to purchase all of the outstanding common shares (the ZarlinkShares) and all of the outstanding 6% unsecured, subordinated convertible debentures (the Zarlink Debentures) of the Filer which expired 5:00 p.m. (Toronto time) on October 24, 2011, and

(b) the subsequent compulsory acquisitions of Zarlink Shares (carried out pursuant to section 206 of the Canada Business Cor-porations Act) and Zarlink Debentures (carried out under the provisions of the trust indenture dated July 30, 2008 between the Filer and Computershare Trust Company of Canada),

the Offeror is now the registered and beneficial owner of all of the issued and outstanding Zarlink Shares and Zarlink Debentures.

5. 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.

6. The Zarlink Shares and the Zarlink Debentures were previously listed on the Toronto Stock


December 23, 2011 (2011) 34 OSCB 12696

Exchange and were delisted effective October 28, 2011.

7. No securities of the Filer are traded on a “marketplace”, as such term is defined in National Instrument 21-101 Marketplace Operation.

8. The Filer 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.

9. A “notice of Voluntary Surrender of Reporting Issuer Status” was filed with the British Columbia Securities Commission pursuant to BC Instrument 11-502 Voluntary Surrender of Reporting Issuer Status, and the Filer ceased to be a reporting issuer in British Columbia on November 10, 2011.

10. The Filer is in default of filing its interim financial statements, accompanying management’s discus-sion and analysis and related certifications for the interim period ended September 30, 2011 and therefore is not eligible to use the simplified procedure under CSA Staff Notice 12-307 Appli-cations for a Decision that an Issuer is not a Reporting Issuer in order to apply for the Exemptive Relief Sought.

11. The Filer has no current intention to seek public financing by way of an offering of its securities in a jurisdiction in Canada.

12. Upon the granting of the Exemptive Relief Sought, the Filer will no longer be a reporting issuer or the equivalent in any jurisdiction in 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.

“Paulette L. Kennedy” Commissioner Ontario Securities Commission

“Vern Krisna” Commissioner Ontario Securities Commission

2.1.4 Falcon Trust

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).

December 20, 2011

Falcon Trust c/o CIBC Mellon Trust Company, Corporate Trust Department320 Bay Street P.O. Box 1 Toronto, Ontario M5H 4A6

Dear Sirs/Mesdames:

Re: Falcon Trust (the Applicant) – application for a decision under the securities legislation of Ontario, Alberta, Saskatchewan, Manitoba, Québec Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador (the Jurisdictions) that the Applicant is not a reporting issuer

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.


December 23, 2011 (2011) 34 OSCB 12697

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

2.2 Orders

2.2.1 North American Financial Group Inc. et al. – ss. 127(7), 127(8)



AND

IN THE MATTER OF NORTH AMERICAN FINANCIAL GROUP INC.,

NORTH AMERICAN CAPITAL INC., ALEXANDER FLAVIO ARCONTI, AND

LUIGINO ARCONTI

ORDER(Subsections 127(7) & 127(8))

WHEREAS on November 10, 2010, pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), the Ontario Securities Commission (the “Commission”) made an order against North American Financial Group Inc. (“NAFG”), North American Capital Inc. (“NAC”), Alexander Flavio Arconti (“Flavio”) and Luigino Arconti (“Gino”);

AND WHEREAS by Commission Order dated November 10, 2010, the Commission made the following temporary order (the “Temporary Order”):

1. pursuant to clause 2 of subsection 127(1) of the Act, that all trading in the securities of NAFG and NAC shall cease;

2. pursuant to clause 2 of subsection 127(1) of the Act, that NAFG, NAC, Flavio and Gino cease trading in all securities; and

3. that pursuant to clause 3 of subsection 127(1) of the Act, that the exemptions contained in Ontario securities law do not apply to NAFG, NAC, Flavio or Gino;

AND WHEREAS on November 10, 2010, pursuant to subsection 127(6) of the Act, 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 by Commission Order dated November 23, 2010, the Temporary Order was amended such that Flavio and Gino may trade in securities for their own accounts or their parents’ accounts or for the accounts of their registered retirement savings plan or registered income fund (as defined in the Income Tax Act (Canada))provided that they trade through accounts opened in their parents’ names or either of their names only;

AND WHEREAS the Temporary Order as amended has been extended from time to time;


December 23, 2011 (2011) 34 OSCB 12698

AND WHEREAS by Order dated March 25, 2011, the Temporary Order was further amended to permit NAFG and its officers and directors to issue convertible debentures in accordance with a Proposal made under the Bankruptcy and Insolvency Act in the matter of NAFG (the “Temporary Order as further amended”);

AND WHEREAS the Temporary Order as further amended has been extended from time to time;

AND WHEREAS by Order dated November 2, 2011, the Temporary Order as further amended was extended to December 19, 2011 and the hearing was adjourned to December 16, 2011;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make the following order;

AND WHEREAS the parties to this proceeding consent to the making of this order;

IT IS ORDERED that the Temporary Order as further amended is extended to Tuesday, January 17, 2012;

IT IS FURTHER ORDERED that the hearing in this matter be adjourned to Monday, January 16, 2012 at 10:00 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties.

DATED at Toronto this 16th day of December, 2011.

“James E. A. Turner”


December 23, 2011 (2011) 34 OSCB 12699

2.2.2 Phoenix Credit Risk Management Consulting Inc. et al. – ss. 127. 127.1



AND




AND OMAR MALONEY

ORDER(Sections 127 and 127.1 of the Securities Act)

WHEREAS on December 15, 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc. (the “Companies”), Jawad Rathore (“Rathore”), Vincenzo Petrozza (“Petrozza”) and Omar Maloney (“Maloney”) (collectively, the “Respondents”);

AND WHEREAS on December 15, 2011, Staff of the Commission (“Staff”) filed a Statement of Allegations in respect of the same matter;

AND WHEREAS the Respondents and Staff entered into a Settlement Agreement (the “Settlement Agreement”) in which they agreed to a settlement of the proceeding commenced by the Notice of Hearing dated December 15, 2011, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and upon hearing submissions from counsel for Staff and counsel for the Respondents;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

IT IS ORDERED THAT:

1. the Settlement Agreement is approved;

2. the Respondents shall jointly and severally pay an administrative penalty of $250,000.00 to be allocated to or for the benefit of third parties in accordance with section 3.4(2)(b) of the Securities Act to be paid in quarterly instalments over a period of 4 years from the date the Settlement Agreement is approved;

3. the Respondents shall jointly and severally pay the costs of Staff’s investigation in the amount of $100,000.00 within a period of 1 year from the date the Settlement Agreement is approved;

The Companies

4. the Companies shall jointly and severally disgorge to the Commission the amount of $2,705,212.45 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $250,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $2,455,212.45 to be paid in quarterly instalments over a period of 4 years from the date the Settlement Agreement is approved;

5. the Companies shall cease trading in securities for 15 years;

6. the Companies shall cease acquisitions of securities for a period of 15 years;

7. any exemptions in Ontario securities law shall not apply to the Companies for a period of 15 years;


December 23, 2011 (2011) 34 OSCB 12700

Rathore

8. Rathore shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming oracting as a director or officer of any:

(a) registrant under the Securities Act;

(b) investment fund manager; or

(c) issuer that distributes securities under a prospectus or prospectus exemption under the Securities Act

except Rathore will be permitted to become, or act as or continue to act as a director or officer of:

A) any issuer that distributes, issues or trades in securities evidencing indebtedness secured or to be secured by a mortgage or charge on real property in Canada or that provides promissory notes or enters into loan agreements incidental thereto in accordance with local provincial legislative requirements (“Mortgage Instruments”); or

B) any non-reporting issuer that has no more than five beneficial owners and does not distribute securities of the issuer other than to family, friends and business associates of the beneficial owners (a “Closely Held Private Company”);

9. any exemptions in Ontario securities law shall not apply to Rathore for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

10. Rathore shall not trade in or acquire securities for 15 years, except:

(a) Rathore may trade in or acquire securities in his personal registered retirement savings plan (“RRSP”) accounts and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the sponsor; and

(b) Rathore may trade in or acquire Mortgage Instruments or securities of a Closely Held Private Company;

and for greater certainty, nothing in this paragraph shall prevent any issuer which Rathore controls, any issuer of which Rathore is a director, officer and/or shareholder and/or any issuer to which Rathore, either directly or indirectly through a corporation, provides services, from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

11. Rathore shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date the Settlement Agreement is approved;

Petrozza

12. Petrozza shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:




except Petrozza will be permitted to become, or act as or continue to act as a director or officer of:

A) any issuer that distributes, issues or trades in Mortgage Instruments; or

B) any Closely Held Private Company;


December 23, 2011 (2011) 34 OSCB 12701

13. any exemptions in Ontario securities law shall not apply to Petrozza for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

14. Petrozza shall not trade in or acquire securities for 15 years, except:

(a) Petrozza may trade in or acquire securities in his personal RRSP accounts and/or TFSA accounts and/or for any RESP accounts for which he is the sponsor; and

(b) Petrozza may trade in or acquire Mortgage Instruments or securities of a Closely Held Private Company;

and for greater certainty, nothing in this paragraph shall prevent any issuer which Petrozza controls, any issuer of which Petrozza is a director, officer and/or shareholder and/or any issuer to which Petrozza, either directly or indirectly through a corporation, provides services, from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

15. Petrozza shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date the Settlement Agreement is approved;

Maloney

16. Maloney shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:




except Maloney will be permitted to become, or act as or continue to act as a director or officer of:



17. any exemptions in Ontario securities law shall not apply to Maloney for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

18. Maloney shall not trade in or acquire securities for 15 years, except:

(a) Maloney may trade in or acquire securities in his personal RRSP accounts and/or TFSA accounts and/or for any RESP accounts for which he is the sponsor; and

(b) Maloney may trade in or acquire Mortgage Instruments or securities of a Closely Held Private Company;

and for greater certainty, nothing in this paragraph shall prevent any issuer which Maloney controls, any issuer of which Maloney is a director, officer and/or shareholder and/or any issuer to which Maloney, either directly or indirectly through a corporation, provides services, from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

19. Maloney shall disgorge to the Commission the amount of $50,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $20,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $30,000.00 to be paid in quarterly instalments over a period of 1 year from the date the Settlement Agreement is approved; and

20. in the event that any of the payments set out in paragraphs 2, 3, 4, 11, 15 or 19 above are not made in full, the provisions of paragraphs 5, 6, 7 8, 9, 10, 12, 13, 14, 16, 17 and 18 shall continue in force in respect of each Respondent which has failed to make payment, until such payments are made in full without any limitation as to time period.


“Christopher Portner”


December 23, 2011 (2011) 34 OSCB 12702

2.2.3 Shallow Oil & Gas Inc. et al. – ss. 127(1), 127(8)



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

ORDER(Subsections 127(1) & 127(8))

WHEREAS on January 16, 2008, the Ontario Securities Commission (“the Commission”) issued a Temporary Order pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that: (i) all trading in securities by Shallow Oil & Gas Inc. (“Shallow Oil”) shall cease and that all trading in Shallow Oil securities shall cease; and (ii) Eric O’Brien (“O’Brien”), Abel Da Silva (“Da Silva”), Gurdip Singh Gahunia, also known as Michael Gahunia (“Gahunia”), and Abraham Herbert Grossman, also known as Allen Grossman (“Grossman”), cease trading in all securities (the “Temporary Order”);

AND WHEREAS on January 16, 2008, 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 January 18, 2008, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, such hearing to be held on January 30, 2008 commencing at 2:00 p.m.;

AND WHEREAS hearings to extend the Temporary Order were held on January 30 and 31, and March 31, 2008. The Temporary Order was extended by the Commission on each date;

AND WHEREAS on June 11, 2008, the Commission issued a Notice of Hearing for June 18, 2008 to consider, among other things:

(a) the issuance of a temporary cease trade order against Diadamo, McQuarrie, Wash, and Mankofsky; and,

(b) the extension of the original Temporary Order dated January 16, 2008.

AND WHEREAS on June 18, 2008, a hearing was held commencing at 10:00 a.m. and Staff and Grossman appeared, presented evidence and made submissions, and

Diadamo, McQuarrie, and Mankofsky appeared before the panel of the Commission and made submissions as to the issuance of a temporary cease trade order against them;

AND WHEREAS on June 18, 2008, the panel of the Commission considered the evidence and submissions of Staff and Grossman, and the submissions of Diadamo, McQuarrie, and Mankofsky;

AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Temporary Order as against Shallow Oil, O’Brien, Da Silva, and Grossman be extended until the conclusion of the hearing on the merits in this matter;

AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Temporary Order as against Gahunia be extended until November 26, 2008;

AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(5) of the Act, that Diadamo, McQuarrie, Wash, and Mankofsky cease trading in any securities (the “Second Temporary Order”), with the following exception:

Diadamo shall be permitted to trade in securities that are listed on a public exchange recognized by the Commission and only in his own existing trading accounts. Furthermore, any such trading by Diadamo shall be for his sole benefit and only through a dealer registered with the Commission.

AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Second Temporary Order be extended until November 26, 2008 and that the hearing with respect to the Second Temporary Order in this matter be adjourned to November 25, 2008, at 2:30 p.m.;

AND WHEREAS on November 25, 2008, a hearing was held and the panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that:

– the Temporary Order is extended as against Gahunia until the conclusion of the hearing on the merits in this matter and the Second Temporary Order is extended as against Diadamo, McQuarrie, Wash, and Mankofsky until the conclusion of the hearing on the merits in this matter; and,

– the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 is adjourned to June 4, 2009 at 10:00 a.m. for a status hearing.

AND WHEREAS on May 12, 2009, the Commission approved a settlement agreement between McQuarrie and Staff of the Commission, and on July 24,


December 23, 2011 (2011) 34 OSCB 12703

2009, the Commission approved a settlement agreement between Mankofsky and Staff of the Commission;

AND WHEREAS on June 4th and September 10th, 2009, and January 12th, 2010 status hearings were held before the Commission and, on each date, a panel of the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned;

AND WHEREAS on June 28th, 2010, a status hearing was held commencing at 10:00 a.m. and Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter;

AND WHEREAS on June 28th, 2010, none of the respondents attended and a panel of the Commission considered the submissions of Staff;

AND WHEREAS on June 28th, 2010, the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned to February 11, 2011 at 10:00 a.m. for the purpose of a status hearing;

AND WHEREAS on February 11, 2011, a status hearing was held and Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter;

AND WHEREAS on February 11, 2011, none of the respondents attended and a panel of the Commission considered the submissions of Staff;

AND WHEREAS on February 11, 2011, the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned to May 24, 2011 at 2:30 p.m., for the purpose of a status hearing and to consider setting dates for the hearing on the merits in this matter;

AND WHEREAS on May 24, 2011, a status hearing was held, and Staff and Diadamo attended and no other respondents attended, although properly served with notice of the hearing;

AND WHEREAS on May 24, 2011, Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter;

AND WHEREAS on May 24, 2011, scheduling of the hearing on the merits was discussed, and Diadamo consented to setting the dates for the hearing on the merits;

AND WHEREAS on May 24, 2011, it was ordered that the hearing on the merits shall commence on

September 6, 2011, and shall continue on September 7, 9, and 12, 2011;

AND WHEREAS on May 24, 2011, it was further ordered that the parties attend before the Commission on July 26, 2011 at 2:00 p.m. for a pre-hearing conference;

AND WHEREAS on July 26, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents;

AND WHEREAS the Commission was satisfied that all parties had been properly served with notice of the hearing;

AND WHEREAS on July 26, 2011, it was ordered that the hearing be adjourned to August 16, 2011 at 3:30 p.m. for the purpose of continuing the pre-hearing conference;

AND WHEREAS on August 16, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents, although properly served with notice of the hearing;

AND WHEREAS on August 16, 2011, Staff informed the panel that Da Silva and O’Brien will be sentenced on October 19, 2011 in the related section 122 proceedings before the Ontario Court of Justice, and Staff requested that the hearing on the merits be adjourned until after the sentencing decision is rendered in the section 122 proceedings;

AND WHEREAS on August 16, 2011, it was ordered that the dates set down for the hearing on the merits be vacated;

AND WHEREAS on August 16, 2011, it was further ordered that the hearing be adjourned to November 4, 2011 at 10:00 a.m. for the purpose of continuing the pre-hearing conference;

AND WHEREAS on November 4, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents, although properly served with notice of the hearing;

AND WHEREAS Staff informed the panel that the sentencing hearing for Shallow Oil, Da Silva and O’Brien in the related section 122 proceedings before the Ontario Court of Justice was adjourned to November 15, 2011;

AND WHEREAS Staff requested that the pre-hearing conference be adjourned to December 15, 2011, pending the sentencing decision for Shallow Oil, Da Silva and O’Brien to be rendered in the section 122 proceedings;

AND WHEREAS on November 4, 2011, it was ordered that the hearing be adjourned to December 15, 2011 at 9:30 a.m. for the purpose of continuing the pre-hearing conference;


December 23, 2011 (2011) 34 OSCB 12704

AND WHEREAS on December 15, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents, although properly served with notice of the hearing;

AND WHEREAS Staff informed the panel that Da Silva and O’Brien had been sentenced in the related section 122 proceedings before the Ontario Court of Justice on November 15, 2011;

AND WHEREAS Staff requested that the Commission set dates for the hearing on the merits in this matter;

IT IS ORDERED that the hearing on the merits shall commence on June 18, 2012, and shall continue on June 20, 21, and 22, 2012, or such further or other dates as may be agreed to by the parties and fixed by the Office of the Secretary;

IT IS FURTHER ORDERED that the matter is adjourned to March 27, 2012 at 9:00 a.m. for a pre-hearing conference.


“Paulette L. Kennedy”

2.2.4 Systematech Solutions Inc. et al. – ss. 127(1), 127(5)



AND


TEMPORARY ORDER Subsections 127(1) & 127(5)

WHEREAS it appears to the Ontario Securities Commission (the “Commission”) that:

1. Systematech Solutions Inc. (“Systematech”) is an Ontario corporation located in Mississauga and has never been a reporting issuer or registered with the Commission in any capacity;

2. April Vuong (“Vuong”) is an Ontario resident, a director and officer of Systematech, and is not registered with the Commission in any capacity;

3. Hao Quach (“Quach”) is an Ontario resident, a director and officer of Systematech, and is not registered with the Commission in any capacity;

4. Staff of the Commission are conducting an investigation into the activities of Systematech, Vuong and Quach;

5. Vuong has been soliciting investors to provide funds to Systematech for Vuong to trade in securities for the investors’ benefit;

6. Ontario investors have provided funds to Systematech;

7. Systematech, Vuong and Quach may have distributed securities in the form of promissory notes without filing a preliminary prospectus or a prospectus and without the Director issuing a receipt in respect of Systematech, contrary to subsection 53(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act");

8. No exemptions to the prospectus requirements apply to the distribution of Systematic promissory notes;

9. Systematech, Vuong and Quach may have traded in securities and, in the case of Vuong, may have advised clients, without the necessary registration or an appropriate registration exemption, contrary to section 25 of the Act;


December 23, 2011 (2011) 34 OSCB 12705

10. Systematech, Vuong and Quach may have perpetrated a fraud on Ontario investors, contrary to section 126.1 of the Act;

11. Vuong and Quach may have authorized, permitted or acquiesced in breaches of Ontario securities law by Systematech, contrary to section 129.2 of the Act;

AND WHEREAS the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in subsection 127(5) of the Act;


AND WHEREAS by Commission Order made July 14, 2011, pursuant to section 3.5(3) of the Act, any one of Howard I. Wetston, James E. A. Turner, Kevin J. Kelly, James D. Carnwath, Mary G. Condon, Paulette L. Kennedy, Vern Krishna, Christopher Portner and Edward P. Kerwin, acting alone, is authorized to make Orders under section 127 of the Act;

IT IS ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities by Systematech, Vuong and Quach shall cease;

IT IS FURTHER ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities of Systematech shall cease;

IT IS FURTHER ORDERED pursuant to subsection 127(6) of the Act that this Order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by Order of the Commission.

Dated at Toronto this 15th day of December, 2011

“Howard I. Wetston”


December 23, 2011 (2011) 34 OSCB 12706

2.2.5 Global Energy Group, Ltd. et al. – ss. 127(7), 127(8)



AND


NEW GOLD LIMITED PARTNERSHIPS, 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

ORDER(Subsections 127(7) and 127(8))

WHEREAS on July 10, 2008, the Ontario Securities Commission (the “Commission”) issued a temporary order, pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), that all trading by Global Energy Group, Ltd. (“Global Energy”) and the New Gold Limited Partnerships (the “New Gold Partnerships”) (together, the “Corporate Respondents”) and their officers, directors, employees and/or agents in securities of the New Gold Partnerships shall cease (the “First Temporary Order”);

AND WHEREAS on July 10, 2008, the Commission ordered that the First Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

AND WHEREAS on July 15, 2008, the Commission issued a Notice of Hearing to consider, among other things, the extension of the First Temporary Order, such hearing to be held on July 23, 2008 at 11:00 a.m.;

AND WHEREAS the Notice of Hearing sets out that the hearing is to consider, inter alia, whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(7) and (8) of the Act, to extend the First Temporary Orderuntil such time as considered necessary by the Commission;

AND WHEREAS a hearing was held on July 23, 2008 at 11:00 a.m. at which Staff and counsel for Global Energy appeared but no counsel appeared for the New Gold Partnerships;

AND WHEREAS on July 23, 2008, the First Temporary Order was continued until August 6, 2008 and the hearing in this matter was adjourned until August 5, 2008 at 3:00 p.m. on consent of Staff and counsel for Global Energy;

AND WHEREAS a hearing was held on August 5, 2008 at 3:00 p.m. at which Staff and counsel for Global Energy appeared but no counsel appeared for the New Gold Partnerships;

AND WHEREAS on August 5, 2008, the First Temporary Order was continued until December 4, 2008 and the hearing in this matter was adjourned until December 3, 2008 at 10:00 a.m. on consent of Staff and counsel for Global Energy;

AND WHEREAS on December 3, 2008, on the basis of the record for the written hearing and on consent of Staff and counsel for Global Energy, a Panel of the Commission ordered that the First Temporary Order be extended until June 11, 2009 and that the hearing in this matter be adjourned to June 10, 2009, at 10:00 a.m.;

AND WHEREAS on June 10, 2009, Staff advised the Commission that Victor Tsatskin, a.k.a. Vadim Tsatskin (“Tsatskin”), an agent of Global Energy, would not be attending the hearing and was not opposed to Staff’s request for the extension of the First Temporary Order and no counsel had communicated with Staff on behalf of the New Gold Partnerships;

AND WHEREAS on June 10, 2009, on hearing the submissions of Staff, a Panel of the Commission ordered that the First Temporary Order be extended until October 9, 2009 and that the hearing in this matter be adjourned to October 8, 2009, at10:00 a.m.;


December 23, 2011 (2011) 34 OSCB 12707

AND WHEREAS on October 8, 2009, on hearing the submissions of Staff, a Panel of the Commission ordered that the First Temporary Order be extended until March 11, 2010 and that the hearing in this matter be adjourned to March 10, 2010, at 10:00 a.m.;

AND WHEREAS on March 10, 2010, on hearing the submissions of Staff, a Panel of the Commission ordered that the First Temporary Order be extended until July 12, 2010 and that the hearing in this matter be adjourned to July 9, 2010, at 11:30a.m.;

AND WHEREAS on April 7, 2010, the Commission issued a temporary cease trade order pursuant to subsections 127(1) and 127(5) of the Act ordering the following (the “Second Temporary Order”):

i) Christina Harper (“Harper”), Howard Rash (“Rash”), Michael Schaumer (“Schaumer”), Elliot Feder (“Feder”), Tsatskin, Oded Pasternak (“Pasternak”), Alan Silverstein (“Silverstein”), Herbert Groberman (“Groberman”), Allan Walker (“Walker”), Peter Robinson (“Robinson”), Vyacheslav Brikman (“Brikman”), Nikola Bajovski (“Bajovski”), Bruce Cohen (“Cohen”) and Andrew Shiff (“Shiff”) (collectively, the “Individual Respondents”), shall cease trading in all securities; and

ii) that any exemptions contained in Ontario securities law do not apply to the Individual Respondents;

AND WHEREAS, on April 7, 2010, the Commission ordered that the Second Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

AND WHEREAS on April 14, 2010, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Second Temporary Order, to be held on April 20, 2010 at 3:00 p.m.;

AND WHEREAS the Notice of Hearing sets out that the Hearing is to consider, amongst other things, whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(7) and (8) of the Act, to extend the SecondTemporary Order until the conclusion of the hearing, or until such further time as considered necessary by the Commission;

AND WHEREAS on April 20, 2010, a hearing was held before the Commission and none of the Individual Respondents appeared before the Commission to oppose Staff’s request for the extension of the Second Temporary Order;

AND WHEREAS on April 20, 2010, the Commission was satisfied that Staff had served or made reasonable attempts to serve each of the Individual Respondents with copies of the Second Temporary Order, the Notice of Hearing, and the Evidence Brief of Staff as evidenced by the Affidavit of Kathleen McMillan, sworn on April 20, 2010, and filed with the Commission;

AND WHEREAS on April 20, 2010, the Commission considered the evidence and submissions before it and the Commission was of the opinion that: in the absence of a continuing cease-trade order, the length of time required to conclude ahearing could be prejudicial to the public interest; and, it was in the public interest to extend the Second Temporary Order;

AND WHEREAS on April 20, 2010, pursuant to subsections 127(7) and (8) of the Act, the Second Temporary Order was extended to June 15, 2010 and the hearing in this matter was adjourned to June 14, 2010, at 10:00 a.m.;

AND WHEREAS on June 14, 2010, a hearing was held before the Commission and the Commission ordered that the Second Temporary Order be extended until September 1, 2010 and the hearing be adjourned to September 1, 2010, at 1:00 p.m.;

AND WHEREAS on June 14, 2010, on hearing the submissions of Staff, a Panel of the Commission ordered that the First Temporary Order be extended until September 1, 2010 and that the hearing in this matter be adjourned to September 1, 2010, at 1:00 p.m.;

AND WHEREAS on September 1, 2010, the Commission considered the evidence and submissions before it and the Commission was of the opinion that in the absence of a continuing cease-trade order, the length of time required to conclude a hearing could be prejudicial to the public interest;

AND WHEREAS on September 1, 2010, pursuant to subsections 127(7) and 127(8) of the Act, the First Temporary Order and Second Temporary Order were extended to November 9, 2010 and the hearing in this matter was adjourned to November 8, 2010 at 10:00 a.m.;

AND WHEREAS on September 1, 2010, it was further ordered pursuant to subsections 127(1) and (2) of the Act that, notwithstanding the Second Temporary Order, Feder is permitted to trade securities in an account in his own name or in an


December 23, 2011 (2011) 34 OSCB 12708

account of his registered retirement savings plans (as defined in the Income Tax Act (Canada)) in which he has the sole legal and beneficial ownership, provided that:

(i) the securities traded are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) which is a reporting issuer; and

(ii) he carries out any permitted trading through a dealer registered with the Commission (which dealer must be given a copy of this order) and through accounts opened in his name only (the “Amended Second Temporary Order”).

AND WHEREAS on November 5, 2010, the Commission approved a settlement agreement between Staff and Robinson;

AND WHEREAS on November 8, 2010, Staff, Schaumer, Shiff, Silverstein, counsel for Rash, and counsel for Pasternak, Walker and Brikman, attended the hearing; and whereas Harper and Groberman had each advised Staff that they would not be attending the hearing; and whereas no person attended on behalf of the Corporate Respondents; and whereas Tsatskin, Bajovski and Cohen did not appear;

AND WHEREAS on November 8, 2010, counsel for Feder removed himself from the record due to a conflict of interest, and new counsel for Feder advised the Commission that he would need to satisfy himself that he was able to represent Feder, and would advise Staff accordingly as soon as possible;

AND WHEREAS on November 8, 2010, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest that the First Temporary Order and the Amended Second Temporary Order be extended to December 8, 2010 and the hearing in this matter be adjourned to December 7, 2010 at 2:30 p.m.;

AND WHEREAS on December 7, 2010, Staff, Schaumer, Silverstein, counsel for Pasternak, Walker and Brikman, and an agent for new counsel for Feder attended the hearing; and whereas no person appeared on behalf of the Corporate Respondents; and whereas Harper, Rash, Tsatskin, Groberman, Bajovski, Cohen and Shiff did not appear;

AND WHEREAS on December 7, 2010, the Commission was satisfied that all of the Respondents had been properly served with notice of the hearing;

AND WHEREAS on December 7, 2010, Staff requested the extension of the First Temporary Order against the Corporate Respondents and the Amended Second Temporary Order against the Individual Respondents, and Schaumer, Silverstein, and counsel for Pasternak, Walker and Brikman consented to the extension of the Amended Second Temporary Order;

AND WHEREAS on December 7, 2010, an agent for new counsel for Feder informed the Commission that he did not have instructions as to whether Feder consented to an extension of the Amended Second Temporary Order;

AND WHEREAS on December 7, 2010, Staff informed the Commission that depending on settlement efforts, Staff might seek to bring an application to hold the next hearing in this matter in writing;

AND WHEREAS on December 7, 2010, the Commission directed that the First Temporary Order against the Corporate Respondents, and the Amended Second Temporary Order against the Individual Respondents, be consolidated into a single temporary order (the “Temporary Order”);

AND WHEREAS on December 7, 2010, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest that pursuant to subsections 127(7) and 127(8) of the Act, theTemporary Order be extended to March 3, 2011, without prejudice to Feder to bring a motion if he opposes the extension and that the hearing in this matter be adjourned to February 16, 2011 at 2:00 p.m.;

AND WHEREAS on February 16, 2011, Staff, Schaumer, Shiff, counsel for Feder attended the hearing; and whereas no person appeared on behalf of the Corporate Respondents; and whereas counsel for Pasternak, Walker and Brikman; Harper, Rash, Tsatskin, Groberman, Bajovski and Cohen did not appear;

AND WHEREAS on February 16, 2011, Staff requested the extension of the Temporary Order against the Individual Respondents and Corporate Respondents; and Schaumer and Shiff consented to the extension of the Temporary Order;

AND WHEREAS on February 16, 2011, counsel for Feder consented to the extension of the Temporary Order of December 7, 2010, save and except for the exceptions outlined in this order;


December 23, 2011 (2011) 34 OSCB 12709

AND WHEREAS on February 16, 2011, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest to adjourn the hearing to May 3, 2011 at 10:00 a.m. and furtherextended the Temporary Order until May 4, 2011;

AND WHEREAS on February 16, 2011, it was further ordered pursuant to subsections 127(7) and (8) of the Act, that the Temporary Order be extended to May 4, 2011, save and except that:

(a) Feder is permitted to trade securities in an account in his own name or in an account of his registered retirement savings plan (as defined in the Income Tax Act (Canada)) in which Feder has the sole legal and beneficial ownership, provided that:

(i) the securities traded are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange, or NASDAQ (or their successor exchanges) which is a reporting issuer; and

(ii) that Feder carries out any permitted trading through a dealer registered with the Commission (which dealer must be given a copy of this order) and through accounts opened in Feder’s name only; and

(b) Feder is permitted to contact the existing shareholders of (i) Genesis Rare Diamonds (Ontario) Ltd. (ii) Kimberlite Diamond Corporation and (iii) their subsidiaries, none of which is a reporting issuer, or their counsel and to discuss/explore the potential for the sale of Feder’s shares in those corporations to any or all of their existing shareholders and/or the purchase of Feder’s shares in those corporations by the respective corporations for cancellation, provided that Feder’s shares are not actually sold and/or purchased without Feder first obtaining a further exemption/order from the Commission that permits such sale(s) and/or purchase(s);

AND WHEREAS on May 3, 2011, Staff, Schaumer, Shiff, and Silverstein attended the hearing; no one appeared on behalf of the Corporate Respondents; and counsel for Pasternak, Walker and Brikman; counsel for Rash; Tsatskin, Harper, Groberman, Bajovski and Cohen did not appear;

AND WHEREAS on May 3, 2011, Staff requested an extension of the Temporary Order against the Individual Respondents and Corporate Respondents; and Schaumer, Shiff and Silverstein did not object to an extension of the Temporary Order;

AND WHEREAS on May 3, 2011, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest to extend the Temporary Order against all named Respondents, except Rash, to the conclusion of the hearing on the merits; to extend the Temporary Order against Rash until July 12, 2011, and to adjourn the hearing to July 11, 2011 at 10:00 a.m., at which time Rash will have the opportunity to make submissions regarding any further extension of the Temporary Order against him;

AND WHEREAS on July 11, 2011, Staff, Harper and Shiff attended the hearing and no one appeared on behalf of the Corporate Respondents, Pasternak, Walker, Brikman, Feder; Tsatskin, Schaumer, Silverstein, Groberman, Bajovski or Cohen;

AND WHEREAS on July 11, 2011, Staff informed the Commission that Rash had recently retained new counsel in a related matter, and that Rash’s new counsel had advised Staff that he would not be attending the hearing;

AND WHEREAS on July 11, 2011, Staff requested a further extension of the Temporary Order against Rash;

AND WHEREAS on July 11, 2011, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest to extend the Temporary Order against Rash to September 27, 2011, and to adjourn the hearing to September 26, 2011, at 10:00 a.m., at which time Rash would have the opportunity to make submissions regarding any further extension of the Temporary Order against him;

AND WHEREAS on September 1, 2011, the Commission approved settlement agreements between Staff and each of Pasternak, Walker and Brikman;

AND WHEREAS on September 26, 2011, Staff, Harper, Schaumer, Silverstein and Shiff attended the hearing and no one appeared on behalf of the Corporate Respondents, Feder, Rash, Tsatskin, Groberman, Bajovski or Cohen;

AND WHEREAS on September 26, 2011, Staff requested a further extension of the Temporary Order against Rash;

AND WHEREAS on September 26, 2011, the Commission ordered that the Temporary Order be extended against Rash until November 29, 2011, and that the hearing be adjourned to November 28, 2011, at 10:00 a.m.;


December 23, 2011 (2011) 34 OSCB 12710

AND WHEREAS on November 28, 2011, Staff and Shiff attended the hearing and no one appeared on behalf of the Corporate Respondents or any of the other Individual Respondents;

AND WHEREAS the Commission was satisfied that the Corporate Respondents and the Individual Respondents had been properly served with notice of the hearing;

AND WHEREAS on November 28, 2011, Staff requested a further extension of the Temporary Order against Rash;

AND WHEREAS on November 28, 2011, the Commission ordered that the Temporary Order be extended against Rash until December 16, 2011, and that the hearing be adjourned to December 15, 2011, at 9:30 a.m.;

AND WHEREAS on November 29, 2011, the Commission approved settlement agreements between Staff and each of Silverstein and Schaumer;

AND WHEREAS on December 15, 2011, Staff attended the hearing and no one appeared on behalf of the Corporate Respondents or the Individual Respondents;

AND WHEREAS the Commission was satisfied that the Corporate Respondents and the Individual Respondents had been properly served with notice of the hearing;

AND WHEREAS Staff requested a further extension of the Temporary Order against Rash;

AND WHEREAS on December 15, 2011, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest to make this order;

IT IS ORDERED that the Temporary Order is extended against Rash until October 22, 2012, and that the hearing is adjourned to October 19, 2012, at 10:00 a.m., without prejudice to either Staff or Rash to apply for a variation of the Temporary Order under section 144 of the Act.


“Christopher Portner”


December 23, 2011 (2011) 34 OSCB 12711

2.2.6 Acadian Energy Inc. – s. 144

Headnote

Application by an issuer for a revocation of a cease trade order issued by the Commission – Cease trade order issued because the issuer had failed to file certain continuous disclosure materials required by Ontario securities law – Defaults subsequently remedied by bringing continuous disclosure filings up-to-date – Cease trade order revoked.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., ss 127, 144.


R.S.O. 1990, CHAPTER S.5, AS AMENDED (The "Act")

AND

IN THE MATTER OF ACADIAN ENERGY INC.

ORDER(Section 144)

WHEREAS the securities of Acadian Energy Inc. (the Applicant) are subject to a temporary cease trade order made by the Director dated August 4, 2011 under paragraph 2 of subsection 127(1) and subsection 127(5) of the Act, and a further cease trade order made by the Director dated August 16, 2011 under paragraph 2 of subsection 127(1) of the Act (together, the Cease Trade Order) directing that trading in and acquisitions of the securities of the Applicant cease until the Cease Trade Order is revoked by the Director;

AND WHEREAS the Cease Trade Order was made on the basis that the Applicant was in default of certain filing requirements under Ontario securities law as described in the Cease Trade Order;

AND WHEREAS the Applicant has made an application to the Ontario Securities Commission (the Commission) for a revocation of the Cease Trade Order pursuant to subsection 144(1) of the Act;

AND UPON the Applicant representing to the Commission that:

1. The Applicant was incorporated as York Ridge Lifetech Inc. under the Business Corporations Act (Ontario) on March 28, 2007 and filed articles of amendment with the Ministry of Government Services (Ontario) changing its name to Acadian Energy Inc. on March 16, 2011.

2. The Applicant is a reporting issuer or the equivalent under the securities legislation of the provinces of Ontario, Alberta and British Columbia

(the Reporting Jurisdictions). The Applicant is not a reporting issuer in any other jurisdiction in Canada.

3. The Applicant is authorized to issue two classes of shares designed as common shares and Class A Restricted Voting Shares of which 2,505,748 common shares and 3,539,157 Class A Restricted Voting Shares are issued and outstanding.

4. The Applicant’s common shares are listed for trading on the TSX Venture Exchange Inc. (TSX-V) under the symbol “ACX”. The TSX-V halted trading of the Applicant’s shares on August 4, 2011. The Applicant’s securities are not listed or quoted on any other exchange or market in Canada or elsewhere.

5. The Cease Trade Order was issued as a result of the Applicant’s failure to file audited annual financial statements for the year ended December 31, 2010, interim financial statement for the three-month period ended March 31, 2011, management’s discussion and analysis (MD&A)relating to the interim financial statements for the three-month period ended March 31, 2011 and certificates of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings(NI 52-109) (collectively, the Required Documents).

6. The Applicant is also subject to a cease trade order issued by the British Columbia Securities Commission dated August 5, 2011 (the B.C. CTO)for failure to file the Required Documents. The Applicant has concurrently applied for a revocation of the B.C. CTO.

7. On November 8, 2011, the Applicant filed the Required Documents with the Commission.

8. On November 8, 2011, the Applicant also filed interim financial statements, MD&A and corresponding certificates of interim filings for the six-month period ended June 30, 2011.

9. On November 30, 2011, the Applicant filed interim financial statement for the nine-month period ended September 30, 2011, related MD&A and certificates as required by NI 52-109.

10. On December 1, 2011, the Applicant filed amended and restated MD&A for the financial periods ended March 31, 2011 and June 30, 2011.

11. As a result, the Applicant has filed all outstanding continuous disclosure documents that are required to be filed under Ontario securities law.


December 23, 2011 (2011) 34 OSCB 12712

12. The Applicant is not in default of any requirements of the Cease Trade Order or the Act or the rules and regulations made pursuant thereto.

13. The Applicant has paid all outstanding participation fees and late fees that are required to be paid to the Commission.

14. The Applicant has provided an undertaking to the securities regulatory authorities in the Reporting Jurisdictions to hold an annual general meeting within two months after the date on which the Applicant files its annual financial statements for the year ended December 31, 2011.

15. The Applicant has paid all outstanding activity, participation and late filing fees that are required to be paid.

16. There have been no material changes to the Applicant’s business or operations since the date of the Cease Trade Order, and there are currently no such material changes planned.

17. The Applicant’s SEDAR profile and SEDI issuer profile supplement are current and accurate.

18. The Applicant is not considering, nor is it involved in any discussions relating to, a reverse take-over, merger, amalgamation or other form of combination or transaction similar to any of the foregoing.

19. Upon the issuance of this revocation order, the Applicant will issue a news release announcing the revocation of the Cease Trade Order. The Applicant will concurrently file the news release and material change report on SEDAR.

AND UPON considering the application and the recommendation of the staff of the Commission;

AND UPON the Director being satisfied that it would not be prejudicial to the public interest to revoke the Cease Trade Order;

IT IS ORDERED, pursuant to section 144 of the Act, that the Cease Trade Order is revoked.


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

2.2.7 Vincent Ciccone and Medra Corp. – Rule 6.7 of the OSC Rules of Procedure



AND

IN THE MATTER OF VINCENT CICCONE AND MEDRA CORP.

ORDER(Pre-Hearing Conference – Rule 6.7 of the Ontario

Securities Commission Rules of Procedure)

WHEREAS on October 3, 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing (the “Notice of Hearing”) pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), accompanied by a Statement of Allegations dated September 30, 2011 filed by Staff of the Commission (“Staff”) with respect to Vincent Ciccone (“Ciccone”) and Medra Corp. (“Medra”) (the “Statement of Allegations”);

AND WHEREAS on November 1, 2011, the Commission ordered that the matter be adjourned to a confidential pre-hearing conference to be held on December 16, 2011 at 10:00 a.m.;

AND WHEREAS on December 16, 2011, counsel for Staff and counsel for the Respondent, Ciccone appeared before the Commission for a pre-hearing conference and no one appeared on behalf of Medra;


IT IS ORDERED THAT this matter is adjourned to a confidential pre-hearing conference to be held on February 1, 2012 at 10:30 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties.


“James E.A. Turner ”


December 23, 2011 (2011) 34 OSCB 12713

2.2.8 New Hudson Television Corporation et al. – ss. 127(1), 127(8)



AND

IN THE MATTER OF NEW HUDSON TELEVISION CORPORATION,

NEW HUDSON TELEVISION L.L.C. & JAMES DMITRY SALGANOV

TEMPORARY ORDER (Subsections 127(1) & 127(8))

WHEREAS on June 8, 2011, the Ontario Securities Commission (the “Commission”) issued a temporary cease trade 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 all trading in New Hudson Television Corporation (“NHTV Corp.”) securities and New Hudson Television L.L.C. (“NHTV LLC”) securities shall cease; that NHTV Corp. and NHTV LLC and their representatives cease trading in all securities; and that any exemptions contained in Ontario securities law do not apply to NHTV Corp. and NHTV LLC (the “Temporary Order”);

AND WHEREAS on June 8, 2011, the Commission ordered that the Temporary Order shall expire on the fifteenth day after its making unless extended by order of the Commission;

AND WHEREAS on June 16, 2011, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on June 22, 2011 at 9:00 a.m. (the “Notice of Hearing”);

AND WHEREAS the Notice of Hearing sets out that the Hearing is to consider, inter alia, whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(7) and (8) of the Act, to extend the Temporary Order until the conclusion of the hearing, or until such further time as considered necessary by the Commission;

AND WHEREAS Staff of the Commission (“Staff”) have served NHTV Corp., NHTV LLC and James Dmitry Salganov (“Salganov”) (collectively, the “Respondents”) with copies of the Temporary Order and the Notice of Hearing, as evidenced by the Affidavit of Charlene Rochman, sworn on June 20, 2011, and filed with the Commission;

AND WHEREAS on June 22, 2011, Staff appeared before the Commission, but no one attended on behalf of any of the Respondents;

AND WHEREAS on June 22, 2011, Staff informed the Commission that Salganov is the sole Director of NHTV

Corp. and NHTV LLC and that he consented to a further extension of the Temporary Order in an email dated June 20, 2011;

AND WHEREAS on June 22, 2011, Staff sought to amend the Temporary Order to include Salganov, thereby making Salganov subject to the Temporary Order;

AND WHEREAS on June 22, 2011 it was ordered that:

(i) the Temporary Order was amended to provide that pursuant to clause 2 of subsection 127(1) of the Act, James Dmitry Salganov shall cease trading in securities of NHTV Corp. and NHTV LLC;

(ii) pursuant to subsection 127(8) of the Act, the Temporary Order as amended by (i), above (the “Amended Temporary Order”) was extended to December 20, 2011; and

(iii) the hearing to consider any further extension of the Amended Temporary Order would be held on December 19, 2011 at 9:00 a.m.;

AND WHEREAS on December 19, 2011, Staff appeared before the Commission to request an extension of the Amended Temporary Order, but no one attended on behalf of any of the Respondents;

AND WHEREAS Staff informed the Commission that the Respondents consent to a further extension of the Amended Temporary Order for six months;

AND WHEREAS the Panel considered the evidence and submissions before it;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

IT IS HEREBY ORDERED THAT:

(i) pursuant to subsection 127(8) of the Act, Amended Temporary Order is extended to June 25, 2012; and

(ii) the hearing to consider any further extension of the Amended Temporary Order will be held on June 22, 2012 at 10:00 a.m., or such other date and time as set by the Office of the Secretary.

Dated at Toronto this 19th day of December, 2011.

“Mary G. Condon”


December 23, 2011 (2011) 34 OSCB 12714

2.2.9 MBS Group (Canada) Ltd. et al. – ss. 127(1), 127(5)



AND

IN THE MATTER OF MBS GROUP (CANADA) LTD.,

BALBIR AHLUWALIA AND MOHINDER AHLUWALIA

TEMPORARY ORDER (Subsections 127(1) & 127(5))

WHEREAS it appears to the Ontario Securities Commission (the “Commission”) that:

1. MBS Group (Canada) Ltd. (“MBS Group”) is a corporation incorporated pursuant to the laws of Ontario;

2. Mohinder Ahluwalia (“Mohinder”) is a resident of Ontario and a director of MBS Group;

3. Balbir Ahluwalia (“Balbir”) is a resident of Ontario and a director of MBS Group;

4. From approximately June 2004 to June 2007 (the “Material Time”), MBS Group, Balbir and Mohinder, collectively the “Respondents”, directly and/or through representatives, distributed, offered for sale, and sold shares in The Electrolinks Corporation (“Electrolinks”) to members of the public in Ontario;

5. During the Material Time, the Respondents engaged in and held themselves out as engaging in the business of trading in securities;

6. During the Material Time, Electrolinks was not a reporting issuer and the Electrolinks securities were not qualified by a prospectus;

7. None of the Respondents have ever been registered with the Commission in any capacity;

AND WHEREAS on June 30, 2011, the Commission issued a Notice of Hearing accompanied by Staff’s Statement of Allegations, alleging the following:

(i) that the Respondents traded in securities without being registered to trade in securities, contrary to subsection 25(1) of Securities Act, R.S.O. 1990, c. S.5, as amended, (“the Act”) and contrary to the public interest;

(ii) that the actions of the Respondents related to the sale of securities of Electrolinks constituted distributions of

securities of Electrolinks where no preliminary prospectus and prospectus were issued nor receipted by the Director, contrary to subsection 53(1) of the Act and contrary to the public interest;

(iii) that Balbir being a director and/or officer of MBS Group authorized, permitted or acquiesced in the violations of subsections 25(1) and 53(1) of the Act, as set out above, by MBS Group or by the salespersons, representatives or agents of MBS Group, contrary to section 129.2 of the Act and contrary to the public interest; and

(iv) that Mohinder being a director and/or officer of MBS Group authorized, permitted or acquiesced in the violations of subsections 25(1) and 53(1) of the Act, as set out above, by MBS Group or by the salespersons, representatives or agents of MBS Group, contrary to section 129.2 of the Act and contrary to the public interest;

AND WHEREAS by Notice of Motion dated August 5, 2011, Staff brought a motion for a temporary cease trade and removal of exemptions order on notice to the Respondents;

AND WHEREAS on August 17, 2011, Staff, Balbir and Mohinder attended before the Commission and Balbir and Mohinder consented to the making of a temporary cease trade and removal of exemptions order;

AND WHEREAS the Commission ordered that (i) pursuant to clause 2 of subsection 127(1) of the Act that MBS Group, Mohinder and Balbir cease trading in all securities, with the exception that Mohinder and Balbir are permitted to trade securities in mutual funds through a registered dealer for the account of their own respective registered retirement savings plans (as defined in the Income Tax Act (Canada)); and (ii) pursuant to clause 2 of subsection 127(1) of the Act that any exemptions contained in Ontario securities law do not apply to MBS Group, Mohinder and Balbir (the “Temporary Order”);

AND WHEREAS the Commission further ordered that the Temporary Order take effect immediately and expire on September 2, 2011 unless extended by order of the Commission and that the hearing to consider an extension of the temporary order be scheduled for September 1, 2011 at 10:00 a.m.;

AND WHEREAS on September 1, 2011, Staff, Balbir and Mohinder attended before the Commission;

AND WHEREAS Balbir consented to the extension of the Temporary Order;


December 23, 2011 (2011) 34 OSCB 12715

AND WHEREAS Mohinder consented to the extension of the Temporary Order but requested that he be permitted to sell securities which he currently holds;

AND WHEREAS the Commission ordered that the Temporary Order be extended until December 2, 2011 with the exception that Mohinder may direct Mackie Research Capital Corporation to sell securities held in his accounts with them as of September 1, 2011 to liquidate those accounts;

AND WHEREAS the Commission ordered that the hearing to consider a further extension of the Temporary Order be scheduled for December 1, 2011 at 10:00 a.m. at the offices of the Commission;

AND WHEREAS on notice to the parties, the hearing to consider a further extension of the Temporary Order was rescheduled to November 29, 2011 at 10:00 a.m.;

AND WHEREAS on November 29, 2011, Staff, Balbir and Mohinder attended before the Commission;

AND WHEREAS Staff requested that the Commission set dates for the hearing on the merits and that the Temporary Order be extended to the conclusion of the hearing on the merits;

AND WHEREAS Balbir and Mohinder advised the Commission that they were still in the process of retaining counsel and requested additional time to retain counsel to represent them in this matter;

AND WHEREAS Balbir and Mohinder did not oppose an extension of the Temporary Order but requested that they be permitted to trade for their own account, in exchange traded securities, through a registered dealer;

AND WHEREAS Staff did not oppose the request;


IT IS HEREBY ORDERED that the Temporary Order is extended until the conclusion of the hearing on the merits with the exception that Balbir and Mohinder are, individually, permitted to trade for their own account, solely through a registered dealer or, as appropriate, a registered dealer in a foreign jurisdiction (which dealer must be given a copy of this Order) in (a) any "exchange-traded security" or "foreign exchange-traded security" within the meaning of National Instrument 21-101 provided that they do not own beneficially or exercise control or direction over more than 5 percent of the voting or equity securities of the issuer(s) of any such securities; or (b) any security issued by a mutual fund that is a reporting issuer;


DATED at Toronto this 29th day of November, 2011.

“James E. A. Turner”


December 23, 2011 (2011) 34 OSCB 12716

2.2.10 Bernard Boily – Rule 6.7 of the OSC Rules of Procedure



AND

IN THE MATTER OF BERNARD BOILY

ORDER(Pre-Hearing Conference – Rule 6.7)

WHEREAS the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing and Staff of the Commission (“Staff”) filed a Statement of Allegations in this matter on March 29, 2011 against Bernard Boily (the “Respondent”);

AND WHEREAS on April 28, 2011, the Commission ordered that the matter be adjourned to June 29, 2011;

AND WHEREAS on July 5, 2011, the Commission ordered that the matter be adjourned to a confidential pre-hearing conference to be held on September 13, 2011 and that the following dates be reserved for the hearing on the merits in this matter: April 2, 3, 4, 5, 9, 11, 12, 13, 16, 17, 18, 19, 20, 23, 25, 26 and 27, 2012;

AND WHEREAS on September 13, 2011, the Commission ordered that the matter be adjourned to a confidential pre-hearing conference to be held on November 10, 2011 and that the hearing on the merits in this matter shall commence on April 2, 2012 at 10:00 a.m. and continue on the following dates: April 3, 4, 5, 9, 11, 12, 13, 16, 17, 18, 19, 20, 23, 25, 26 and 27, 2012;

AND WHEREAS on November 10, 2011, the Commission ordered that the matter be adjourned to a confidential pre-hearing conference to be held on December 13, 2011 at 9:00 a.m.;

AND WHEREAS on December 13, 2011, counsel for Staff and the Respondent appeared before the Commission for a pre-hearing conference;


IT IS ORDERED that this matter is adjourned to a confidential pre-hearing conference to be held on January 30, 2012 at 2:00 p.m.


“Vern Krishna”

December 23, 2011 (2011) 34 OSCB 12717

Chapter 3

Reasons: Decisions, Orders and Rulings

3.1 OSC Decisions, Orders and Rulings

3.1.1 Lehman Brothers & Associates Corp. et al. – s. 127



AND

IN THE MATTER OF LEHMAN BROTHERS & ASSOCIATES CORP.,

GREG MARKS, KENT EMERSON LOUNDS AND GREGORY WILLIAM HIGGINS

REASONS AND DECISION (Section 127 of the Act)

Hearing: June 6 and 8, 2011 July 5, 2011

Decision: December 16, 2011

Panel: Christopher Portner – Commissioner and Chair of the Panel C. Wesley M. Scott – Commissioner

Appearances: Carlo Rossi – For the Ontario Securities Commission

– No one appeared on behalf of any of the Respondents

TABLE OF CONTENTS

I. BACKGROUND A. History of the Proceeding B. The Respondents

1. Lehman Corp. 2. Marks 3. Lounds

C. Other Related Entities 1. TBS 2. Emerson 3. Triad

II. PRELIMINARY ISSUES A. Failure of the Respondents to Appear

1. Orders Sought by Staff 2. The Law 3. Did Staff satisfy the service requirement?

(a) Lehman Corp. and Marks (b) Lounds

4. Conclusion

III. ISSUES


December 23, 2011 (2011) 34 OSCB 12718

IV. EVIDENCE A. Overview B. Staff Investigator C. The Three Investors

1. Investor One 2. Investor Two 3. Investor Three

V. ANALYSIS A. Did the Respondents engage in unregistered trading, contrary to subsection 25(1)(a) of the Act and contrary

to the public interest? 1. The Law 2. Analysis


B. Did the Respondents engage in fraud, contrary to subsection 126.1(b) of the Act and contrary to the public interest?1. The Law 2. Analysis


VI. CONCLUSION

REASONS AND DECISION

I. BACKGROUND

A. History of the Proceeding

[1] This was a hearing before the Ontario Securities Commission (the “Commission”), pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), to consider whether Lehman Brothers & Associates Corp. (“Lehman Corp.”), Greg Marks (“Marks”) and Kent Emerson Lounds (“Lounds”) breached the Act and acted contrary to the public interest.

[2] On June 29, 2010, the Commission issued a temporary cease trade order in this matter against Lehman Corp., Marks, Michael (Mike) Lehman (a.k.a. Mike Laymen) (“Lehman”), Lounds and Gregory William Higgins (“Higgins”) (the “Temporary Order”). The Commission extended the Temporary Order by orders dated July 12, 2010 and September 10, 2010. The order dated September 10, 2010 also removed Lehman from the Temporary Order. By order dated October 21, 2010, the Commission extended the Temporary Order, as amended, to the conclusion of the hearing on the merits.

[3] The merits proceeding in this matter was commenced against Lehman Corp., Marks, Lounds and Higgins by a Statement of Allegations and Notice of Hearing dated September 3, 2010. The proceeding arose from what Staff of the Commission (“Staff”) alleges to be a fraudulent advance fee scheme involving securities of TBS New Media Ltd. (“TBS New Media”) and TBS New Media PLC (“TBS”).

[4] From December 2008 to May 2009 (the “Material Time”), certain TBS investors were solicited by Marks, a representative of Lehman Corp., to sell their shares of TBS. The investors were advised that they would have to pay advance fees in order to complete the sale of their shares. Four investors sent a total of US$146,760 to accounts controlled by either Lounds or Higgins and suffered a complete loss of the amounts paid.

[5] Staff alleges that Lehman Corp., Marks, Lounds and Higgins traded securities without complying with the registration requirement, contrary to subsection 25(1)(a) of the Act and contrary to the public interest. Staff further alleges that their conduct was fraudulent, contrary to subsection 126.1(b) of the Act and contrary to the public interest.

[6] Higgins, who is referred to in the style of cause of the Statement of Allegations and Notice of Hearing in this matter, entered into a settlement agreement with Staff. The Commission approved the settlement on June 7, 2011 ((2011), 34 O.S.C.B. 6566).

[7] The hearing on the merits in relation to Lehman Corp., Marks and Lounds (collectively, the “Respondents”)commenced on June 6, 2011 (the “Merits Hearing”). We heard evidence in this matter on June 6 and 8, 2011 and closing


December 23, 2011 (2011) 34 OSCB 12719

submissions from Staff on July 5, 2011, and received Staff’s written submissions dated June 29, 2011. None of the Respondents appeared in person or by counsel, or provided written submissions.

B. The Respondents

1. Lehman Corp.

[8] Lehman Corp. purported to be a brokerage firm operating from Montreal, Quebec. There is no record of Lehman Corp. having been registered to carry on business in Ontario, Quebec or elsewhere in Canada, nor is there any record of Lehman Corp. having been registered under the Act.

[9] Staff alleges that Lehman Corp. is a fictitious business.

2. Marks

[10] Marks purported to be a representative of Lehman Corp. There is no record of Marks having been registered under the Act.

[11] Staff alleges that Marks is an alias for an unknown individual.

3. Lounds

[12] Lounds is a resident of Ontario. During the Material Time, he was the registered owner of Emerson Global Holdings (“Emerson”). There is no record of Lounds having been registered under the Act.

C. Other Related Entities

1. TBS

[13] TBS New Media is a company incorporated pursuant to the laws of Ontario.

[14] TBS was incorporated pursuant to the laws of the United Kingdom. TBS was purportedly created to allow the securities of TBS New Media to be traded on an exchange located in Frankfurt, Germany. Between 2004 and 2008, securities of TBS New Media and TBS were distributed to investors in Ontario and throughout Canada purportedly pursuant to a private placement. Some of the investors who originally acquired securities of TBS New Media were asked to return these securities in exchange for securities of TBS. The three investor witnesses who are described in paragraphs 49 and following of these reasons held shares of TBS.

[15] The principal of TBS is Ari Jonathon Firestone (“Firestone”), a resident of Ontario.

2. Emerson

[16] Emerson is registered in Ontario as a sole proprietorship. During the Material Time, Lounds was the registered owner of Emerson.

3. Triad

[17] Triad Holdings (“Triad”) is registered in Ontario as a sole proprietorship. During the Material Time, the registered owner of Triad was Higgins who is a resident of Ontario.

II. PRELIMINARY ISSUES

A. Failure of the Respondents to Appear

1. Orders Sought by Staff

[18] None of the Respondents appeared at the Merits Hearing in person or by counsel. Staff submits that it has provided notice of the proceeding to Lounds, but was unable to effect service on or locate two of the Respondents, Lehman Corp. and Marks. Staff submits that service on these two Respondents has been rendered impossible by the circumstances in this case, including the lack of a valid address for Lehman Corp. and the steps taken by Marks to conceal his true identity.

[19] Accordingly, Staff seeks the following orders from the Commission:


December 23, 2011 (2011) 34 OSCB 12720

(a) An order that service of the Notice of Hearing and Statement of Allegations be waived with respect to Lehman Corp. and Marks as Staff has taken all reasonable steps to locate and serve these two Respondents; and

(b) An order that, under the particular circumstances of this case, the posting of the Notice of Hearing and Statement of Allegations on the Commission’s website constitutes reasonable notice under subsection 6(1) of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, as amended (the “SPPA”).

[20] In support of its requests, Staff relies on the Affidavits of Charlene Rochman (“Rochman”) sworn June 3 and 7, 2011 and the Affidavit of Service of Daniela De Chellis (“De Chellis”) sworn July 5, 2011 which detail the steps taken by Staff to locate and serve the Respondents, as well as the evidence adduced at the hearing as part of Staff’s case.

[21] Staff refers us to Rule 1.5.3 of the Ontario Securities Commission Rules of Procedure (2010), 33 O.S.C.B. 8017 (the “Commission’s Rules”) for the power of the Commission to waive service when service cannot be effected. Staff also refers us to the jurisprudence that deals with the inability to effect service in the civil context, as it is Staff’s position that Rule 16.04 of the Ontario Rules of Civil Procedure, R.R.O. 1990, Reg. 194 (the “Rules of Civil Procedure”) is a provision dealing with the inability to effect service that is similar to Rule 1.5.3 of the Commission’s Rules. Staff submits that Rule 16.04 of the Rules of Civil Procedure has been considered by the courts in Ontario and urges the Commission to rely on those cases.

[22] In particular, Staff cites Joe v. Joe (1984), 46 O.R. (2d) 764 as support for the proposition that “the law does not compel a person to do that which he cannot possibly perform”. Staff also proposes the legal test articulated in Zhang v. Jiang (2006), 82 O.R. (3d) 306 at para. 18 as the test to be considered by the Commission in determining when service can be substituted or dispensed with: “[s]ervice is impractical when it is ‘unable to be carried out or done’, which is proven ‘by showing that all reasonable steps have been taken to locate the party and to personally serve him or her’”.

2. The Law

[23] Subsection 6(1) of the SPPA, which is set out below, requires that “reasonable notice” be given to the parties to a proceeding:

Notice of hearing

6.(1) The parties to a proceeding shall be given reasonable notice of the hearing by the tribunal.

[24] Subsection 7(1) of the SPPA, which is set out below, authorizes a tribunal to proceed in the absence of a party when that party has been given notice of the hearing:

Effect of non-attendance at hearing after due notice

7.(1) Where notice of an oral hearing has been given to a party to a proceeding in accordance with this Act and the party does not attend at the hearing, the tribunal may proceed in the absence of the party and the party is not entitled to any further notice in the proceeding.

[25] In the event that a person required to serve a document is unable to effect service, Rule 1.5.3 of the Commission’s Rules gives a Panel of the Commission the power to order substituted, validated or waived service as follows:

1.5.3 Inability to Effect Service – (1) If a person required to serve a document is unable to serve it by one of the methods described in Rule 1.5.1, the person may apply to a Panel for an order for substituted, validated or waived service.

(2) Application for an Order for Substituted, Validated or Waived Service – The application shall be filed with an affidavit setting out the efforts already made to serve the person and stating:

(a) why the proposed method of substituted service is likely to be successful; or

(b) why a Panel should validate or waive service on that person.

(3) Substituted, Validated or Waived Service – A Panel may give directions for substituted service or, where necessary, may validate or waive service if it considers it appropriate.


December 23, 2011 (2011) 34 OSCB 12721

3. Did Staff satisfy the service requirement?

[26] The facts of this case raise the issue of whether Staff has satisfied the service requirement under the SPPA, particularly as it pertains to Lehman Corp. and Marks who could not be located by Staff. We will address below whether the service requirement has been met with respect to each of the Respondents.

(a) Lehman Corp. and Marks

[27] Based on Staff’s affidavit evidence and the oral evidence from the Staff investigator, Stephen Carpenter (“Carpenter”), we are satisfied that Staff has taken the steps outlined below to locate and serve Lehman Corp. and Marks:

(a) Staff conducted corporate profile searches and found no record of Lehman Corp. in databases maintained by the Ontario Ministry of Government Affairs and Industry Canada (Corporations Canada).

(b) The correspondence that investors received from Lehman Corp. lists Lehman’s address as: 180 [Intentionally deleted] Avenue, Suite 200, Montreal, Quebec, H3T ***. According to Staff, this is also the last known address for Lehman Corp. and Marks. Staff attempted service at this address and determined that this address does not exist. The postal code, H3T ***, is in fact the postal code for 5174 to 5216A [Intentionally deleted] Avenue. Staff also attempted service at 5180 [Intentionally deleted] Avenue, an address most similar to 180 [Intentionally deleted] Avenue and falling within the ambit of H3T ***, however, Lehman Corp. is unknown at that address.

(c) The correspondence that investors received from Lehman Corp. contains the following information: the Lehman Corp. website is located at www.lehmanbrotherscorp.com and the email by which investors can contact Lehman Corp. is [email protected]. According to Staff, the foregoing are the last known website and email addresses for Lehman Corp. Staff conducted computer searches and determined that the Lehman Corp. website is no longer accessible, and that the email account is no longer active.

[28] Staff also introduced into evidence a memorandum from the Autorité des Marchés Financiers (the “AMF”) dated April 14, 2009 which details the investigation undertaken by the AMF with respect to Lehman Corp. (the “AMF Memorandum”). The AMF Memorandum states that the AMF was unable to find any registration record for Lehman Corp. or its representatives in any AMF database, the Quebec Registry of Enterprises or the records of Corporations Canada. The AMF Memorandum further discloses that the address found in Lehman Corp.’s promotional materials is not valid or does not exist. The AMF also attemptedto locate Lehman Corp. representatives by tracing telephone and fax numbers associated with Lehman Corp., however, the investigation led to commercial addresses in some instances, and hotels in others, none of which related to Lehman Corp.

[29] The AMF came across the name Marks in its investigation of Lehman Corp. According to the AMF Memorandum, a cell phone number that was provided to service providers in connection with Lehman Corp’s subscription for telephone services belonged to Marks. The AMF attempted to locate Marks by tracing that cell phone number, however, the investigation led to the address of a hotel in Montreal.

[30] The evidence shows that Lehman Corp. and Marks used false names, telephone numbers and addresses that could not be traced to the true owner, making it impossible for Staff, other regulators or investors to identify or locate Lehman Corp., Marks or other representatives. Accordingly, we find that Staff has taken all steps reasonable in the circumstances to locate andserve Lehman Corp. and Marks.

(b) Lounds

[31] Lounds did not appear at the Merits Hearing. Based on the Affidavit of Rochman sworn June 3, 2011, we find that Lounds was served with notice of the Merits Hearing. Accordingly, we find that we were authorized to proceed in the absence of Lounds in accordance with subsection 7(1) of the SPPA.

[32] After Staff concluded its case on June 8, 2011, a subsequent appearance was scheduled to take place on July 5, 2011 for the Panel to receive submissions from Staff and the Respondents. According to the Affidavit of Service of De Chellis sworn July 5, 2011, Staff served Lounds with notice of the resumption of the Merits Hearing and Staff’s written submissions by email on June 29, 2011 at 5:03 p.m. Staff attempted to deliver hard copies of the materials by having a process server attend Lounds’s last known address on June 30, 2011 at 5:00 p.m. and on July 2, 2011 at 3:00 p.m., but such copies of the materials were not deliverable at those times. On July 4, 2011, at approximately 3:20 p.m., the process server simply left such copies ofthe materials at the front door of Lounds’s last known address. Lounds did not appear on July 5, 2011.

[33] In paragraph 31 above, we found that Lounds was given notice of the Merits Hearing. Accordingly, we were entitled to proceed on July 5, 2011 without giving Lounds any further notice pursuant to subsection 7(1) of the SPPA.


December 23, 2011 (2011) 34 OSCB 12722

4. Conclusion

[34] We are satisfied that Staff made all reasonable efforts to serve the Respondents with notice of the Merits Hearing. We also note that the Notice of Hearing and the Statement of Allegations were posted on the Commission’s website, as was a Commission order dated October 21, 2010 which set out the dates on which the Merits Hearing was scheduled to take place. We order that, pursuant Rule 1.5.3 of the Commission’s Rules, service of the Statement of Allegations and Notice of Hearing on Lehman Corp. and Marks is waived. We further note that, as we found in paragraph 31, Lounds was given notice of the Merits Hearing. We were therefore authorized to proceed in the absence of the Respondents in accordance with subsection 7(1) of the SPPA.

B. Does the Commission have jurisdiction over the Respondents?

[35] In Gregory & Co. v. Quebec (Securities Commission), [1961] S.C.R. 584 (“Gregory”), the Supreme Court of Canada considered the circumstances in which a securities commission would have jurisdiction over an individual and his or her conduct. The Court held that “[t]he fact that the securities traded by appellant would be for the account of customers outside ofthe province … does not … support the submission that appellant was not trading in securities … in the province, within the meaning and for the purposes of [the Quebec securities legislation]” (Gregory, supra, at pp. 587-588; see also Re Allen (2005), 28 O.S.C.B. 8541 at paras. 20-21 (“Allen”); and Re Lett (2004), 27 O.S.C.B. 3215 (“Lett”) at para. 69).

[36] In this case, the offers to purchase TBS shares were made to investors outside Ontario. All of the investors whom we find in these reasons to have sent advance fees to the Respondents are residents of Alberta. In addition, Lehman Corp. purported to operate from outside Ontario, namely, from Montreal, Quebec. However, the evidence discloses that some substantial aspects of each transaction occurred within Ontario. Investor funds were sent to accounts located in Toronto on theinstructions of Lehman Corp. and Marks. These accounts were opened and maintained by either Lounds or Higgins, both Ontario residents, in the name of Emerson or Triad, both sole proprietorships established and registered in Ontario. The evidence shows that investor funds were withdrawn and disbursed in Toronto for the benefit of these two Ontario residents.

[37] We find that there is a substantial connection to Ontario thereby entitling the Commission to exercise jurisdiction over the Respondents.

III. ISSUES

[38] Staff’s evidence raises the following issues:

(a) Did the Respondents engage in unregistered trading, contrary to subsection 25(1)(a) of the Act and contrary to the public interest?

(b) Did the Respondents engage in fraud, contrary to subsection 126.1(b) of the Act and contrary to the public interest?

IV. EVIDENCE

A. Overview

[39] Staff called four witnesses during the hearing, namely, Carpenter and three investors who testified by means of video conference facilities. The three investor witnesses will be referred to individually as Investors One to Three, and collectively as the “Three Investors” in these reasons.

[40] Staff also introduced 16 exhibits into evidence through its witnesses.

[41] None of the Respondents attended the hearing or gave any evidence.

B. Staff Investigator

[42] Carpenter is an investigator in the Enforcement Branch of the Commission. He was assigned the file, which was opened as a result of a referral from the Saskatchewan Financial Services Commission, in November 2009.

[43] Carpenter reviewed the documents that were obtained by other Staff investigators who had previously worked on the file, and complaints that were referred to him by other regulatory bodies, including the Manitoba Securities Commission, the AMF and the Investment Industry Regulatory Organization of Canada (“IIROC”). As part of the investigation, he obtained section 139 certificates which show that none of the Respondents was registered under the Act during the Material Time. He also conducted corporate and other searches to locate and identify Lehman Corp. and Marks, as discussed in paragraphs 27 to 29 above.


December 23, 2011 (2011) 34 OSCB 12723

[44] Carpenter obtained banking records pursuant to summonses issued under section 13 of the Act. More specifically, he caused: the Canadian Imperial Bank of Commerce (“CIBC”) to produce records relating to two accounts in the name of Emerson (the “Emerson Canadian CIBC Account” and the “Emerson US CIBC Account”, and together, the “Emerson Accounts”); the Bank of Nova Scotia to produce records relating to an account in the name of Triad (the “Triad Scotia Account”); and the Royal Bank of Canada (“RBC”) to produce records relating to two accounts in the name of Triad (the “Triad Canadian RBC Account”and the “Triad US RBC Account”, and together, the “Triad RBC Accounts”). The Triad Scotia Account and the Triad RBC Accounts will be collectively referred to as the “Triad Accounts”.

[45] The banking records include account opening documentation, account statements and other supporting documentation for transactions.

[46] During the hearing, Carpenter testified about these documents and the movement of investor funds. His evidence is that four investors sent a total of US$146,760 to the Emerson Accounts and the Triad Accounts, as follows:

(a) A total of US$121,260 of investor funds were sent to the Emerson Accounts, as follows:

(i) The Three Investors sent a total of US$96,460 to the Emerson Canadian CIBC Account; and

(ii) Investor One sent US$24,800 to the Emerson US CIBC Account.

(b) A total of US$25,500 of investor funds were sent to the Triad Accounts, as follows:

(i) An investor who did not testify at the Merits Hearing (“Investor Four”, who will be described in more detail in paragraph 78 below) sent a total of US$8,000 to the Triad Scotia Account; and

(ii) Investor One sent a total of US$17,500 to the Triad Canadian RBC Account.

[47] Relying on the banking records, Carpenter testified that the majority of investor funds transferred to the Emerson Accounts and the Triad Accounts were withdrawn, primarily in cash, by the respective account holder almost immediately following the deposits to such accounts.

[48] During his investigation, Carpenter also conducted compelled examinations of Firestone, Lounds and Higgins as well as voluntary interviews of TBS investors, including Investor Four.

C. The Three Investors

[49] The Three Investors testified about their interaction with the Respondents in relation to the alleged advance fee scheme. They testified that they all dealt almost exclusively with Marks, who held himself out as acting on behalf of Lehman Corp., and were instructed by Marks to wire advance fees to the Emerson Accounts or the Triad Accounts. The advance fees were generally a percentage of the amount that Lehman Corp. would purportedly pay the investors for their TBS shares.

[50] During their testimony, the Three Investors identified packages of documents that they received from the Respondents. Generally speaking, each such package consisted of:

(a) A facsimile transmittal page setting out the name of the sender, Marks, as well as Lehman Corp.’s address, telephone number, facsimile number and website address;

(b) An invoice-type document setting out, among other things, the advance fee requested and the purchase price for the investor’s TBS shares (the “Invoice”);

(c) A document entitled “Pay Order/Fee Protection” purporting to be a binding agreement of Lehman Corp.’s purchase of the investor’s TBS shares and the repayment of any advance fees (the “Agreement”);

(d) A non-disclosure agreement; and

(e) Wiring instructions directing the investor to send his funds to one of the Emerson Accounts or the Triad Accounts.

1. Investor One

[51] Investor One operates a farm in Bashaw, Alberta. He is 76 years old and has a Bachelor of Science degree from the University of Alberta. He described himself as having no investment experience.


December 23, 2011 (2011) 34 OSCB 12724

[52] Investor One owned 10,000 shares of TBS during the Material Time. He purchased the shares at a price of US$1 per share.

[53] In January 2009, Investor One received a telephone solicitation from an individual who identified himself as Marks and as a representative of Lehman Corp. to sell his shares of TBS. From his conversation with Marks, Investor One understood Lehman Corp. to be a broker operating from Montreal, Quebec. He was told that Lehman Corp. was acting for a company in the United States in the acquisition of TBS, and that the American company was willing to pay a substantial premium for the TBS shares in order to ensure a controlling interest in TBS and the proper management of the company.

[54] Marks offered to purchase Investor One’s TBS shares at US$16 per share for a total of US$160,000. He told Investor One that, in order to sell his shares, Investor One must send a security deposit of 5% of the value of the shares, or US$8,000,the purported purpose of which was to guarantee the completion of the transaction by the investor. Marks informed Investor One that the security deposit would be returned to the investor within five or six days, along with the purchase price for the investor’sTBS shares. On January 27, 2009, following the telephone conversation, Investor One received a package of documents, described in paragraph 50 above, purporting to confirm the transaction.

[55] In accordance with the wiring instructions provided by Marks, Investor One sent US$8,000 to the Emerson Canadian CIBC Account on January 29, 2009. Investor One was told that Emerson was a Toronto-based trust company, and as Lehman Corp. had no access to such account, his funds would be protected.

[56] Investor One was subsequently solicited by Marks for a number of other advance fees, all of which Marks claimed were necessary for the completion of the transaction and would be refunded to the investor. For example, Investor One was asked to pay non-resident taxes and to purchase 4,500 warrants. On another occasion, Investor One was asked to send additional funds because he purportedly misunderstood the amount of funds required and sent insufficient funds as a result.

[57] Investor One sent eight advance fees, totalling approximately US$114,760, to the Emerson Accounts or the Triad Accounts. They included:

(a) US$8,000, representing a security deposit which was sent to the Emerson Canadian CIBC Account on January 29, 2009;

(b) US$18,480, representing a 11% U.S. non-resident tax which was sent to the Emerson Canadian CIBC Account on April 8, 2009;

(c) US$14,280, representing a further U.S. non-resident tax which was sent to the Emerson Canadian CIBC Account on April 15, 2009;

(d) US$13,400 sent to the Emerson Canadian CIBC Account on April 22, 2009;

(e) US$24,800 sent to the Emerson US CIBC Account on April 28, 2009;

(f) US$18,300 sent to the Emerson Canadian CIBC Account on May 5, 2009;

(g) US$7,200 sent to the Triad Canadian RBC Account on May 15, 2009; and

(h) US$10,300 sent to the Triad Canadian RBC Account on May 21, 2009.

[58] During the Merits Hearing, Investor One described Marks as “putting the screws to [him] a bit, for pressure” (Hearing Transcript, June 8, 2011, p. 18). For example, Investor One testified that for the initial wire transfers, Marks would phone two or three times a day to ensure that payments were wired. As well, when Investor One was away on vacation for two months, Marks left ten to fifteen “urgent” voice messages requesting payment of non-resident taxes, claiming that “we had to get this done because [Investor One] was holding up any settlement that was going to be made to the other shareholders” (Hearing Transcript, June 8, 2011, p. 18).

[59] After the last wire transfer, Investor One had two further conversations with Marks during which Marks reassured Investor One that there would be a complete refund of all moneys he paid. However, Investor One testified that he never received any payments for the sale of his TBS shares and did not receive a refund of the advance fees he paid.

2. Investor Two

[60] Investor Two is a resident of Rimbey, Alberta. He is 56 years old and currently employed in the field of oil field manufacturing. He completed high school and some post-secondary education, and assessed his investment experience as “average” (Hearing Transcript, June 8, 2011, p. 40).


December 23, 2011 (2011) 34 OSCB 12725

[61] During the Material Time, Investor Two held 20,000 shares of TBS.

[62] Investor Two testified that an individual, who identified himself as Marks and as working for Lehman Corp., telephoned Investor Two about buying Investor Two’s shares of TBS. Investor Two believed Lehman Corp. to be a brokerage company. While Investor Two is not certain whether Lehman Corp. was acting on its own behalf or on behalf of another company, he was told that Lehman Corp. was acquiring TBS shares from investors in order to better manage TBS.

[63] Marks offered to pay US$16 per share, or a total of US$320,000, for Investor Two’s 20,000 shares of TBS. He told Investor Two that the investor must send a security deposit of 5% of the value of the shares, in order to show that he was committed to the transaction. He advised Investor Two that once the security deposit was sent by the investor, the investor would receive the sale proceeds and a refund of the security deposit. Investor Two expected to receive the entire amount from Lehman Corp. within a day of his payment of the advance fee.

[64] On January 21, 2009, Marks sent Investor Two a package of documents by e-mail, as described in paragraph 50 above, which purported to confirm the transaction.

[65] On January 30, 2009, Investor Two wired US$16,000 to the Emerson Canadian CIBC Account in accordance with the instructions provided by Marks. Investor Two was told that Emerson was a holding company that was gathering all of the TBS shares for Lehman Corp.

[66] Investor Two did not receive any funds as promised by Marks. He contacted and followed-up with Marks about the sale of his TBS shares, but Marks informed him that Lehman Corp. had encountered some problems with the U.S. tax authorities. Marks told Investor Two that Investor Two would have to pay a non-resident tax which would be refunded to him.

[67] Marks initially requested that Investor Two pay a 19.75% non-resident tax in order to complete the transaction. After Investor Two indicated that he would pay the U.S. government directly, Marks claimed that he had negotiated with the U.S. government so that Investor Two would only have to pay an 11% tax, or US$35,200. Investor Two declined to send additional funds to the Emerson Canadian CIBC Account, as directed by Marks, and maintained that he would pay the U.S. government directly.

[68] Marks subsequently contacted Investor Two one more time in an attempt to dissuade Investor Two from paying the U.S. government directly. Marks told the investor that it would take too long and that Lehman Corp. needed Investor Two’s shares right away. Investor Two refused, saying that he was not comfortable with spending more money. Since that conversation, Investor Two had tried to contact Marks again, but was unable to speak to Marks or any Lehman Corp. representatives.

[69] Investor Two never transferred his TBS shares to Lehman Corp. He never received consideration for those shares and did not receive a refund of the advance fee he paid.

3. Investor Three

[70] Investor Three is 53 years old and lives in Bonnyville, Alberta. He has a secondary school education and is currently working in the oil field industry. He testified that he has been investing for the past five or six years and considers himself a “pretty experienced” investor who “understand[s] the markets” (Hearing Transcript, June 8, 2011, p. 65).

[71] During the Material Time, Investor Three owned approximately 10,000 shares of TBS which he purchased at US$1 per share.

[72] Investor Three testified that Marks contacted him in 2009 regarding an opportunity to sell his shares of TBS to a company in the United States. Marks told Investor Three that he was acting for Lehman Corp., the Canadian brokerage division of Lehman Brothers Holdings Inc., which was an investment bank in the United States.

[73] Marks offered to buy Investor Three’s shares of TBS at US$16 per share, for a total of US$160,000. Marks discussed TBS’s business with Investor Three which convinced Investor Three that TBS shares were worth US$16 per share. He asked Investor Three to pay a security deposit of 5% of the value of the shares, or US$8,000, in order to facilitate the transaction and pay for the work that he was doing. Marks explained that once Investor Three sent the security deposit, a payment representing the proceeds of the sale of the investor’s shares and a refund of the security deposit would be sent to the investor at the end of the same day. As described in paragraph 50, Investor Three received a package of documents from Marks for the transaction on January 19, 2009.

[74] At Marks’s instructions, Investor Three wired US$8,000 to the Emerson Canadian CIBC Account on January 22, 2009.


December 23, 2011 (2011) 34 OSCB 12726

[75] Having heard nothing from Marks a week after he transferred the security deposit, Investor Three contacted Marks to discuss what happened to the transaction. At first, Marks assured Investor Three that the transaction would take time. However,Marks eventually communicated with Investor Three, both by telephone and in writing, to solicit additional funds. Marks explained that additional funds were required to pay non-resident taxes to the U.S. tax authorities, and in fact, Lehman Corp. was able to negotiate a lower tax rate of 11% rather than 19.75% for Investor Three due to Investor Three’s status as a Canadian citizen. Investor Three was directed to wire US$17,600 to the Emerson Canadian CIBC Account.

[76] Although Marks claimed that the non-resident tax would be refunded to Investor Three, Investor Three refused to pay more money. Investor Three testified that Marks subsequently called to demand payment about five or six times, sometimes on the investor’s home phone, sometimes on his cell phone and sometimes on his business phone. Investor Three described those phone calls as “rude” and “argumentative” (Hearing Transcript, June 8, 2011, p. 77), and on the last occasion, Investor Three asked Marks to stop contacting him.

[77] Investor Three testified that he never received any payments from the Respondents or anyone else for the sale of his TBS shares and did not receive a refund of the advance fee he paid.

D. Investor Four

[78] Investor Four is a resident of Alberta. He was voluntarily interviewed by Carpenter as part of Staff’s investigation, butdid not testify at the hearing. Although we would have preferred to hear viva voce evidence from this investor, hearsay evidence from Investor Four in the form of a transcript of the interview was admitted into evidence through Carpenter pursuant to section15 of the SPPA, subject to the weight given to such evidence (Re Sunwide Finance Inc. (2009), 32 O.S.C.B. 4671 (“Sunwide”)at para. 22). Investor Four’s statements that he was solicited by Lehman Corp. to send advance fees for the purpose of selling his TBS shares are consistent with the testimony of the Three Investors and corroborated by the banking records that are in evidence as part of Staff’s case. The evidence shows that Investor Four transferred an advance fee of US$8,000 to the Triad Scotia Account on March 13, 2009. Investor Four informed Staff that he never received any payments for the sale of his TBS shares and did not receive a refund of the advance fee he paid.

V. ANALYSIS

A. Did the Respondents engage in unregistered trading, contrary to subsection 25(1)(a) of the Act and contrary to the public interest?

1. The Law

[79] Subsection 25(1)(a) of the Act sets out the registration requirement as follows:

25. (1) Registration for trading – No person or company shall,

(a) trade in a security or act as an underwriter unless the person or company is registered as a dealer, or is registered as a salesperson or as a partner or as an officer of a registered dealer and is acting on behalf of the dealer;

…

and the registration has been made in accordance with Ontario securities law and the person or company has received written notice of the registration from the Director and, where the registration is subject to terms and conditions, the person or company complies with such terms and conditions.

[80] Subsection 25(1)(a) refers to a trade in a security. A “trade” or “trading” is defined in subsection 1(1) of the Act as follows:

“trade” or “trading” includes,

(a) any sale or disposition of a security for valuable consideration, whether the terms of payment be on margin, instalment or otherwise, but does not include a purchase of a security or, except as provided in clause (d), a transfer, pledge or encumbrance of securities for the purpose of giving collateral for a debt made in good faith,

…


December 23, 2011 (2011) 34 OSCB 12727

(e) any act, advertisement, solicitation, conduct or negotiation directly or indirectly in furtherance of any of the foregoing;

[81] In Sunwide, supra, at para. 48, the Commission held that, although a purchase of a security is expressly excluded from the definition of “trade” in the Act, when a respondent solicited the sale of shares and made various misrepresentations to induce the sale, those actions constituted acts in furtherance of a trade and not the mere purchase of a security.

[82] It is not necessary for there to be a completed trade in order for someone to be trading in a security. An act in furtherance of a trade is itself a trade for the purposes of the Act (Sunwide, supra, at para. 45).

[83] The Commission has also held that solicitation of or direct contact with investors is not required for an act to constitutean act in furtherance of a trade (Lett, supra, at paras. 48-51 and 64). Accepting investor funds for the purpose of an investment can constitute “trading” within the meaning of the Act (Allen, supra, at para. 85).

2. Analysis

[84] Although the evidence before us suggests that no transfer of securities actually took place, an act in furtherance of a trade does not require a completed trade of a security. We are also cognizant of the express exclusion of a purchase of a security from the definition of “trade” or “trading” in the Act. However, based on the evidence, we are of the view that the conduct of the Respondents, as in the case of Sunwide, was not the mere purchase of securities. We find that the Respondents engaged in acts in furtherance of trading TBS securities for the reasons that follow.


[85] We heard consistent and credible testimony from the Three Investors, supported by documentary evidence which includes the Invoices, the Agreements and banking records, that Lehman Corp. and Marks solicited investors to sell their TBS shares. The acts of solicitation by Lehman Corp. and Marks included the following:

(a) Marks held himself out to be a representative of Lehman Corp. and telephoned investors about selling their shares of TBS.

(b) Marks offered to purchase TBS shares at US$16 per share which represented a substantial premium over the price of US$1 per share which investors originally paid for the shares.

(c) Marks discussed the purchase of TBS shares by Lehman Corp. with investors, including the reason for the substantial premium and the purpose of Lehman Corp’s acquisition of those shares.

(d) Marks told investors that they would have to provide an advance fee representing a refundable security deposit in order to complete the sale of their TBS shares.

(e) Marks directed investors to wire advance fees to the Emerson Accounts or the Triad Accounts, and explained to investors that Emerson and Triad were trust companies holding investor funds in escrow.

(f) Once investors paid the initial security deposit, Marks would approach them again for further advance fees. For example, all of the Three Investors were solicited to pay non-resident taxes. Investor One was also asked to purchase warrants. Marks explained to the Three Investors that the advance fees were necessary to complete the sale of their TBS shares and would be refunded to the investors.

(g) When investors failed to pay advance fees as requested, Marks would make repeated telephone calls requesting payments.

(h) Marks sent packages of documents by facsimile or e-mail to the Three Investors purporting to confirm the sale of their TBS shares and the repayment of the advance fees they had paid. These documents, including facsimile transmittal pages, the Invoices, the Agreements, non-disclosure agreements and wiring instructions, as described in paragraph 50 above, were sent on Lehman Corp’s letterhead.

[86] We note that Investor One was solicited by Marks to purchase 4,500 warrants. We have little evidence before us as to the exact terms and nature of the warrants, and it does not appear that these warrants exist. However, we can conclude they were nothing more than an artifice that was intended to induce investors to pay additional fees.

[87] It is clear from the evidence that Marks and Lehman Corp., of which Marks was a representative, actively solicited and induced the sales of TBS shares. Lehman Corp. and Marks solicited investors to sell their TBS shares and to pay advance fees for the purported reason of facilitating those sales. Marks and Lehman Corp. made representations to induce those sales and


December 23, 2011 (2011) 34 OSCB 12728

sent documents and materials relating to those sales. As in the case of Sunwide, we find that the actions of the Respondents were not the mere purchase of securities, but involved a solicitation of the sale of the relevant shares and constituted acts infurtherance of a trade.

[88] Further, we find that the conduct of Marks and Lehman Corp. in their solicitation of TBS investors reveals a pattern of high pressure sales tactics. The evidence shows that:

(a) Investors One and Two were told that they must pay advance fees promptly because they were delaying the acquisition of TBS or payments to other investors. Investor One was told that he was “holding up any settlement that was going to be made to the other shareholders” (Hearing Transcript, June 8, 2011, p. 18). Investor Two was told that Lehman Corp “needed to get the shares sold right away” and that “we needed to do it to stop the thing from getting held up” (Hearing Transcript, June 8, 2011, pp. 55 and 57).

(b) For the initial wire transfers, Marks called Investor One two to three times a day to ensure that funds were wired, and during the two months that Investor One was away on vacation, left him ten to fifteen “urgent” voice messages requesting the payment of non-resident taxes (Hearing Transcript, June 8, 2011, p. 18).

(c) After Investor Three refused to make additional payments, Marks called the investor five to six times on the investor’s home phone, cell phone and business phone. Investor Three described the phone calls in the following way: “he was trying to get me and saying you have to give us this money, it’ll get this deal through. And I said there’s no way I’m giving you any more more money, it’s not going to happen” (Hearing Transcript, June 8, 2011, p. 81). He further described these conversations as “rude” and “argumentative” (Hearing Transcript, June 8, 2011, p. 77).

[89] We find the high pressure sales tactics employed by these two Respondents to be egregious and contrary to the public interest.

[90] During the Material Time, neither Lehman Corp. nor Marks was registered under the Act in any capacity. We received no evidence of any available exemption which would allow Lehman Corp. or Marks to trade TBS securities in Ontario.

[91] We find that Lehman Corp. and Marks traded securities without registration and without a registration exemption being available, contrary to subsection 25(1)(a) of the Act and contrary to the public interest.

(b) Lounds

[92] Lounds had little direct contact with investors. However, as noted in paragraph 83 above, solicitation or direct contact with investors is not required for an act to constitute an act in furtherance of a trade. Accepting investor funds for the purpose of an investment can constitute “trading” within the meaning of the Act.

[93] In the present case, the banking records introduced by Staff through Carpenter establish that the Three Investors sent a total of US$121,260 to the Emerson Accounts. The Emerson Accounts were opened by Lounds, the registered owner of Emerson. Account opening statements show, and Lounds admitted in the compelled examination of him by Staff, that, during the Material Time, he was the sole authorized signatory on the Emerson Accounts and the only person authorized to withdraw money from those accounts. Accordingly, we find that Lounds opened and maintained bank accounts that accepted investor funds and thereby engaged in acts in furtherance of trading TBS shares.

[94] Lounds was not registered during the Material Time in any capacity. We received no evidence of any available exemption which would allow Lounds to trade TBS securities in Ontario.

[95] We find that Lounds traded securities without registration and without a registration exemption being available, contraryto subsection 25(1)(a) of the Act and contrary to the public interest.

B. Did the Respondents engage in fraud, contrary to subsection 126.1(b) of the Act and contrary to the public interest?

1. The Law

[96] Subsection 126.1(b) of the Act sets out the fraud provision as follows:

126.1 Fraud and market manipulation – A person or company shall not, directly or indirectly, engage or participate in any act, practice or course of conduct relating to securities or derivatives of securities that the person or company knows or reasonably ought to know,


December 23, 2011 (2011) 34 OSCB 12729

…

(b) perpetrates a fraud on any person or company.

[97] It is well established in the Commission’s jurisprudence that the elements of fraud under subsection 126.1(b) of the Act are:

…the actus reus of the offence of fraud will be established by proof of:

1. the prohibited act, be it an act of deceit, a falsehood or some other fraudulent means; and

2. deprivation caused by the prohibited act, which may consist in actual loss or the placing of the victim’s pecuniary interests at risk.

Correspondingly, the mens rea of fraud is established by proof of:

1. subjective knowledge of the prohibited act; and

2. subjective knowledge that the prohibited act could have as a consequence the deprivation of another (which deprivation may consist in knowledge that the victim’s pecuniary interests are put at risk).

(R. v. Théroux, [1993] 2 S.C.R. 5 (“Théroux”) at p. 20)

[98] In Anderson v. British Columbia (Securities Commission) (2004), 192 B.C.A.C. 119 (leave to appeal to the Supreme Court of Canada denied) (“Anderson”), the British Columbia Court of Appeal discussed the mental element of the fraud provision of the British Columbia Securities Act, R.S.B.C. 1996, c. 418, as amended (the “BC Act”). As the fraud provision of the BC Act has the identical operative language as section 126.1 of the [Ontario] Act, the Commission has adopted the analysis in Anderson in cases involving subsection 126.1(b) of the Act. In interpreting the fraud provision as it relates to the mental element of fraud, the British Columbia Court of Appeal stated:

…[the fraud provision of the BC Act] does not dispense with the requirement that there must be a fraud involved in the transaction, which requires a guilty state of mind.…[the fraud provision of the BC Act] simply widens the prohibition against participation in transactions to include participants who know or ought to know that a fraud is being perpetrated by others, as well as those who participate in perpetrating the fraud. It does not eliminate proof of fraud, including proof of subjective knowledge of the facts constituting the dishonest act, by someone involved in the transactions.

(Anderson, supra, at paras. 24 and 26)

2. Analysis


[99] It is clear from the evidence that Lehman Corp. and Marks operated a fraudulent advance fee scheme in which Lehman Corp. and Marks made material misrepresentations to induce TBS investors to pay a number of advance fees.

[100] The evidence before us shows that an individual using the name Marks solicited TBS investors by telephone, e-mail and facsimile. In Marks’s solicitation and the materials that he sent to investors, Marks identified himself as acting on behalf of Lehman Corp. Marks further led TBS investors to believe, either by telling the investors explicitly or through implication, thatLehman Corp. was a brokerage company, and in some instances, that it was related to Lehman Brothers Holding Inc.

[101] Marks represented to investors that he and Lehman Corp. were involved in the acquisition of TBS shares. One of the purported reasons for the acquisition disclosed in the evidence of Investors One and Two was to take over the management of TBS to better manage the company.

[102] Marks offered investors a substantial premium over the purchase price they paid for their TBS shares. Marks would then tell investors that, in order to complete the transaction, the investors had to pay a security deposit which would be refunded to them along with the purchase price for their TBS shares. He instructed investors to wire funds to the Emerson Accounts or theTriad Accounts, sometimes explaining to investors that Emerson and Triad were holding companies independent of Lehman Corp. which would hold the funds in escrow until the completion of the share purchase transaction.


December 23, 2011 (2011) 34 OSCB 12730

[103] If investors agreed to pay the security deposit, Marks would approach them again, stating that Lehman Corp. had encountered problems with the U.S. tax authorities. Investors were told that, in order for them to receive the proceeds of the sale of their TBS shares, they would have to pay a non-resident tax. Marks would, once again, reassure the investors that the fee was refundable and ask the investors to wire their funds to the Emerson Accounts or the Triad Accounts.

[104] When investors refused to make the requested payments, such as Investors Two and Three, Marks would claim that Lehman Corp. was able to negotiate a lower tax for the investors. However, when an investor demonstrated a willingness to pay, such as Investor One, the evidence shows that Marks continued to solicit that investor for other advance fees that were purportedly necessary to complete the sale transaction.

[105] All of the statements and claims made by Marks were completely devoid of substance. We reiterate our finding that Marks is an alias that was used to deceive TBS investors as to Marks’s true identity. Additionally, the investment scheme, premised on the purchase of TBS shares and represented to investors by Marks, was a complete fabrication. Lehman Corp. was not affiliated with Lehman Brothers Holdings Inc. Staff’s investigation uncovered no record of Lehman Corp. other than as part of the solicitations received by TBS shareholders. There is no evidence that Lehman Corp. ever intended to purchase TBS shares from the investors or required advance fees to complete the sale transaction. Accordingly, we conclude that Lehman Corp. had no underlying legitimate business or business purpose, and was merely part of a fraudulent advance fee scheme.

[106] We find that Marks and Lehman Corp. engaged in acts of deceit or falsehood. They made false and misleading statements to investors which deceived the investors about the investment scheme, including misrepresentations about Marks’s identity, the nature of Lehman Corp.’s business, the underlying acquisition of TBS by Lehman Corp. or another U.S. company, the purchase of the investors’ TBS shares and the necessity of advance fees.

[107] These false and misleading statements induced investors to pay US$146,760 in advance fees. More specifically, Investor One sent eight advance fees totalling US$114,760; Investor Two sent an advance fee of US$16,000; Investor Three sent an advance fee of US$8,000; and Investor Four sent an advance fee of US$8,000. None of the investors received any consideration for their TBS shares, nor did they receive a refund of the advance fees they paid in response to the representations made to them. We conclude that investors were deprived of those funds as a result of the false and misleading statements.

[108] There is compelling evidence that Marks knew about the dishonest acts and the deprivation suffered by the investors that would result therefrom. Marks is an alias designed to deceive investors about his identity. Lehman Corp., of which Marks claimed to be a representative, is a fictitious business which we found to have no legitimate business or business purpose. TheLehman Corp. documents that Marks sent to TBS investors listed contact information that was false and misleading. The AMF Memorandum shows that the contact information provided by Lehman Corp. and Marks to telephone service providers was also false. The testimony of the Three Investors further demonstrates that Marks ceased contact with investors and could not be found, and suffice it to say, steps were taken to conceal Marks’s identity. It is clear from the circumstances that Marks knew that his representations to the investors were false and misleading but nonetheless actively participated in making them knowing thatthe TBS investors would be deprived of the advance fees that they paid.

[109] Accordingly, we find that Lehman Corp. and Marks perpetrated a fraudulent advance fee scheme, contrary to subsection 126.1(b) of the Act and contrary to the public interest.

(b) Lounds

[110] As we found in paragraph 93, of the US$146,760 paid by TBS investors in advance fees, US$121,260 was sent to the Emerson Accounts. As noted in paragraph 93 above, Lounds was the sole signing authority on the Emerson Accounts and the only person authorized to withdraw money from those accounts.

[111] The banking records in evidence further show that the majority of investor funds in the Emerson Accounts were withdrawn by Lounds, primarily in cash, almost immediately following the related deposits. There is no evidence before us that accounts for the use of the investor funds. We find that Lounds furthered the fraudulent acts in the scheme by diverting investor funds from their intended use that was represented to the investors which deprived investors of their funds.

[112] Having received investor funds and disposed of them in the manner described in paragraph 111 above, Lounds knew or reasonably ought to have known that such actions would result in deprivation on the part of the TBS investors.

[113] We find that Lounds participated in fraudulent misconduct, contrary to subsection 126.1(b) of the Act and contrary to the public interest.


December 23, 2011 (2011) 34 OSCB 12731

VI. CONCLUSION

[114] For the reasons given above, we find that:

(a) Lehman Corp., Marks and Lounds traded in TBS securities without registration, contrary to subsection 25(1)(a) of the Act and contrary to the public interest;

(b) The high pressure sales tactics employed by Lehman Corp. and Marks in their solicitation of investors was contrary to the public interest; and

(c) Lehman Corp., Marks and Lounds engaged or participated in acts, practices or a course of conduct relating to TBS shares that they knew or reasonably ought to have known perpetrated a fraud, contrary to subsection 126.1(b) of the Act and contrary to the public interest.

[115] Staff and the Respondents shall contact the Office of the Secretary to the Commission within ten days to schedule a sanctions and costs hearing.

DATED at Toronto this 16th day of December, 2011

“Christopher Portner” “C. Wesley M. Scott” Christopher Portner C. Wesley M. Scott


December 23, 2011 (2011) 34 OSCB 12732




AND

IN THE MATTER OF PHOENIX CREDIT RISK MANAGEMENT CONSULTING INC.,

PHOENIX PENSION SERVICES INC., PHOENIX CAPITAL RESOURCES INC.,

RATHORE & ASSOCIATES ASSET MANAGEMENT LTD., 2195043 ONTARIO INC., JAWAD RATHORE,

VINCENZO PETROZZA and OMAR MALONEY

SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION AND

PHOENIX CREDIT RISK MANAGEMENT CONSULTING INC., PHOENIX PENSION SERVICES INC.,

PHOENIX CAPITAL RESOURCES INC., RATHORE & ASSOCIATES ASSET MANAGEMENT LTD.,

2195043 ONTARIO INC., JAWAD RATHORE, VINCENZO PETROZZA and OMAR MALONEY

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 “Securities Act”) it is in the public interest for the Commission to make certain orders in respect of Phoenix Credit Risk Management Consulting Inc. (“Phoenix CRMC”), Phoenix Pension Services Inc. (“Phoenix Pension”), Phoenix Capital Resources Inc. (“Phoenix Capital Resources”), Rathore & Associates Asset Management Ltd. (“R&A”), 2195043 Ontario Inc. (“2195043”) (Phoenix CRMC, Phoenix Pension, Phoenix Capital Resources, R&A and 2195043 are collectively referred to herein as the “Companies”), Jawad Rathore (“Rathore”), Vincenzo Petrozza (“Petrozza”) and Omar Maloney (“Maloney”) (collectively the “Respondents”).

PART II – JOINT SETTLEMENT RECOMMENDATION

2. Staff of the Commission (“Staff”) agree to recommend settlement of the proceeding commenced by Notice of Hearing (the “Proceeding”) against the Respondents according to the terms and conditions set out in Part VIII of this settlement agreement (the “Settlement Agreement”). The Respondents agree 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. Subject to paragraph 42 below, the Respondents agree with the facts set out in this Part III.

4. Staff and the Respondents agree that the facts set out in this Part III for the purpose of this settlement are without prejudice to the Respondents in any other proceedings of any kind including, but without limiting the generality of the foregoing, any other proceedings brought by the Commission under the Securities Act (subject to paragraph 44 below) or any civil or other proceedings currently pending or which may be brought by any other person, corporation or agency (subject to paragraph 42 below).

Parties

5. Between January 1, 2007 and June 30, 2009 (the “Relevant Time”), Rathore and Petrozza were the sole officers and directors of Phoenix CRMC and Phoenix Capital Resources.

6. During the Relevant Time, Rathore was the sole officer and director of Phoenix Pension and R&A.

7. During the Relevant Time, Rathore and Petrozza had signing authority on the bank account of 2195043. Rathore’s wife and Petrozza’s wife were each directors and shareholders of 2195043.


December 23, 2011 (2011) 34 OSCB 12733

8. The Companies are Ontario corporations, with the following incorporation dates:

- R&A: November 21, 2001;

- Phoenix Pension: July 12, 2002;

- Phoenix CRMC: May 30, 2003;

- Phoenix Capital Resources: February 8, 2006; and

- 2195043: January 9, 2009.

9. During the Relevant Time, Maloney was an employee of Phoenix CRMC.

10. Prior to the Relevant Time, Phoenix Pension provided consulting services regarding funds in locked-in retirement accounts, including assisting individuals in unlocking or accessing funds in their retirement accounts to repay debts.

11. During the Relevant Time, Phoenix CRMC provided consulting services regarding funds in locked-in retirement accounts, including assisting individuals in unlocking or accessing funds in their retirement accounts to repay debts. Many clients of Phoenix CRMC were referred to it by collection agencies.

12. During the Relevant Time, Phoenix Capital Resources offered short term bridge loans to individuals who were unlocking funds in their retirement accounts to repay debt.

13. During the Relevant Time, Phoenix Pension, R&A and 2195043 received payments in respect of the Respondents’ referral of clients of Phoenix CRMC to purchase shares in Great Pacific International Inc. (“GPI”) and/or OSE Corp. (“OSE”).

14. None of the Respondents were registered with the Commission during the Relevant Time.

GPI and OSE

15. During the Relevant Time, GPI and OSE were both reporting issuers listed on the TSX Venture Exchange (“TSXV”) carrying on business as oil and gas companies.

16. During the Relevant Time, Thalbinder Poonian (“Poonian”) was the President and a director of GPI and owned and/or controlled shares of GPI and OSE.

17. The Respondents were introduced to Poonian by a registered representative who was employed by an investment dealer registered with the Investment Dealers Association (as it then was).

The Phoenix Investors

18. Some Phoenix CRMC clients had amounts remaining in their accounts after unlocking their retirement funds and repaying debts.

19. During the Relevant Period, Rathore and Maloney, with and through Phoenix CRMC, recommended to many of those clients the purchase of shares of GPI and OSE. Many of those clients subsequently purchased shares of GPI and/or OSE (the “Phoenix Investors”).

20. In many cases, the Respondents (other than Petrozza) told Phoenix Investors that the future value and price of GPI, OSE or both, would increase.

21. The Phoenix Investors purchased their shares in GPI and/or OSE in accounts held at registered investment dealers. Some of the accounts were with full service investment dealers and some were with discount brokerage firms. If a Phoenix Investor did not have a trading account, Phoenix CRMC offered to assist a client in opening an account at an investment dealer and in many cases did so.

22. The Phoenix Investors were, in some cases, referred to representatives of GPI and OSE, including Poonian, who gave them information regarding GPI and OSE. Sometimes one of the Respondents (other than Petrozza), or an employee of one of the Companies, participated in those calls.


December 23, 2011 (2011) 34 OSCB 12734

23. In order to effect many of the purchases, one of the Respondents (other than Petrozza), or an employee of one of the Companies participated in a three-way telephone call with the Phoenix Investor and a representative of the Phoenix Investor’s investment dealer. Purchases were occasionally effected by the Phoenix Investors directly.

24. The Phoenix Investors thereby acquired shares of GPI, OSE, or both.

25. During the Relevant Time, the Phoenix Investors purchased approximately 11 million GPI shares and approximately 4.9 million OSE shares.

26. The Phoenix Investors invested a total of approximately $16.5 million in GPI and OSE.

27. In many cases, the shares purchased by the Phoenix Investors through the TSXV were sold by Poonian personally, or persons and companies related to and/or controlled or directed by him (the “Poonian Sellers”). Poonian effected these sales by specifying to the Respondents the timing and price of purchases by the Phoenix Investors.

28. Pursuant to an agreement with Poonian, certain of the Respondents, directly or indirectly, received compensation for referring investors to GPI and OSE from persons and companies related to, directed by and/or associated with Poonian. The compensation was typically a percentage of the amounts invested in GPI and OSE by the Phoenix Investors.

29. During the Relevant Time, approximately $3 million in compensation was paid to Phoenix Pension, R&A and 2195043 for the sale of GPI and OSE shares to the Phoenix Investors.

30. The Respondents did not disclose to the Phoenix Investors that they received compensation for referring Phoenix Investors to GPI and/or OSE.

31. During the Relevant Time, certain of the Companies caused approximately $261,787.55 in cheques to be issued to or for the benefit of several Phoenix Investors. Some of the cheques contained the notation “Dividends.” During the Relevant Time, GPI and OSE did not declare dividends.

32. During the Relevant Time, certain of the Companies also made payments to or for the direct benefit of Phoenix Investors in the amount of approximately $10,500.00.

33. As outlined above, during the Relevant Time, Phoenix Capital Resources offered short term bridge loans to individuals who were unlocking funds in their retirement accounts to repay debt. These funds were advanced either directly to Phoenix Investors or to third party collection agencies as payments towards debts owing by Phoenix Investors. Debts owing to Phoenix Capital Resources by Phoenix Investors in the amount of approximately $22,500.00 as a result of such loans have been unconditionally forgiven by the Respondents.

34. The Respondents have cooperated with Staff in the investigation of this matter.

PART IV – RESPONDENTS’ POSITION

35. The Respondents request that the settlement hearing panel consider the following mitigating circumstances:

a. The Respondents stopped the conduct contrary to the Securities Act and contrary to the public interest, as described below, prior to being aware of any investigation by or concerns of any regulator.

b. During their initial meeting and regularly throughout their dealings, Poonian made statements to the Respondents endorsing the business and operations of GPI and OSE. The Respondents also reviewed the publicly available information regarding GPI and OSE, including press releases and annual filings.

c. Rathore and Petrozza recommended GPI and/or OSE to friends and family, many of whom purchased and continue to hold shares of one or both companies (including Rathore’s spouse and Petrozza’s parents).

PART V – CONDUCT CONTRARY TO SECTIONS 25, 38 AND 129.2 OF THE SECURITIES ACT

36. The Respondents’ activities in respect of GPI and OSE constituted trading in securities without registration in respect ofwhich no exemption was available, contrary to section 25 of the Securities Act.


December 23, 2011 (2011) 34 OSCB 12735

37. In their roles as directors and officers, including de facto directors and officers, Rathore and Petrozza authorized, permitted or acquiesced in the non-compliance of the Companies with Ontario securities law and, accordingly, failed to comply with Ontario securities law contrary to section 129.2 of the Securities Act.

38. The Respondents, except Petrozza, gave undertakings as to the future value or price of GPI and OSE with the intention of effecting trades in those securities, contrary to section 38(2) of the Securities Act.

PART VI – CONDUCT CONTRARY TO THE PUBLIC INTEREST

39. The Respondents engaged in conduct contrary to the public interest by:

a. failing to do adequate due diligence with respect to Poonian, the Poonian Sellers, GPI and OSE, before recommending shares of those companies to Phoenix Investors;

b. receiving compensation from Poonian or from others associated or related to him for referring Phoenix Investors;

c. failing to advise the Phoenix Investors that they received compensation for referring the Phoenix Investors to purchase GPI and/or OSE; and

d. describing payments to Phoenix Investors as dividends when they were not.

PART VII – TERMS OF SETTLEMENT

40. The Respondents agree to the terms of settlement set out below.

41. The Commission will make an order pursuant to section 127(1) and section 127.1 of the Securities Act that:

(a) the Settlement Agreement is approved;

(b) the Respondents shall jointly and severally pay an administrative penalty of $250,000.00 to be allocated to or for the benefit of third parties in accordance with section 3.4(2)(b) of the Securities Act to be paid in quarterly instalments over a period of 4 years from the date this Settlement Agreement is approved;

(c) the Respondents shall jointly and severally pay the costs of Staff’s investigation in the amount of $100,000.00 within a period of 1 year from the date this Settlement Agreement is approved;

The Companies

(d) the Companies shall jointly and severally disgorge to the Commission the amount of $2,705,212.45 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $250,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $2,455,212.45 to be paid in quarterly instalments over a period of 4 years from the date this Settlement Agreement is approved;

(e) the Companies shall cease trading in securities for 15 years;

(f) the Companies shall cease acquisitions of securities for a period of 15 years;

(g) any exemptions in Ontario securities law shall not apply to the Companies for a period of 15 years;

Rathore

(h) Rathore shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:





December 23, 2011 (2011) 34 OSCB 12736




(i) any exemptions in Ontario securities law shall not apply to Rathore for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

(j) Rathore shall not trade in or acquire securities for 15 years, except:

(a) Rathore may trade in or acquire securities in his personal registered retirement savings plan (“RRSP”) accounts and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the sponsor; and

(b) Rathore may trade in or acquire Mortgage Instruments or securities of a Closely Held Private Company;

and for greater certainty, nothing in this paragraph shall prevent any issuer which Rathore controls, any issuer of which Rathore is a director, officer and/or shareholder and/or any issuer to which Rathore, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

(k) Rathore shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date this Settlement Agreement is approved;

Petrozza

(l) Petrozza shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:







(m) any exemptions in Ontario securities law shall not apply to Petrozza for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

(n) Petrozza shall not trade in or acquire securities for 15 years, except:



December 23, 2011 (2011) 34 OSCB 12737


and for greater certainty, nothing in this paragraph shall prevent any issuer which Petrozza controls, any issuer of which Petrozza is a director, officer and/or shareholder and/or any issuer to which Petrozza, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

(o) Petrozza shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date this Settlement Agreement is approved;

Maloney

(p) Maloney shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:







(q) any exemptions in Ontario securities law shall not apply to Maloney for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

(r) Maloney shall not trade in or acquire securities for 15 years, except:



and for greater certainty, nothing in this paragraph shall prevent any issuer which Maloney controls, any issuer of which Maloney is a director, officer and/or shareholder and/or any issuer to which Maloney, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

(s) Maloney shall disgorge to the Commission the amount of $50,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $20,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $30,000.00 to be paid in quarterly instalments over a period of 1 year from the date this Settlement Agreement is approved;

(t) in the event that any of the payments set out in paragraph 41(b), (c), (d), (k), (o) or (s) above are not made in full, the provisions of paragraph 41(e), (f), (g), (h), (i), (j), (l), (m), (n), (p), (q) and (r) shall continue in force in respect of each Respondent which has failed to make payment, until such payments are made in full without any limitation as to time period.

42. The Respondents consent to a regulatory order made by any provincial or territorial securities regulatory authority containing any or all of the sanctions set out in paragraph 41(e), (f), (g), (h), (i), (j), (l), (m), (n), (p), (q), (r) and (t),provided that such sanctions in such order or orders shall not remain in effect beyond the date on which the sanctions contained herein cease.


December 23, 2011 (2011) 34 OSCB 12738

PART VIII – STAFF COMMITMENT

43. If this Settlement Agreement is approved by the Commission, Staff will not commence any other proceeding under the Securities Act against the Respondents under Ontario securities law respecting the facts set out in Part III of the Settlement Agreement, subject to the provisions of paragraph 44 below.

44. If the Commission approves this Settlement Agreement and any of the Respondents fail to comply with any of the terms of the Settlement Agreement, Staff may bring proceedings under Ontario securities law against them. 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 IX – PROCEDURE FOR APPROVAL OF SETTLEMENT

45. The parties will seek approval of this Settlement Agreement at a public hearing before the Commission according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Practice.

46. Staff and the Respondents agree that this Settlement Agreement will form all of the agreed facts that will be submitted at the settlement hearing on the Respondents’ conduct, unless the parties agree that additional facts should be submitted at the settlement hearing.

47. If the Settlement Agreement is approved by the Commission, the Respondents agree to waive all of their rights to a full hearing, judicial review or appeal of the matter under the Securities Act.

48. If the Commission approves this Settlement Agreement, none of the parties will make any public statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the settlement hearing.

49. Whether or not the Commission approves this Settlement Agreement, the Respondents 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 X – DISCLOSURE OF SETTLEMENT AGREEMENT

50. If the Commission does not approve this Settlement Agreement or does not make the order attached as Schedule “A” to this Settlement Agreement:

a. this Settlement Agreement and all discussions and negotiations between Staff and the Respondents before the settlement hearing takes place will be without prejudice to Staff and the Respondents; and

b. Staff and the Respondents will 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.

51. All parties will keep the terms of the Settlement Agreement confidential until the Commission approves the Settlement Agreement. At that time, the parties will no longer have to maintain confidentiality. If the Commission does not approve the Settlement Agreement, all 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 XI – EXECUTION OF SETTLEMENT AGREEMENT

52. The Settlement Agreement may be signed in one or more counterparts which together shall constitute a binding agreement.

53. A facsimile copy of any signature shall be as effective as an original signature.

DATED this 14th day of December, 2011.

“Jawad Rathore” For Phoenix Credit Risk Management Consulting Inc.


December 23, 2011 (2011) 34 OSCB 12739

“Jawad Rathore” For Phoenix Pension Services Inc.

“Jawad Rathore” For Phoenix Capital Resources Inc.

“Jawad Rathore” For Rathore & Associates Asset Management Ltd.

“Jawad Rathore” For 2195043 Ontario Inc.

“Jawad Rathore” Jawad Rathore

“Vince Petrozza” Vincenzo Petrozza

“Omar Maloney” Omar Maloney

“Kathryn Daniels” December 15, 2011 Kathryn J. Daniels Deputy Director, Enforcement Branch


December 23, 2011 (2011) 34 OSCB 12740

SCHEDULE “A”



AND




AND OMAR MALONEY

ORDER(Sections 127(1) and 127.1)

WHEREAS on ________ 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc. (the “Companies”), Jawad Rathore (“Rathore”), Vincenzo Petrozza (“Petrozza”) and Omar Maloney (“Maloney”) (collectively, the “Respondents”);

AND WHEREAS on __________, 2011, Staff of the Commission (“Staff”) filed a Statement of Allegations in respect of the same matter;

AND WHEREAS the Respondents and Staff entered into a Settlement Agreement (the “Settlement Agreement”) in which they agreed to a settlement of the proceeding commenced by the Notice of Hearing dated __________, 2011, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and upon hearing submissions from counsel for Staff and counsel for the Respondents;


IT IS ORDERED THAT:

1. the Settlement Agreement is approved;

2. the Respondents shall jointly and severally pay an administrative penalty of $250,000.00 to be allocated to or for the benefit of third parties in accordance with section 3.4(2)(b) of the Securities Act to be paid in quarterly instalment over a period of 4 years from the date the Settlement Agreement is approved;

3. the Respondents shall jointly and severally pay the costs of Staff’s investigation in the amount of $100,000.00 within a period of 1 year from the date the Settlement Agreement is approved;

The Companies

4. the Companies shall jointly and severally disgorge to the Commission the amount of $2,705,212.45 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $250,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $2,455,212.45 to be paid in quarterly instalments over a period of 4 years from the date the Settlement Agreement is approved;

5. the Companies shall cease trading in securities for 15 years;

6. the Companies shall cease acquisitions of securities for a period of 15 years;

7. any exemptions in Ontario securities law shall not apply to the Companies for a period of 15 years;


December 23, 2011 (2011) 34 OSCB 12741

Rathore

8. Rathore shall resign all positions he holds as a director or officer, and for 15 years will be prohibited from becoming or acting as a director or officer of any:







9. any exemptions in Ontario securities law shall not apply to Rathore for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

10. Rathore shall not trade in or acquire securities for 15 years, except:

a. Rathore may trade in or acquire securities in his personal registered retirement savings plan (“RRSP”) accounts and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the sponsor; and

b. Rathore may trade in or acquire Mortgage Instruments or securities of a Closely Held Private Company;

and for greater certainty, nothing in this paragraph shall prevent any issuer which Rathore controls, any issuer of which Rathore is a director, officer and/or shareholder and/or any issuer to which Rathore, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

11. Rathore shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date the Settlement Agreement is approved;

Petrozza

12. Petrozza shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:



(c) issuer that distributes securities under a prospectus or prospectus exemption under the Securities Act,





December 23, 2011 (2011) 34 OSCB 12742

13. any exemptions in Ontario securities law shall not apply to Petrozza for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

14. Petrozza will not trade in or acquire securities for 15 years, except:



and for greater certainty, nothing in this paragraph shall prevent any issuer which Petrozza controls, any issuer of which Petrozza is a director, officer and/or shareholder and/or any issuer to which Petrozza, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

15. Petrozza shall disgorge to the Commission the amount of $100,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $25,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $75,000.00 to be paid in quarterly instalments over a period of 1 year from the date this agreement is executed;

Maloney

16. Maloney shall resign all positions he holds as a director or officer, and for 15 years shall be prohibited from becoming or acting as a director or officer of any:





A) any issuer that distributes, issues or trades Mortgage Instruments; or


17. any exemptions in Ontario securities law shall not apply to Maloney for a period of 15 years, except those exemptions used in respect of the trading in or acquisition of Mortgage Instruments or securities of a Closely Held Private Company;

18. Maloney shall not trade in or acquire securities for 15 years, except:



and for greater certainty, nothing in this paragraph shall prevent any issuer which Maloney controls, any issuer of which Maloney is a director, officer and/or shareholder and/or any issuer to which Maloney, either directly or indirectly through a corporation, provides services from trading in or acquiring Mortgage Instruments or securities of a Closely Held Private Company;

19. Maloney shall disgorge to the Commission the amount of $50,000.00 to be allocated to or for the benefit of third parties under section 3.4(2)(b) of the Securities Act, with payment of $20,000.00 to be made by certified cheque at the time of the settlement hearing and the remaining $30,000.00 to be paid in quarterly instalments over a period of 1 year from the date the Settlement Agreement is approved; and

20. in the event that any of the payments set out in paragraphs 2, 3, 4, 11, 15 or 19 above are not made in full, the provisions of paragraphs 5, 6, 7 8, 9, 10, 12, 13, 14, 16, 17 and 18 shall continue in force in respect of each Respondent which has failed to make payment, until such payments are made in full without any limitation as to time period.


December 23, 2011 (2011) 34 OSCB 12743

DATED at Toronto this _____ day of ________________, 2011.

__________________________________


December 23, 2011 (2011) 34 OSCB 12744

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December 23, 2011 (2011) 34 OSCB 12745

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

Revolution Technologies Inc. 05 Dec 11 16 Dec 11 19 Dec 11

Rodocanachi Capital Inc. 05 Dec 11 16 Dec 11 16 Dec 11

Innovative Wireline Solutions Inc. 07 Dec 11 19 Dec 11 19 Dec 11

Homeserve Technologies Inc. 16 Dec 11 28 Dec 11

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

THERE ARE NO ITEMS FOR THIS WEEK.

Cease Trading Orders

December 23, 2011 (2011) 34 OSCB 12746


December 23, 2011 (2011) 34 OSCB 12747

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 23, 2011 (2011) 34 OSCB 12748

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price

Date/Month End Holdings

Acquired/ Disposed

01 Communique Laboratory Inc.

Options Stringer, Brian 5 14/12/2011 50 0.5 980,000 50,000

01 Communique Laboratory Inc.

Options Train, William, Archibald 4 14/12/2001 50 0.5 85,000 85,000

A&W Revenue Royalties Income Fund

Exchangeable Shares A&W Food Services of Canada Inc.

3 13/12/2011 11 19.68 1,337,231 86,873

ABCOURT MINES INC. Options Mullan, Glenn J 4 9/12/2011 00 300,000 ABCOURT MINES INC. Options Zinke, Jens 4 9/12/2011 00 300,000 Aberdeen International Inc. Common Shares Bishop, Richard Edwin 5 30/6/2011 00 Aberdeen International Inc. Common Shares Bishop, Richard Edwin 5 16/12/2011 10 0.64 10,000 10,000 Abitex Resources Inc. Common Shares Burrows, Fred 4 9/12/2011 10 0.05 150,500 150,500 Abitex Resources Inc. Common Shares Burrows, Fred 4 12/12/2011 10 0.045 152,500 2,000 Abitibi Royalties Inc. Common Shares Williams, Chad 4 14/12/2011 10 1.5 32,422 5,000 Absolute Software Corporation

Options Sarantakes, Evan John 5 30/11/2011 51 165,000 -5,000

Acadian Energy Inc. (formerly York Ridge Lifetech Inc.)

Common Shares Lawrence, Mark Andrew 4 12/11/2011 10 0.65 148,500 500

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 9/12/2011 38 7.72 23,359,669 3,000

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 12/12/2011 38 7.6 23,360,169 500








Adanac Molybdenum Corporation

Common Shares Redleaf, Andrew 3 12/12/2011 10 0.57 2,531,311 -25,000







ADF Group Inc. Unités d'actions différées (UAD-DSU)

Belcourt, Marc 4 13/12/2011 56 7,438 4,000


Benoît, Marc 4 31/7/2003 00


Benoît, Marc 4 13/12/2011 56 4,000 4,000


Filion, Marc 4 13/12/2011 56 8,860 4,000


Meti, Antonio 4 7/4/2008 00


Meti, Antonio 4 13/12/2011 56 4,000 4,000


Paré, Robert 4 13/12/2011 56 11,738 4,000

Advanced Explorations Inc. Common Shares Gingerich, John Cater 4 9/12/2011 10 2,853,500 50,000

Advantex Marketing International Inc.

Warrants Ambrose, Kelly Edmond 5 9/12/2011 55 0.045 1,415,100 -83,250

AEterna Zentaris Inc. Options Aubut, Marcel 4 7/12/2011 50 1.74 50,000 AEterna Zentaris Inc. Options Aubut, Marcel 4 7/12/2011 50 1.74 225,000 50,000 AEterna Zentaris Inc. Options Blake, Paul 5 7/12/2011 50 1.74 108,430 AEterna Zentaris Inc. Options Blake, Paul 5 7/12/2011 50 1.74 427,480 108,430 AEterna Zentaris Inc. Options Dorais, José P. 4 7/12/2011 50 1.74 50,000 AEterna Zentaris Inc. Options Dorais, José P. 4 7/12/2011 50 1.74 80,000 50,000 AEterna Zentaris Inc. Options Engel, Jürgen 4, 5 7/12/2011 50 1.74 267,000 AEterna Zentaris Inc. Options Engel, Jürgen 4, 5 7/12/2011 50 1.74 1,299,750 267,000 AEterna Zentaris Inc. Options Ernst, Jürgen 4 7/12/2011 50 1.74 50,000 AEterna Zentaris Inc. Options Ernst, Jürgen 4 7/12/2011 50 1.74 275,000 50,000 AEterna Zentaris Inc. Options Günther, Eckhard 5 7/12/2011 50 1.74 35,309

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12749



Acquired/ Disposed

AEterna Zentaris Inc. Options Günther, Eckhard 5 7/12/2011 50 1.74 200,876 35,309 AEterna Zentaris Inc. Options Lapalme, Pierre 4 7/12/2011 50 1.74 50,000 AEterna Zentaris Inc. Options Lapalme, Pierre 4 7/12/2011 50 1.74 100,000 50,000 AEterna Zentaris Inc. Options Limoges, Gérard A. 4 7/12/2011 50 1.74 50,000 AEterna Zentaris Inc. Options Limoges, Gérard A. 4 7/12/2011 50 1.74 175,000 50,000 AEterna Zentaris Inc. Options Meyers, Michael Evan 4 7/12/2011 50 1.74 40,000 AEterna Zentaris Inc. Options Meyers, Michael Evan 4 7/12/2011 50 1.74 60,000 40,000 AEterna Zentaris Inc. Options Pelliccione, Nicholas J. 5 7/12/2011 50 1.74 103,316 AEterna Zentaris Inc. Options Pelliccione, Nicholas J. 5 7/12/2011 50 1.74 308,316 103,316 AEterna Zentaris Inc. Options Peukert, Manfred 5 7/12/2011 50 1.74 41,263 AEterna Zentaris Inc. Options Peukert, Manfred 5 7/12/2011 50 1.74 256,263 41,263 AEterna Zentaris Inc. Options Seeber, Matthias 5 7/12/2011 50 1.74 104,425 AEterna Zentaris Inc. Options Seeber, Matthias 5 7/12/2011 50 1.74 438,067 104,425 AEterna Zentaris Inc. Options Turpin, Dennis 5 7/12/2011 50 1.74 104,125 AEterna Zentaris Inc. Options Turpin, Dennis 5 7/12/2011 50 1.74 745,975 104,125 Afexa Life Sciences Inc. Common Shares Valeant Pharmaceuticals

International, Inc. 3 17/10/2011 00

Afexa Life Sciences Inc. Common Shares Valeant Pharmaceuticals International, Inc.

3 12/12/2011 22 400 400

Afexa Life Sciences Inc. Common Shares Valeant Pharmaceuticals International, Inc.

3 12/12/2011 38 0 -89,453,438

Ag Growth International Inc. Common Shares Estate of R. Stenson, Robert 5 8/12/2011 10 34.92 3,200

Ag Growth International Inc. Common Shares Estate of R. Stenson, Robert 5 8/12/2011 10 34.92 66,293 -3,200

Ag Growth International Inc. Common Shares Estate of R. Stenson, Robert 5 9/12/2011 10 34.618 39,793 -26,500

Ag Growth International Inc. Common Shares Lambert, William Allen 4 13/12/2011 47 41,000 15,000

Ag Growth International Inc. Common Shares Lambert, William Allen 4 13/12/2011 47 25,900 -30,000

AGF Management Limited Common Shares Class B Goldring, Blake Charles 4, 5 14/12/2011 90 20,000 -130,000

AGF Management Limited Common Shares Class B Goldring, Blake Charles 4, 5 9/1/2003 00

AGF Management Limited Common Shares Class B Goldring, Blake Charles 4, 5 14/12/2011 90 130,000 130,000

AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 12/12/2011 90 15.34 -1,000,000

AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 12/12/2011 90 15.34 3,219,632 -1,000,000

AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 1/2/2011 00

AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 12/12/2011 90 15.34 1,000,000 1,000,000

Agnico-Eagle Mines Limited Common Shares Sylvestre, Yvon 5 15/12/2011 10 40 1,422 1,000

AIRBOSS OF AMERICA CORP.

Common Shares AirBoss of America Corp. 1 12/12/2011 38 4.5 93,900 93,900

AIRBOSS OF AMERICA CORP.

Common Shares AirBoss of America Corp. 1 12/12/2011 38 0 -93,900

Alacer Gold Corp. Common Shares Haddon, Timothy John 4, 7, 5 14/12/2011 51 4.25 151,005 31,665 Alacer Gold Corp. Options Haddon, Timothy John 4, 7, 5 13/12/2011 51 4.25 -50,000 Alacer Gold Corp. Options Haddon, Timothy John 4, 7, 5 13/12/2011 51 4.25 337,653 -50,000 Alaris Royalty Corp. Common Shares Colabella, Manijeh Rachel 5 15/12/2011 97 7,525 59 Alaris Royalty Corp. Options Colabella, Manijeh Rachel 5 12/12/2011 50 101,000 27,500 Alaris Royalty Corp. Common Shares Driscoll, Darren John 5 15/12/2011 97 182,246 254 Alaris Royalty Corp. Options Driscoll, Darren John 5 12/12/2011 50 232,500 49,000 Alaris Royalty Corp. Common Shares King, Stephen Walter 4, 5 15/12/2011 97 361,178 339 Alaris Royalty Corp. Options King, Stephen Walter 4, 5 12/12/2011 50 380,000 64,000 Alaris Royalty Corp. Common Shares Lee, Jack Chuck 4 12/12/2011 15 16.25 150,500 15,000 Alaris Royalty Corp. Common Shares Neldner, Sherri 5 15/12/2011 97 1,903 39 Alaris Royalty Corp. Common Shares Reid, Stephen 5 15/12/2011 97 236,109 102 Alaris Royalty Corp. Options Reid, Stephen 5 12/12/2011 50 140,900 47,900 Alder Resources Ltd. Common Shares Bharti, Rene 4, 5 14/12/2011 10 2,432,500 82,500 Alder Resources Ltd. Common Shares Bharti, Rene 4, 5 15/12/2011 10 2,497,500 65,000 Alder Resources Ltd. Common Shares Bharti, Rene 4, 5 16/12/2011 10 2,503,500 6,000 Alderon Iron Ore Corp. Common Shares Bharti, Stan 4 9/12/2011 10 2,600,000 -100,000 Alderon Iron Ore Corp. Common Shares Warr, Donald James 6 16/12/2011 10 2.32 39,000 5,000 Alimentation Couche-Tard Inc.

Unité d'action différée Desrosiers, Roger 4 16/12/2011 35 30.52 8,606 21

Alimentation Couche-Tard Inc.

Unité d'action différée Élie, Jean André 4 16/12/2011 35 30.52 8,205 21

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12750



Acquired/ Disposed


Unité d'action différée Fortin, Richard 4, 6, 7, 5 16/12/2011 35 30.52 1,074 3


Unité d'action différée Kau, Mélanie 4 16/12/2011 35 30.52 14,712 36


Unité d'action différée Sauriol, Jean-Pierre 4 16/12/2011 35 30.52 20,291 50


Unité d'action différée Turmel, Jean 4 16/12/2011 35 30.52 24,414 60

Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 14/11/2006 00 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 18/10/2011 10 7,663,870 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 18/10/2011 15 7,663,870 7,663,870 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 7/12/2011 10 4,336,130 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 7/12/2011 15 12,000,000 4,336,130 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 14/11/2006 00 11,490,952 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 14/11/2006 00 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 7/12/2011 53 6,000,000 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 7/12/2011 15 6,000,000 6,000,000 Allon Therapeutics Inc. Common Shares Neuro Discovery II Limited

Partnership 3 7/12/2011 00 12,000,000

Allon Therapeutics Inc. Warrants Neuro Discovery II Limited Partnership

3 7/12/2011 00 6,000,000

Allon Therapeutics Inc. Warrants Neuro Discovery Limited Partnership

3 14/11/2008 55 0 -1,562,500

Almaden Minerals Ltd. Common Shares Trieu, Korm 5 13/12/2011 10 2.35 3,000 3,000 Almaden Minerals Ltd. Common Shares Trieu, Korm 5 24/5/2011 00 Almaden Minerals Ltd. Common Shares Trieu, Korm 5 13/12/2011 10 2.35 3,000 Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 8/12/2011 10 11 16,500 4,800

Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 14/12/2011 10 11 18,300 1,800

Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 15/12/2011 10 10.987 22,300 4,000

Amica Mature Lifestyles Inc. Subscription Rights Barkin, Leonard W. 4 8/6/2003 00

Amica Mature Lifestyles Inc. Subscription Rights Barkin, Leonard W. 4 14/12/2011 15 7.45 20,000 20,000

Amica Mature Lifestyles Inc. Subscription Rights Holland, Terence Michael 4 1/12/2010 00

Amica Mature Lifestyles Inc. Subscription Rights Holland, Terence Michael 4 14/12/2011 15 7.45 35,000 35,000

Amica Mature Lifestyles Inc. Subscription Rights Manji, Salim 4 10/3/1997 00

Amica Mature Lifestyles Inc. Subscription Rights Manji, Salim 4 14/12/2011 15 7.45 97,800

Amica Mature Lifestyles Inc. Subscription Rights Manji, Salim 4 14/12/2011 15 7.45 97,800 97,800

Amica Mature Lifestyles Inc. Subscription Rights Manji, Samir Aziz 3, 4, 5 10/3/1997 00

Amica Mature Lifestyles Inc. Subscription Rights Manji, Samir Aziz 3, 4, 5 14/12/2011 15 7.45 32,600

Amica Mature Lifestyles Inc. Subscription Rights Manji, Samir Aziz 3, 4, 5 14/12/2011 15 7.45 32,600 32,600

Amica Mature Lifestyles Inc. Subscription Rights Oppenheim, Andrew Louis 4 13/6/2003 00

Amica Mature Lifestyles Inc. Subscription Rights Oppenheim, Andrew Louis 4 14/12/2011 15 7.45 7,000 7,000

Amica Mature Lifestyles Inc. Subscription Rights Shaikh, Mazhar H. (Mike) 4 1/7/2011 00

Amica Mature Lifestyles Inc. Subscription Rights Shaikh, Mazhar H. (Mike) 4 14/12/2011 15 7.45 15,000 15,000

Amica Mature Lifestyles Inc. Subscription Rights van der Lee, Charles 4 23/11/2004 00

Amica Mature Lifestyles Inc. Subscription Rights van der Lee, Charles 4 14/12/2011 15 7.45 2,000 2,000





Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 7/12/2011 10 0.192 5,425,293 50,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12751



Acquired/ Disposed

Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 8/12/2011 10 0.198 5,447,293 22,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 9/12/2011 10 0.202 5,495,293 48,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 12/12/2011 10 0.209 5,570,293 75,000 Anconia Resources Corp. Common Shares Brewster, Jason Allen Ross 4, 5 8/12/2011 10 0.2 497,250 1,500

Anglo Swiss Resources Inc. Common Shares Constable, David Wayne 4 15/12/2011 16 0.06 470,000 250,000

Anglo Swiss Resources Inc. Warrants Constable, David Wayne 4 15/12/2011 16 0.1 210,000 125,000

Arcan Resources Ltd. Common Shares Baumgardner, Kyle Evan 5 8/12/2011 10 4.532 143,650 1,000 Argex Mining Inc. Options Billings, Mark Anthony 4, 5 9/12/2011 50 0.445 1,550,000 250,000 Argex Mining Inc. Common Shares Bonnell, George Roy

MacKay 4, 5 15/12/2011 10 0.379 36,300 13,500

Argex Mining Inc. Options Bonnell, George Roy MacKay

4, 5 9/12/2011 50 1,550,000 250,000

Argex Mining Inc. Options Di Cesare, Enrico 5 9/12/2011 50 550,000 200,000 Argex Mining Inc. Options Garson, Anthony 4 9/12/2011 50 775,000 100,000 Argex Mining Inc. Options Guilbault, Robert 4 9/12/2011 50 500,000 250,000 Argex Mining Inc. Common Shares Haddad, Mazen 4 15/12/2011 10 0.385 1,239,480 50,000 Argex Mining Inc. Options Haddad, Mazen 4 9/12/2011 50 350,000 100,000 Argex Mining Inc. Common Shares Laferriere, Andre 5 9/12/2011 00 20,000 Argex Mining Inc. Common Shares Laferriere, Andre 5 13/12/2011 00 Argex Mining Inc. Options Laferriere, Andre 5 9/12/2011 00 Argex Mining Inc. Options Laferriere, Andre 5 9/12/2011 50 150,000 150,000 Argex Mining Inc. Options Laferriere, Andre 5 13/12/2011 00 Argex Mining Inc. Options Smith, Peter Henderson 4 9/12/2011 50 0.445 375,000 100,000 Argosy Energy Inc. Options Campbell, Richard Allan 5 13/12/2011 50 1.61 157,500 25,000 Argosy Energy Inc. Options Dalton, Thomas 5 13/12/2011 50 1.61 163,000 27,500 Argosy Energy Inc. Options Dobek, Ray 4, 5 13/12/2011 50 1.61 189,000 30,000 Argosy Energy Inc. Options Faircloth, Ken 4 13/12/2011 50 1.61 157,500 25,000 Argosy Energy Inc. Common Shares George, Norm 5 14/12/2011 10 1.58 239,710 10,000 Argosy Energy Inc. Common Shares George, Norm 5 14/12/2011 10 1.62 244,710 5,000 Argosy Energy Inc. Options George, Norm 5 13/12/2011 50 1.61 157,500 25,000 Argosy Energy Inc. Options Poetker, John 4 13/12/2011 50 157,500 25,000 Argosy Energy Inc. Options Roorda, Jacob 4 13/12/2011 50 1.61 157,500 25,000 Argosy Energy Inc. Options Salamon, Peter 4, 5 13/12/2011 50 1.61 250,000 40,000 Arius3D Corp. (Formerly, Rebecca Capital Inc.)

Common Shares Frontier One Company Ltd. 3 12/12/2011 11 34,978,823 -490,715

Artis Real Estate Investment Trust

Units Martens, Armin 4, 5 13/10/2011 47 13.92 -6,350


Units Martens, Armin 4, 5 12/12/2011 47 13.68 -7,659


Units Martens, Armin 4, 5 12/12/2011 47 13.68 90,987 -7,659


Units Martens, Armin 4, 5 13/12/2011 47 13.92 84,637 -6,350


Units Martens, Armin 4, 5 17/12/2004 00


Units Martens, Armin 4, 5 13/10/2011 47 13.92 6,350


Units Martens, Armin 4, 5 12/12/2011 47 13.68 7,659 7,659


Units Martens, Armin 4, 5 13/12/2011 47 13.92 14,009 6,350

Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 26/10/2011 10 1.4 922,762 -22,900 Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 8/11/2011 10 1.42 903,262 -19,500 Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 6/12/2011 10 1.473 868,362 -34,900 Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 7/12/2011 10 1.45 865,562 -2,800 Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 8/12/2011 10 1.411 845,562 -20,000 Aston Hill Financial Inc. Common Shares Cheng, Benedict 4 9/12/2011 10 1.446 835,462 -10,100 Astral Media Inc. Options Bergeron, Jean-François 5 14/12/2011 50 33.7 3,600 3,600 Astral Media Inc. Unités d'actions avec

restrictions/Restricted Share Units(A)

Bergeron, Jean-François 5 14/12/2011 30 1,800 1,800

Astral Media Inc. Non-Voting Shares Class A

Catellier, Brigitte 5 12/12/2011 30 36.07 3,680 355


Catellier, Brigitte 5 12/12/2011 30 36.42 3,702 22


Catellier, Brigitte 5 14/12/2011 51 20.98 8,327 4,625


Catellier, Brigitte 5 14/12/2011 10 33.78 3,702 -4,625

Astral Media Inc. Options Catellier, Brigitte 5 12/12/2011 52 39.75 20,000 -3,400 Astral Media Inc. Options Catellier, Brigitte 5 14/12/2011 50 33.7 25,000 5,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12752



Acquired/ Disposed

Astral Media Inc. Options Catellier, Brigitte 5 14/12/2011 51 20.98 20,375 -4,625 Astral Media Inc. Unités d'actions avec


Catellier, Brigitte 5 14/12/2011 30 8,700 2,500


Chiasson, Arnold 5 12/12/2011 30 36.24 2,550 7

Astral Media Inc. Options Chiasson, Arnold 5 12/12/2011 52 39.75 16,525 -4,800 Astral Media Inc. Options Chiasson, Arnold 5 14/12/2011 50 33.7 21,525 5,000 Astral Media Inc. Unités d'actions avec


Chiasson, Arnold 5 14/12/2011 30 8,700 2,500

Astral Media Inc. Options Côté, Jocelyn 5 14/12/2011 50 33.7 3,600 3,600 Astral Media Inc. Unités d'actions

différées/Deferred Share Units

Côté, Jocelyn 5 14/12/2011 30 1,800 1,800


Fortier, Robert 5 12/12/2011 30 36.07 6,763 846


Fortier, Robert 5 12/12/2011 30 36.24 6,833 70

Astral Media Inc. Options Fortier, Robert 5 12/12/2011 52 39.75 14,800 -3,000 Astral Media Inc. Options Fortier, Robert 5 14/12/2011 50 33.7 20,800 6,000 Astral Media Inc. Unités d'actions


Fortier, Robert 5 14/12/2011 30 7,700 3,000


Gagnon, Claude 5 12/12/2011 30 36.24 41,753 138

Astral Media Inc. Options Gagnon, Claude 5 12/12/2011 52 39.75 89,500 -14,000 Astral Media Inc. Options Gagnon, Claude 5 14/12/2011 50 33.7 103,500 14,000 Astral Media Inc. Unités d'actions avec


Gagnon, Claude 5 14/12/2011 30 24,400 7,000

Astral Media Inc. Options Goyette, Stéphane 5 14/12/2011 50 33.7 7,200 3,600 Astral Media Inc. Unités d'actions avec


Goyette, Stéphane 5 14/12/2011 30 3,600 1,800

Astral Media Inc. Options Greenberg, Ian 4, 7, 5 12/12/2011 52 39.75 705,000 -70,000 Astral Media Inc. Options Greenberg, Ian 4, 7, 5 14/12/2011 50 33.7 775,000 70,000 Astral Media Inc. Unités d'actions


Greenberg, Ian 4, 7, 5 14/12/2011 30 156,600 35,000

Astral Media Inc. Options Lizotte, Claude 7 12/12/2011 52 39.75 20,000 -4,000 Astral Media Inc. Options Lizotte, Claude 7 14/12/2011 50 33.7 25,000 5,000 Astral Media Inc. Unités d'actions avec


Lizotte, Claude 7 14/12/2011 30 8,700 2,500


Parisien, Jacques 7 12/12/2011 30 36.12 38,913 2,220


Parisien, Jacques 7 12/12/2011 30 36.24 39,103 190

Astral Media Inc. Options Parisien, Jacques 7 12/12/2011 52 39.75 115,125 -17,000 Astral Media Inc. Options Parisien, Jacques 7 14/12/2011 50 33.7 155,125 40,000 Astral Media Inc. Unités d'actions avec


Parisien, Jacques 7 14/12/2011 30 44,200 20,000


Riley, John Thomas Joseph 7 12/12/2011 30 36.24 37,053 723

Astral Media Inc. Options Riley, John Thomas Joseph 7 12/12/2011 52 39.75 91,000 -14,000

Astral Media Inc. Options Riley, John Thomas Joseph 7 14/12/2011 50 33.7 105,000 14,000

Astral Media Inc. Unités d'actions avec restrictions/Restricted Share Units(A)

Riley, John Thomas Joseph 7 14/12/2011 30 24,400 7,000


Roy, Pierre 7 12/12/2011 30 36.24 11,703 229

Astral Media Inc. Options Roy, Pierre 7 12/12/2011 52 39.75 56,000 -14,000 Astral Media Inc. Options Roy, Pierre 7 14/12/2011 50 33.7 70,000 14,000 Astral Media Inc. Unités d'actions avec


Roy, Pierre 7 14/12/2011 30 24,400 7,000


Sabbatini, Luc 7 12/12/2011 30 36.24 10,534 21

Astral Media Inc. Options Sabbatini, Luc 7 12/12/2011 52 39.75 71,662 -10,000 Astral Media Inc. Options Sabbatini, Luc 7 14/12/2011 50 33.7 83,662 12,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12753



Acquired/ Disposed

Astral Media Inc. Unités d'actions avec restrictions/Restricted Share Units(A)

Sabbatini, Luc 7 14/12/2011 30 20,900 6,000

Atacama Pacific Gold Corporation

Common Shares Schneider, Albrecht Georg 3, 4, 5 16/12/2011 10 3.78 15,018,734 1,900

Atacama Pacific Gold Corporation

Common Shares Schneider, Albrecht Georg 3, 4, 5 16/12/2011 10 3.79 15,021,834 3,100

ATCO LTD. Non-Voting Shares Class I Charlton, Loraine M. 7 13/12/2011 10 59.63 2,200 -2,000

ATCO LTD. Non-Voting Shares Class I Charlton, Loraine M. 7 15/12/2011 10 58.35 1,200 -1,000

Ateba Resources Inc. (formerly, Ateba Technology & Environmental Inc.)

Common Shares Dickie, William Paul 4, 5 12/12/2011 10 0.03 1,473,000 3,000

Atlanta Gold Inc. Convertible Debentures 6% with a maturity date of Dec. 15, 2016

CONCEPT CAPITAL MANAGEMENT LTD

3 15/12/2011 00 $3,000,000

Atlanta Gold Inc. Warrants CONCEPT CAPITAL MANAGEMENT LTD

3 15/12/2011 00 30,000,000

Atna Resources Ltd. Options Fagin, David 4 13/12/2011 50 0.88 604,000 150,000 Atna Resources Ltd. Options Herald, Christopher 4 13/12/2011 50 0.88 490,000 150,000 Atna Resources Ltd. Common Shares Hesketh, James 4 18/3/2008 36 84,280 Atna Resources Ltd. Common Shares Hesketh, James 4 18/3/2008 36 26,969 Atna Resources Ltd. Common Shares Hesketh, James 4 18/3/2008 36 47,400 22,400 Atna Resources Ltd. Common Shares Hesketh, James 4 19/3/2008 36 65,858 Atna Resources Ltd. Common Shares Hesketh, James 4 19/3/2008 36 117,827 70,427 Atna Resources Ltd. Common Shares Hesketh, James 4 1/12/2008 10 0.2665 -10,000 Atna Resources Ltd. Common Shares Hesketh, James 4 1/12/2008 10 0.2665 157,827 -5,000 Atna Resources Ltd. Options Hesketh, James 4 13/12/2011 50 1,696,800 500,000 Atna Resources Ltd. Options Parker, Ronald Dean 4 13/12/2011 50 0.88 604,000 150,000 Atna Resources Ltd. Options Stewart, Douglas 5 15/8/2011 00 200,000 Atna Resources Ltd. Options Stewart, Douglas 5 13/12/2011 50 0.88 310,000 110,000 Atna Resources Ltd. Options Watkins, David Harold 4, 5 13/12/2011 50 0.9 835,000 150,000 ATS Automation Tooling Systems Inc.

Defered Share Unit Arnold, Neil D. 4 15/12/2011 46 6.11 47,678 2,045

ATS Automation Tooling Systems Inc.

Defered Share Unit Martino, Michael E. 4 15/12/2011 46 6.11 43,675 2,045


Defered Share Unit McAusland, David L. 4 15/12/2011 46 6.11 23,844 2,864


Defered Share Unit Presher, Gordon 4 15/12/2011 46 6.11 32,871 2,045


Defered Share Unit Trangucci, Neale X. 4 15/12/2011 45 6.11 46,412 2,045


Defered Share Unit Wilson, Daryl 4 15/12/2011 46 6.11 38,542 2,045

Augusta Industries Inc. (formerly Fiber Optic Systems Technology, Inc.)

Convertible Debentures LONE, ALLEN 3, 4, 6, 5 9/12/2011 11 0.1 $37,500 $12,500

Aura Minerals Inc. Common Shares Keith, Stephen 4 9/8/2011 00 Aura Minerals Inc. Common Shares Keith, Stephen 4 12/12/2011 10 1.11 10,000 10,000 AurCrest Gold Inc. Common Shares brodie-brown, peter harrison 5 8/12/2011 10 912,930 10,000

AuRico Gold Inc. Options Bostwick, Christopher John 5 12/12/2011 50 9.29 180,000 50,000

AuRico Gold Inc. Options Chavez - Martinez, Mario Luis

4 12/12/2011 50 9.29 137,500 50,000

AuRico Gold Inc. Options Howorth, Matthew 5 12/12/2011 50 9.29 75,000 AuRico Gold Inc. Options Howorth, Matthew 5 12/12/2011 50 9.29 142,025 38,000 AuRico Gold Inc. Options Richter, Christopher Hans 5 12/12/2011 50 9.29 100,000 50,000 AuRico Gold Inc. Options Rockingham, Christopher

John5 12/12/2011 50 9.29 100,000

AuRico Gold Inc. Options Rockingham, Christopher John

5 12/12/2011 50 9.29 250,750 50,000

Aurizon Mines Ltd. Options Incentive Bergeron, Martin 5 12/12/2011 50 6.02 620,000 160,000 Aurizon Mines Ltd. Options Incentive BERNER, SARGENT

HARRIS 4 8/12/2011 50 6.02 498,000 38,000

Aurizon Mines Ltd. Options Incentive Bourcier, Christian 5 8/12/2011 50 6.02 278,750 70,000 Aurizon Mines Ltd. Options Incentive Brack, George Leslie 4 8/12/2011 50 238,000 38,000 Aurizon Mines Ltd. Options Incentive HALL, DAVID POLSON 4, 5 8/12/2011 50 6.02 1,163,000 38,000 Aurizon Mines Ltd. Options Incentive Walton, Ian Stirling 4, 5 8/12/2011 50 6.02 965,000 160,000 Aurora Oil & Gas Limited Ordinary Shares Molson, Frederick William 4 4/4/2011 00 Aurora Oil & Gas Limited Ordinary Shares Molson, Frederick William 4 4/4/2011 00 Aurora Oil & Gas Limited Ordinary Shares Molson, Frederick William 4 4/4/2011 00 1,112,455

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12754



Acquired/ Disposed

Aurora Oil & Gas Limited Ordinary Shares Molson, Frederick William 4 9/12/2011 10 3.35 1,212,455 100,000 AutoCanada Inc. Restricted share units Orysiuk, Thomas Louis 6, 7 15/12/2011 35 8,594 164 AutoCanada Inc. Restricted share units Rose, Stephen Richard

Edward 5 15/12/2011 35 3,651 69

Avanti Mining Inc. Common Shares Uren, Shane 5 12/12/2011 00 100,000 Avanti Mining Inc. Options Uren, Shane 5 12/12/2011 00 1,000,000 Avcorp Industries Inc. Convertible Preferred

SharesPanta Holdings B.V. 3 21/7/2009 00

Avcorp Industries Inc. Convertible Preferred Shares

Panta Holdings B.V. 3 29/9/2011 11 6 100,000 100,000








Panta Holdings B.V. 3 16/12/2011 11 4 313,190 500

Avcorp Industries Inc. Promissory Notes Panta Holdings B.V. 3 21/7/2009 00 Avcorp Industries Inc. Promissory Notes Panta Holdings B.V. 3 16/4/2010 11 $1,771,000 $1,771,000 Avcorp Industries Inc. Promissory Notes Panta Holdings B.V. 3 24/5/2011 11 $7,771,000 $6,000,000 Avcorp Industries Inc. Warrants Panta Holdings B.V. 3 21/7/2009 00 Avcorp Industries Inc. Warrants Panta Holdings B.V. 3 24/5/2011 11 19,550,532 19,550,532 AvenEx Energy Corp. Common Shares Kohn, Jeff 4 15/12/2011 10 5.05 77,050 -30,000 Azabache Energy Inc. (formerly, Argenta Oil & Gas Inc.)

Options Chahley, Vincent 4 19/4/2011 00 300,000

Azabache Energy Inc. (formerly, Argenta Oil & Gas Inc.)

Options Chahley, Vincent 4 12/12/2011 50 0.68 450,000 150,000


Options Gordon, Daniel Boris 5 13/12/2011 50 0.68 650,000 250,000


Options Larotonda, Claudio 4, 5 11/1/2010 37 -400,000






Options Larotonda, Claudio 4, 5 14/12/2011 50 0.68 1,700,000 600,000


Options Panchuk, Ronald Gregory 5 12/12/2011 50 0.68 400,000 100,000


Options Van Doorne, Glenn Gilbert Henry

4, 5 13/12/2011 50 0.68 1,200,000 600,000


Warrants Wheeler, William Ball 3 21/5/2010 00


Warrants Wheeler, William Ball 3 8/12/2011 50 0.68 100,000 100,000

BacTech Environmental Corporation

Common Shares Orr, Murray Ross 7 9/12/2011 10 0.15 770,000 5,000

Baja Mining Corp. Options Hennessey, Charles B. 5 5/12/2011 00 Baja Mining Corp. Options Hennessey, Charles B. 5 5/12/2011 50 0.82 750,000 750,000 Baja Mining Corp. Options Wright, Adam 5 2/12/2011 00 Baja Mining Corp. Options Wright, Adam 5 2/12/2011 50 0.77 900,000 900,000 Bank of Montreal Options Ares, Jean-Michel 5 13/12/2011 50 56 92,606 62,431 Bank of Montreal Restricted Share Units Ares, Jean-Michel 5 13/12/2011 56 57.41 22,015 14,470 Bank of Montreal Options Costello, Ellen Marie 5 13/12/2011 50 56 428,485 78,781 Bank of Montreal Restricted Share Units Costello, Ellen Marie 5 1/12/2011 56 57.41 20,326 Bank of Montreal Restricted Share Units Costello, Ellen Marie 5 1/12/2011 56 57.41 71,786 20,578 Bank of Montreal Restricted Share Units Costello, Ellen Marie 5 13/12/2011 56 57.41 89,460 17,674 Bank of Montreal Options Downe, William 5 13/12/2011 50 56 1,097,874 178,572 Bank of Montreal Restricted Share Units Downe, William 5 13/12/2011 56 57.41 167,195 69,674 Bank of Montreal Options Fish, Simon Adrian 5 13/12/2011 50 56 139,007 40,063 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 1/12/2011 56 57.41 11,694 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 1/12/2011 56 57.41 48,150 11,839

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12755



Acquired/ Disposed

Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 13/12/2011 56 5,503 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 13/12/2011 56 53,653 5,503 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 13/12/2011 56 57.41 63,233 9,580 Bank of Montreal Options Flynn, Thomas Earl 7 13/12/2011 50 56 362,688 72,671 Bank of Montreal Restricted Share Units Flynn, Thomas Earl 7 1/12/2011 56 57.41 30,316 Bank of Montreal Restricted Share Units Flynn, Thomas Earl 7 1/12/2011 56 57.41 93,664 30,690 Bank of Montreal Restricted Share Units Flynn, Thomas Earl 7 13/12/2011 56 57.41 114,044 20,380 Bank of Montreal Options Furlong, Mark 5 13/12/2011 50 56 186,229 35,337 Bank of Montreal Restricted Share Units Furlong, Mark 5 5/7/2011 00 Bank of Montreal Restricted Share Units Furlong, Mark 5 13/12/2011 56 57.41 20,516 20,516 Bank of Montreal Common Shares Milroy, Thomas 5 9/12/2011 51 40.85 12,175 12,175 Bank of Montreal Common Shares Milroy, Thomas 5 9/12/2011 47 -5,160 Bank of Montreal Common Shares Milroy, Thomas 5 9/12/2011 47 -5,160 Bank of Montreal Common Shares Milroy, Thomas 5 9/12/2011 10 56.56 5,160 -7,015 Bank of Montreal Common Shares Milroy, Thomas 5 10/12/2011 51 40.85 12,175 Bank of Montreal Common Shares Milroy, Thomas 5 10/12/2011 47 -5,160 Bank of Montreal Common Shares Milroy, Thomas 5 10/12/2011 10 56.56 -7,015 Bank of Montreal Common Shares Milroy, Thomas 5 14/12/2011 47 1,510 -3,650 Bank of Montreal Common Shares Milroy, Thomas 5 14/12/2011 47 1,050 -460 Bank of Montreal Options Milroy, Thomas 5 9/12/2011 51 40.85 569,206 -12,175 Bank of Montreal Options Milroy, Thomas 5 10/12/2011 51 40.85 -12,175 Bank of Montreal Options Milroy, Thomas 5 13/12/2011 50 56 769,129 199,923 Bank of Montreal Restricted Share Units Milroy, Thomas 5 1/12/2011 56 57.41 54,179 Bank of Montreal Restricted Share Units Milroy, Thomas 5 1/12/2011 56 57.41 174,358 54,847 Bank of Montreal Restricted Share Units Milroy, Thomas 5 13/12/2011 56 57.41 219,211 44,853 Bank of Montreal Options Ouellette, Gilles Gerard 5 13/12/2011 50 56 718,701 94,876 Bank of Montreal Restricted Share Units Ouellette, Gilles Gerard 5 1/12/2011 56 57.41 21,198 Bank of Montreal Restricted Share Units Ouellette, Gilles Gerard 5 1/12/2011 56 57.41 75,806 21,459 Bank of Montreal Restricted Share Units Ouellette, Gilles Gerard 5 13/12/2011 56 57.41 97,091 21,285 Bank of Montreal CMLTIP RSU Rajpal, Surjit 5 1/12/2011 56 57.41 12,239 Bank of Montreal CMLTIP RSU Rajpal, Surjit 5 1/12/2011 56 56.93 12,390 12,390 Bank of Montreal Options Rajpal, Surjit 5 23/3/2011 00 Bank of Montreal Options Rajpal, Surjit 5 13/12/2011 50 56 69,948 69,948 Bank of Montreal Restricted Share Units Rajpal, Surjit 5 13/12/2011 56 57.41 41,125 15,693 Bank of Montreal Common Shares Rudderham, Richard D. 5 11/12/2011 51 35.68 8,700 8,700 Bank of Montreal Common Shares Rudderham, Richard D. 5 11/12/2011 10 56.35 0 -8,700 Bank of Montreal Options Rudderham, Richard D. 5 11/12/2011 51 35.68 77,419 -8,700 Bank of Montreal Options Rudderham, Richard D. 5 13/12/2011 50 56 115,572 38,153 Bank of Montreal Restricted Share Units Rudderham, Richard D. 5 1/12/2011 56 57.41 4,826 Bank of Montreal Restricted Share Units Rudderham, Richard D. 5 1/12/2011 56 57.41 19,196 4,885 Bank of Montreal Restricted Share Units Rudderham, Richard D. 5 13/12/2011 56 57.41 27,755 8,559 Bank of Montreal Options Stotz, Douglas 5 1/3/2011 00 Bank of Montreal Options Stotz, Douglas 5 13/12/2011 50 56 20,439 20,439 Bank of Montreal Restricted Share Units Stotz, Douglas 5 1/3/2011 00 Bank of Montreal Restricted Share Units Stotz, Douglas 5 13/12/2011 56 57.41 4,886 4,886 Bank of Montreal Options Techar, Frank J. 5 13/12/2011 50 56 693,217 95,381 Bank of Montreal Restricted Share Units Techar, Frank J. 5 1/12/2011 56 57.41 35,007 Bank of Montreal Restricted Share Units Techar, Frank J. 5 1/12/2011 56 57.41 106,521 35,439 Bank of Montreal Restricted Share Units Techar, Frank J. 5 13/12/2011 56 57.41 127,920 21,399 Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 13/12/2011 51 24.675 69,255 15,000

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 13/12/2011 10 24.675 -15,000

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 13/12/2011 10 24.675 -15,000

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 13/12/2011 51 24.675 72,105 2,850

Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 13/12/2011 10 48.78 57,105 -15,000


Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 15/12/2011 51 24.675 74,255 19,000


Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 15/12/2011 51 24.675 55,505 250

Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 13/12/2011 51 445,048 -15,000



Insider Reporting

December 23, 2011 (2011) 34 OSCB 12756



Acquired/ Disposed

Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 15/12/2011 51 422,948 -250

Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 15/12/2011 50 478,024 55,076

Bank of Nova Scotia, The Rights Performance Share Units (PSU)

Chrominska, Sylvia Dolores 5 15/12/2011 56 48,253 10,941

Bank of Nova Scotia, The Options Durland, Michael 5 15/12/2011 50 828,332 206,288 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Durland, Michael 5 15/12/2011 56 171,921 40,979

Bank of Nova Scotia, The Options Hodgson, Christopher 7, 5 15/12/2011 50 545,476 100,140 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Hodgson, Christopher 7, 5 15/12/2011 56 78,406 19,893

Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 13/12/2011 51 24.675 225,393 875 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 15/12/2011 51 24.675 258,393 33,000 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 15/12/2011 10 48.72 225,393 -33,000 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 16/12/2011 51 24.675 258,918 33,525 Bank of Nova Scotia, The Common Shares Marwah, Sarabjit 5 16/12/2011 10 48.704 225,393 -33,525 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 13/12/2011 51 956,559 -875 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 15/12/2011 51 923,559 -33,000 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 15/12/2011 50 1,070,767 147,208 Bank of Nova Scotia, The Options Marwah, Sarabjit 5 16/12/2011 51 1,037,242 -33,525 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Marwah, Sarabjit 5 15/12/2011 56 116,744 29,242

Bank of Nova Scotia, The Options McDonald, Stephen 7 15/12/2011 50 772,520 138,192 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) McDonald, Stephen 7 15/12/2011 56 112,130 27,452

Bank of Nova Scotia, The Options Pitfield, Robert Hartland 5 15/12/2011 50 682,032 90,128 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Pitfield, Robert Hartland 5 15/12/2011 56 81,088 17,903

Bank of Nova Scotia, The Options Porter, Brian J 5 15/12/2011 50 669,896 125,176 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Porter, Brian J 5 15/12/2011 56 105,481 24,866

Bank of Nova Scotia, The Options Vanneste, Luc Andre 5 15/12/2011 50 464,165 67,596 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Vanneste, Luc Andre 5 15/12/2011 56 60,087 13,427

Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 8/12/2011 47 1,594 -200 Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 8/12/2011 47 1,494 -100 Bank of Nova Scotia, The Options von Hahn, Anatol 5 15/12/2011 50 240,468 61,084 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) von Hahn, Anatol 5 15/12/2011 56 43,840 12,134

Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 15/12/2011 51 24.675 368,724 115,000 Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 15/12/2011 10 48.706 253,724 -115,000 Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 15/12/2011 51 24.675 372,124 118,400 Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 15/12/2011 10 48.613 253,724 -118,400 Bank of Nova Scotia, The Options Waugh, Richard Earl 4, 5 15/12/2011 51 2,696,948 -115,000 Bank of Nova Scotia, The Options Waugh, Richard Earl 4, 5 15/12/2011 51 2,578,548 -118,400 Bank of Nova Scotia, The Options Waugh, Richard Earl 4, 5 15/12/2011 50 2,964,888 386,340 Bank of Nova Scotia, The Rights Performance Share

Units (PSU) Waugh, Richard Earl 4, 5 15/12/2011 56 320,270 76,746

Barrick Gold Corporation Rights Restricted Share Units (cash settled)

Atkinson, Kevin Matthew 7 9/12/2011 56 50.82 11,904 3,951


Buchanan, Paul Andrew 7 9/12/2011 56 50.82 2,611 968


Galbraith, Stephen Robin 7 9/12/2011 56 50.82 7,122 2,957

Barrick Gold Corporation Common Shares Lang, Gregory Anthony 5 12/12/2011 51 27.25 5,135 5,135 Barrick Gold Corporation Common Shares Lang, Gregory Anthony 5 12/12/2011 10 47.982 0 -5,135 Barrick Gold Corporation Options Stock Option Plan

(2004)Lang, Gregory Anthony 5 12/12/2011 51 27.25 45,648 -5,135

Barrick Gold Corporation Options Stock Option Plan (2004)

Mavor, James Whyte 5 9/12/2011 50 49.59 95,940 12,025


Mavor, James Whyte 5 9/12/2011 56 50.82 8,898 3,247


Measom, Blake Lawrence 7 9/12/2011 56 50.82 11,038 4,991

Barrick Gold Corporation Options Stock Option Plan (2004)

Pon, Calvin Francis 5 9/12/2011 50 49.59 77,526 27,912


Pon, Calvin Francis 5 9/12/2011 56 50.82 16,514 7,537

Bauer Performance Sports Ltd.

Options Rollover Options Roustan, Walter Graeme 4 15/12/2011 90 0 -1,487,432


Options Rollover Options Roustan, Walter Graeme 4 10/3/2011 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12757



Acquired/ Disposed


Options Rollover Options Roustan, Walter Graeme 4 15/12/2011 90 1,487,432 1,487,432

BCE Inc. Common Shares Cole, Michael 7 15/12/2011 51 30.72 45,002 45,000 BCE Inc. Common Shares Cole, Michael 7 15/12/2011 10 40.53 10,002 -35,000 BCE Inc. Options Cole, Michael 7 27/2/2011 52 121,220 -11,808 BCE Inc. Options Cole, Michael 7 15/12/2011 51 30.72 76,220 -45,000 BCE Inc. Preferred Shares Series

AKSimmonds, Robert 4 12/5/2011 00

BCE Inc. Preferred Shares Series AK

Simmonds, Robert 4 12/12/2011 15 25 8,000 8,000


Wells, David 5 11/7/2008 00


Wells, David 5 12/12/2011 15 25 8,000 8,000

Beacon Acquisition Partners Inc.

Options Dioguardi, William Paul 4 12/12/2011 50 0.5 110,000 5,000


Options Flanigan, William Russell 4 12/12/2011 50 0.5 55,000 5,000


Options Hintz, James Arnold 4, 5 12/12/2011 50 0.5 40,000 25,000


Common Shares MacDonald, Joseph Francis 4 12/12/2011 00 100,000


Common Shares MacDonald, Joseph Francis 4 12/12/2011 00 15,000


Options MacDonald, Joseph Francis 4 12/12/2011 00 5,000


Options Mather, Robert P. 4, 5 12/12/2011 50 0.5 180,000 25,000


Options PATMORE, Ricky Dale 5 12/12/2011 50 0.5 262,500 5,000

Bear Lake Gold Ltd. Options Krushnisky, Alain 5 14/12/2011 50 670,000 200,000 Bear Lake Gold Ltd. Options Plante, Carole 5 14/12/2011 50 700,000 200,000 Bear Lake Gold Ltd. Options Viens, Francois 4, 5 18/10/2011 52 1,732,500 -100,000 Bear Lake Gold Ltd. Options Viens, Francois 4, 5 14/12/2011 50 2,232,500 500,000 Beatrix Ventures Inc. Common Shares beukman, eugene 4, 5 14/12/2011 10 0.04 322,650 130,000 Beatrix Ventures Inc. Common Shares beukman, eugene 4, 5 14/12/2011 10 0.05 342,650 20,000 Bell Aliant Preferred Equity Inc.

Preferred Shares Series C Turcotte, Martine 7 29/11/2011 00 3,400

Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 7/12/2011 10 0.3 25,000

Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 7/12/2011 51 0.3 25,000 25,000

Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 14/12/2011 36 13,200 9,200

Bellamont Exploration Ltd. Common Shares Class B Cotter, Thomas Nicholas 5 14/12/2011 36 0 -920

Bellamont Exploration Ltd. Options Cotter, Thomas Nicholas 5 7/12/2011 51 0.3 0 -25,000 Bellamont Exploration Ltd. Common Shares Class A MacDonald, Duncan Keith 4 14/12/2011 36 894,000 184,000

Bellamont Exploration Ltd. Common Shares Class B MacDonald, Duncan Keith 4 14/12/2011 36 0 -18,400

Bellamont Exploration Ltd. Common Shares Class A Moran, Stephen John 5 14/12/2011 36 128,000 46,000



Bellamont Exploration Ltd. Common Shares Class B Moran, Stephen John 5 14/12/2011 36 0 -4,600



Bellamont Exploration Ltd. Common Shares Class A Murphy, Trevor Patrick 5 14/12/2011 36 456,238 46,000

Bellamont Exploration Ltd. Common Shares Class B Murphy, Trevor Patrick 5 14/12/2011 36 0 -4,600

Bellamont Exploration Ltd. Common Shares Class A O'Leary, Peter 5 14/12/2011 36 10,560 7,360

Bellamont Exploration Ltd. Common Shares Class B O'Leary, Peter 5 14/12/2011 36 0 -736

Bellamont Exploration Ltd. Common Shares Class A Ritchie, Brian John 5 14/12/2011 36 64,600 27,600

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12758



Acquired/ Disposed


Bellamont Exploration Ltd. Common Shares Class A Ritchie, Brian John 5 13/5/2008 00


Bellamont Exploration Ltd. Common Shares Class B Ritchie, Brian John 5 14/12/2011 36 0 -2,760



Bellamont Exploration Ltd. Common Shares Class A Saxberg, Scott 4 14/12/2011 36 614,555 184,000

Bellamont Exploration Ltd. Common Shares Class B Saxberg, Scott 4 14/12/2011 36 0 -18,400

Bellamont Exploration Ltd. Common Shares Class A Thomas, Craig Allen 5 14/12/2011 36 572,800 36,800

Bellamont Exploration Ltd. Common Shares Class A Thomas, Craig Allen 5 14/12/2011 36 232,800 36,800

Bellamont Exploration Ltd. Common Shares Class B Thomas, Craig Allen 5 14/12/2011 36 0 -3,680

Bellamont Exploration Ltd. Common Shares Class B Thomas, Craig Allen 5 14/12/2011 36 0 -3,680

Bellatrix Exploration Ltd. Common Shares BLAIR, TIMOTHY 5 15/12/2011 30 4.66 9,853 357 Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 15/12/2011 30 4.66 80,367 375 Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 15/12/2011 30 4.66 29,329 375 Bellatrix Exploration Ltd. Common Shares Oicle, Russell G. 5 15/12/2011 30 4.66 50,547 705 Bellatrix Exploration Ltd. Common Shares Ulmer, Garrett 5 15/12/2011 30 4.66 3,936 377 Bellatrix Exploration Ltd. Common Shares Woo, Ving Yee 5 15/12/2011 30 4.66 323,522 470 BIOTEQ ENVIRONMENTAL TECHNOLOGIES INC.

Deferred Share Units Dushnisky, Kelvin Paul Michael

4 13/12/2011 56 0.21 31,439 5,915

BIOTEQ ENVIRONMENTAL TECHNOLOGIES INC.

Deferred Share Units (common shares cash)

Poling, George Wesley 4 13/12/2011 56 0.21 96,502 70,978

BIOX Corporation Options - Common Shares Clinning, Christopher Anthony

5 9/12/2011 50 460,000 135,000

BIOX Corporation Options - Common Shares Lewis, Scott Bland Lewis 5 9/12/2011 50 160,000 60,000

BIOX Corporation Options - Common Shares Norton, Kevin W. 5 9/12/2011 50 460,000 135,000

BIOX Corporation Options - Common Shares Paik, Nakyun G. 5 9/12/2011 50 160,000 60,000

BIOX Corporation Options - Common Shares Van Knotsenburg, Cornelius Teunis

5 9/12/2011 50 160,000 60,000

Bird River Resources Inc. Common Shares Kushniruk, David 3 12/12/2011 10 0.0943 1,155,500 -230,000 Bird River Resources Inc. Common Shares Shodine, Shane 4 12/12/2011 10 0.1 165,000 10,000 Black Diamond Group Limited

Common Shares Brawn, Robert Gerald Mamini

4 25/8/2011 37 20,330 10,165

Black Diamond Group Limited

Options Brawn, Robert Gerald Mamini

4 25/8/2011 37 3.4 92,000 25,000



4 25/8/2011 37 5.87 97,000 5,000



4 25/8/2011 37 2.81 107,000 10,000



4 25/8/2011 37 9.81 122,000 15,000



4 25/8/2011 37 12.97 134,000 12,000

Blacksteel Energy Inc. Common Shares Firesteel Resources Inc. 3 9/12/2011 10 0.12 2,849,945 -20,000 Blacksteel Energy Inc. Common Shares Firesteel Resources Inc. 3 14/12/2011 10 0.11 2,829,945 -20,000 Blue Note Mining Inc. Options Méthot, Léon 4, 5 8/12/2011 52 0.46 2,450,000 -100,000 Boardwalk Real Estate Investment Trust

Trust Units Brimmell, Jonathan David 5 14/12/2011 10 51.9 957 -1,275

Boardwalk Real Estate Investment Trust

Trust Units Denis, Jean 5 9/12/2011 10 52.118 300 -1,664


Trust Units Guyette, Michael 5 9/12/2011 10 52 3,142 -693


Trust Units Wong, William 5 8/12/2011 10 51.5 3,635 -1,000


Trust Units Wong, William 5 9/12/2011 10 52.25 3,135 -500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12759



Acquired/ Disposed

Bonaparte Resources Inc. Common Shares Turner, Matthew Arthur Thomas

4 8/3/2010 00

Bonaparte Resources Inc. Common Shares Turner, Matthew Arthur Thomas

4 13/12/2011 11 125,000 125,000

Bonterra Energy Corp. Options Drummond, Gary J. 4 15/12/2011 50 50.12 85,000 30,000 Bonterra Energy Corp. Common Shares Fink, George Frederick 3, 4, 5 12/12/2011 51 20.5 2,733,176 40,000 Bonterra Energy Corp. Options Fink, George Frederick 3, 4, 5 12/12/2011 51 20.5 50,000 -40,000 Bonterra Energy Corp. Options Fink, George Frederick 3, 4, 5 15/12/2011 50 50.12 100,000 50,000 Bonterra Energy Corp. Options Jarock, Randy M. 5 15/12/2011 50 50.12 140,000 50,000 Bonterra Energy Corp. Options Jonsson, Carl Roland 4 15/12/2011 50 50.12 101,925 30,000 Bonterra Energy Corp. Options Woodward, Francis William 4 15/12/2011 50 50.12 70,000 35,000

Border Petroleum Corp. (formerly Border Petroleum Inc.)

Options Aihoshi, John 5 13/7/2011 00


Options Aihoshi, John 5 7/12/2011 50 0.23 1,000,000 1,000,000


Options Jackson, Thomas 4 7/12/2011 50 0.23 1,375,000 500,000


Common Shares Jamieson, Harold Ross 4 30/11/2011 11 0.21 100,000 50,000


Options Jamieson, Harold Ross 4 7/12/2011 50 0.23 725,000 500,000


Options Kimbley, Kelly Eugene Joseph

4, 5 7/12/2011 50 0.23 3,625,000 3,000,000


Options Kroontje, Al 3, 4 7/12/2011 50 0.23 1,800,000 1,500,000


Options Lillies, Jana 5 7/12/2011 50 0.23 75,000 50,000


Options Panchy, Eric Gordon 4 7/12/2011 50 0.23 650,000 500,000


Options Stuve, Douglas Murray 4 7/12/2011 50 0.23 650,000 500,000


Options Thompson, Steven 4, 5 7/12/2011 50 0.23 2,050,000 1,750,000

BRAMPTON BRICK LIMITED Subordinate Voting Shares - Class A

Brazos Brick Holdings Limited

3 9/12/2011 10 3.15 1,533,343 3,500



3 13/12/2011 10 3.15 1,533,743 400



3 14/12/2011 10 3.15 1,535,343 1,600

Brand Leaders Income Fund Units Brand Leaders Income Fund 1 15/12/2011 10 1,500 1,500

Brand Leaders Income Fund Units Brand Leaders Income Fund 1 15/12/2011 38 0 -1,500

Brazilian Gold Corporation Common Shares Dickson, Glen Dale 4 13/12/2011 10 10,000 10,000 Bri-Chem Corp. Common Shares Campbell, Brian Keith 3, 4 9/12/2011 10 3 2,008,750 -150,000 Bri-Chem Corp. Common Shares Campbell, Brian Keith 3, 4 9/12/2011 11 3 -150,000 Bri-Chem Corp. Common Shares Campbell, Brian Keith 3, 4 9/12/2011 11 3 -150,000 Bri-Chem Corp. Common Shares Sharp, Albert 4 9/12/2011 51 2 220,000 100,000 Bri-Chem Corp. Options Sharp, Albert 4 9/12/2011 51 2 40,000 -100,000 Brookfield Asset Management Inc.

Common Shares Class A Limited Voting

Harding, Robert J 4, 5 8/12/2011 51 8.8296 757,925 37,125

Brookfield Asset Management Inc.


Harding, Robert J 4, 5 8/12/2011 51 13.366 910,653 152,728



Harding, Robert J 4, 5 8/12/2011 10 28.226 860,653 -50,000



Harding, Robert J 4, 5 8/12/2011 10 28.26 810,653 -50,000



Harding, Robert J 4, 5 9/12/2011 10 28.514 739,128 -71,525



Harding, Robert J 4, 5 14/12/2011 10 27.202 720,800 -18,328

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12760



Acquired/ Disposed


Options Harding, Robert J 4, 5 8/12/2011 51 8.8296 152,728 -37,125


Options Harding, Robert J 4, 5 8/12/2011 51 13.366 0 -152,728

Brookfield Investments Corporation (Formerly Brascade Corporation)

Common Shares Brookfield Asset Management Inc.

3 14/12/2011 11 49,847,899 3,807,573


Preferred Shares Class 1 Junior, Series A


3 3/1/1995 00 7,435,498


Preferred Shares Class 1 Junior, Series A


3 3/1/1995 00 10,564,220


Preferred Shares Class 1 Junior, Series B


3 3/1/1995 00


Preferred Shares Class 1 Junior, Series B


3 14/12/2011 11 17,200,000 17,200,000

Brookfield Office Properties Inc.

Common Shares Olson, Allan Stuart 4 14/12/2011 51 11.88 135,793 6,750


Common Shares Olson, Allan Stuart 4 14/12/2011 10 15.6 129,043 -6,750


Options Olson, Allan Stuart 4 14/12/2011 51 11.88 0 -6,750

Brookfield Renewable Energy Partners L.P.

General Partnership Units Brookfield Renewable Power Inc.

3 15/12/2011 97 0 -1



3 28/11/2011 00



3 15/12/2011 97 1 1


Limited Partnership Units Flatt, J. Bruce 6 28/11/2011 00 7,900


Limited Partnership Units Goldgut, Harry 6 28/11/2011 00 17,500










Limited Partnership Units Lawson, Brian 6 28/11/2011 00 2,100


Limited Partnership Units Lawson, Brian 6 28/11/2011 00 1,600

BSM Technologies Inc. Common Shares Bell, John K. 4 24/2/2006 00 BSM Technologies Inc. Common Shares Bell, John K. 4 12/12/2011 36 6,000,000 6,000,000 BSM Technologies Inc. Common Shares Bell, John K. 4 12/12/2011 36 12,682,618 2,000,000 BSM Technologies Inc. Preferred Shares Series A Bell, John K. 4 12/12/2011 36 0 -6,000,000

BSM Technologies Inc. Preferred Shares Series A Bell, John K. 4 12/12/2011 36 0 -2,000,000

BTB Real Estate Investment Trust

Trust Units Mitchell, Bruce 3 12/6/2008 00




Trust Units Mitchell, Bruce 3 12/6/2008 00 3,019,500


Trust Units Mitchell, Bruce 3 13/6/2008 10 1.33 3,930,900 -20,000










Trust Units Mitchell, Bruce 3 18/9/2008 10 1 3,923,700 -6,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12761



Acquired/ Disposed














Trust Units Mitchell, Bruce 3 6/10/2008 10 0.7 -1,488,900


Trust Units Mitchell, Bruce 3 6/10/2008 10 0.701 2,596,700 -1,063,000


Trust Units Mitchell, Bruce 3 7/5/2010 10 0.65 600,300




Trust Units Mitchell, Bruce 3 14/5/2010 10 0.625 2,055,500




Trust Units Mitchell, Bruce 3 18/5/2010 10 0.72 -556,000
























Trust Units Mitchell, Bruce 3 2/3/2009 10 0.485 -500


Trust Units Mitchell, Bruce 3 2/3/2009 10 0.485 -500





















Insider Reporting

December 23, 2011 (2011) 34 OSCB 12762



Acquired/ Disposed






































Trust Units Mitchell, Bruce 3 14/5/2010 00 27,000








Trust Units Mitchell, Bruce 3 17/5/2010 10 0.72 556,000 556,000




Trust Units Mitchell, Bruce 3 14/5/2010 00 3,112,500




Trust Units Mitchell, Bruce 3 15/5/2010 10 0.624 5,168,000 2,055,500








Trust Units Mitchell, Bruce 3 4/6/2010 10 0.64 4,200,500 38,500











Insider Reporting

December 23, 2011 (2011) 34 OSCB 12763



Acquired/ Disposed



























Bucking Horse Energy Inc. Common Shares Bucking Horse Energy Inc. 1 16/12/2011 10 3.1 29,800 1,000

Buhler Industries Inc. Common Shares Buhler, John 3, 4 9/12/2011 10 5.29 110,240 900 Buhler Industries Inc. Common Shares Buhler, John 3, 4 13/12/2011 10 5.25 110,940 700 C Level III Inc. Common Shares Daigle, Robert Morrissy 4 19/7/2011 00 250,000 C Level III Inc. Common Shares Kelly, Scott 4 9/12/2011 00 250,000 C Level III Inc. Common Shares Pelland, Jean-Francois 4, 5 30/11/2011 00 C Level III Inc. Common Shares Pelland, Jean-Francois 4, 5 9/12/2011 00 250,000 C Level III Inc. Common Shares Pharand, Daniel 4, 5 30/11/2011 00 C Level III Inc. Common Shares Pharand, Daniel 4, 5 9/12/2011 00 250,000 C Level III Inc. Common Shares Roberts, George Wesley 4 9/12/2011 00 250,000 Cadillac Mining Corporation Common Shares Stewart, Elmer 4 27/4/2011 51 0.1 678,246 300,000

Cadillac Mining Corporation Options Stewart, Elmer 4 27/4/2011 51 0.1 0 -300,000

Cadillac Ventures Inc. Common Shares Brewster, Norman 5 14/12/2011 10 0.15 1,928,853 10,000 CAE Inc. Common Shares Emerson, Harry Garfield 4 14/12/2011 10 9.55 0 -6,600 Calian Technologies Ltd. Common Shares McConnell, Brent Alan 5 12/12/2011 10 17.4 4,000 -200 Calian Technologies Ltd. Common Shares McConnell, Brent Alan 5 13/12/2011 10 17.4 3,800 -200 Calian Technologies Ltd. Deferred Share Units

(Cash Value of Common Shares)

Tkachuk, David George 4 7/12/2011 56 17.46 556 5

Calloway Real Estate Investment Trust

Trust Units Goldhar, Mitchell 3 15/12/2011 97 0 -9,659,689

Calloway Real Estate Investment Trust

Trust Units Goldhar, Mitchell 3 15/12/2011 97 11,423,336 9,659,689

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 9/8/2011 00

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 12/10/2011 38 1.4 32,458 32,458

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 12/10/2011 38 -32,458

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 12/10/2011 38 -32,458


Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 14/10/2011 38 1.38 65,216 300





Insider Reporting

December 23, 2011 (2011) 34 OSCB 12764



Acquired/ Disposed




































Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 1/11/2011 38 97,374 -429,906

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12765



Acquired/ Disposed





































Insider Reporting

December 23, 2011 (2011) 34 OSCB 12766



Acquired/ Disposed


























Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 5 1/12/2011 38 81,216 -421,506

Calvista Gold Corporation Options Christie, Donald Henry 5 15/12/2011 50 1 314,000 125,000 Calvista Gold Corporation Options Gomez, David Fernando

Oyuela 4 15/12/2011 50 1 175,000 100,000

Calvista Gold Corporation Options Johnson, Michael David 4, 5 15/12/2011 50 1 314,000 125,000 Calvista Gold Corporation Options KING, GEORGE E. 4 15/12/2011 50 1 293,000 125,000 Calvista Gold Corporation Options McCarvill, Gerald Patrick 4 15/12/2011 50 1 524,000 125,000 Calvista Gold Corporation Options Ortega, Ivan Dario Pena 4 15/12/2011 50 1 175,000 100,000 Calvista Gold Corporation Options Shiffman, Ruben 4 15/12/2011 50 1 314,000 125,000 Calvista Gold Corporation Options Tobin, Brian Vincent 4 15/12/2011 50 1 293,000 125,000 Calyx Bio-Ventures Inc. Options Howard, David T. 4 31/3/2011 00 Calyx Bio-Ventures Inc. Options Howard, David T. 4 16/12/2011 50 0.21 125,000 125,000 Canaccord Financial Inc. Common Shares BROWN, Peter MacLachlan 4, 5 15/12/2011 10 7.9879 100,000

Canaccord Financial Inc. Common Shares BROWN, Peter MacLachlan 4, 5 15/12/2011 10 7.9879 100,000

Canaccord Financial Inc. Common Shares BROWN, Peter MacLachlan 4, 5 15/12/2011 10 7.9879 100,000,000

Canaccord Financial Inc. Common Shares BROWN, Peter MacLachlan 4, 5 15/12/2011 10 7.9879 143,054 100,000

Canaccord Financial Inc. Common Shares Esteireiro, Joao Carlos De Almeida

7 6/12/2011 10 9.2757 15,490 3,205

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12767



Acquired/ Disposed


7 7/12/2011 10 9.18 17,990 2,500


7 8/12/2011 10 9.0558 20,490 2,500


7 9/12/2011 10 9.164 22,990 2,500

Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 6/12/2011 10 9.2757 16,025 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 6/12/2011 10 9.2757 16,025 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 6/12/2011 10 9.2757 245,823 16,025 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 7/12/2011 10 9.18 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 7/12/2011 10 9.18 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 7/12/2011 10 9.18 258,323 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 8/12/2011 10 9.0558 270,823 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 9/12/2011 10 9.1099 25,000 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 9/12/2011 10 9.1099 25,000 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 9/12/2011 10 9.164 283,323 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 9/12/2011 10 9.164 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 9/12/2011 10 9.164 12,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 12/12/2011 10 8.9964 5,825 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 12/12/2011 10 8.9964 5,825 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 13/12/2011 10 9.0072 13,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 13/12/2011 10 9.0072 13,500 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 14/12/2011 10 8.7334 18,175 Canaccord Financial Inc. Common Shares Gaasenbeek, Matthew 7 14/12/2011 10 8.7334 18,175 Canaccord Financial Inc. Common Shares Mayer, Jens Joachim

Thorwald 7 6/12/2011 10 9.2757 16,025

Canaccord Financial Inc. Common Shares Mayer, Jens Joachim Thorwald

7 6/12/2011 10 9.2757 16,025


7 6/12/2011 10 9.2757 236,834 16,025


7 7/12/2011 10 9.18 12,500


7 7/12/2011 10 9.18 12,500


7 7/12/2011 10 9.18 249,334 12,500


7 8/12/2011 10 9.0558 261,834 12,500


7 9/12/2011 10 9.1099 25,000


7 9/12/2011 10 9.1099 25,000


7 9/12/2011 10 9.164 274,334 12,500


7 9/12/2011 10 9.164 12,500


7 9/12/2011 10 9.164 12,500


7 12/12/2011 10 8.9964 5,825


7 12/12/2011 10 8.9964 5,825

Canaccord Financial Inc. Common Shares Morrison, David Earle 7 6/12/2011 10 9.2757 15,490 3,205 Canaccord Financial Inc. Common Shares Morrison, David Earle 7 7/12/2011 10 9.18 17,990 2,500 Canaccord Financial Inc. Common Shares Morrison, David Earle 7 8/12/2011 10 9.0558 20,490 2,500 Canaccord Financial Inc. Common Shares Morrison, David Earle 7 9/12/2011 10 9.164 22,990 2,500 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 6/12/2011 10 9.2757 312,237 16,025 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 7/12/2011 10 9.18 324,737 12,500 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 8/12/2011 10 9.0558 337,237 12,500 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 9/12/2011 10 9.164 349,737 12,500 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 12/12/2011 10 8.9964 373,037 23,300 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 13/12/2011 10 9.0072 427,037 54,000 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 14/12/2011 10 8.7334 499,737 72,700 Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 6/12/2011 10 9.2757 295,804 9,615

Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 7/12/2011 10 9.18 278,304 7,500


Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 9/12/2011 10 9.1 275,804 -10,000


Canacol Energy Ltd. Common Shares Barrera, Alvaro 4 11/7/2011 51 0.19 1,056,077 70,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12768



Acquired/ Disposed

Canacol Energy Ltd. Options (Common Shares) Barrera, Alvaro 4 11/7/2011 51 541,667 -70,000

Canada Fluorspar Inc. Common Shares Furey, George 4 12/12/2011 10 38.4 43,500 13,500 Canada Fluorspar Inc. Common Shares Furey, George 4 12/12/2011 10 39.2 57,000 13,500 Canada Lithium Corp. Options Taschereau, Charles 5 14/12/2011 50 650,000 100,000 Canadian Helicopters Group Inc.

Common Shares Bergnach, Edward Peter 5 6/12/2011 10 24 40,890 -4,000

Canadian Helicopters Group Inc.

Common Shares Payette, Claude 5 9/12/2011 10 23.01 11,322 -2,000





Canadian Imperial Bank of Commerce

Common Shares McCaughey, Gerald T 4, 5 15/12/2011 51 49.75 50,002


Common Shares McCaughey, Gerald T 4, 5 15/12/2011 51 49.75 50,002


Common Shares McCaughey, Gerald T 4, 5 15/12/2011 10 71.54 -50,002


Common Shares McCaughey, Gerald T 4, 5 15/12/2011 10 71.54 -50,002


Common Shares McCaughey, Gerald T 4, 5 15/12/2011 51 49.75 50,002 50,002


Common Shares McCaughey, Gerald T 4, 5 15/12/2011 10 71.54 0 -50,002


Options McCaughey, Gerald T 4, 5 15/12/2011 51 -50,002


Options McCaughey, Gerald T 4, 5 15/12/2011 51 -50,002


Options McCaughey, Gerald T 4, 5 15/12/2011 51 523,728 -50,002


Rights PSU (cash settled) McCaughey, Gerald T 4, 5 7/12/2011 30 115,104 9,240


Rights PSU (cash settled) McCaughey, Gerald T 4, 5 7/12/2011 30 71,332 -43,772


Common Shares Sirois, Charles 4 9/12/2011 51 52.29 17,013 2,000


Common Shares Sirois, Charles 4 9/12/2011 10 71.85 15,013 -2,000


Options Sirois, Charles 4 9/12/2011 51 52.29 0 -2,000

Canadian National Railway Company

Common Shares Cory, Michael A 5 12/12/2011 51 25.59 7,208 1,500


Common Shares Cory, Michael A 5 12/12/2011 10 78 6,521 -687


Common Shares Cory, Michael A 5 14/12/2011 10 76.02 6,496 -25


Options Cory, Michael A 5 12/12/2011 51 25.59 66,780 -1,500


Common Shares Haasz, Ami 5 16/12/2011 51 25.59 55,503 18,000


Options Haasz, Ami 5 16/12/2011 51 25.59 91,540 -18,000

Canadian Natural Resources Limited

Common Shares Bieber, Corey B. 5 13/12/2011 51 30.59 10,000 10,000


Common Shares Bieber, Corey B. 5 13/12/2011 10 37.59 0 -10,000


Options Bieber, Corey B. 5 13/12/2011 51 30.59 163,000 -10,000


Options Bieber, Corey B. 5 14/12/2011 50 36.78 208,000 45,000


Options Case, Mary-Jo 5 14/12/2011 50 36.78 188,200 40,000


Options Cusson, Réal, Michel 5 14/12/2011 50 36.78 710,000 125,000


Common Shares Davis, Randall Scott 5 13/12/2011 51 30.59 14,652 6,200


Common Shares Davis, Randall Scott 5 13/12/2011 10 37.53 8,452 -6,200


Options Davis, Randall Scott 5 13/12/2011 51 30.59 160,600 -6,200


Options Davis, Randall Scott 5 14/12/2011 50 36.78 205,600 45,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12769



Acquired/ Disposed


Options Doucet, Real J. H. 5 14/12/2011 50 36.78 810,000 125,000


Options Edwards, Norman Murray 4, 5 14/12/2011 50 36.78 2,800,000 350,000


Options Janson, Peter John 5 14/12/2011 50 36.78 364,600 125,000


Options Jocksch, Terry James 5 14/12/2011 50 36.78 459,000 125,000


Options knight, allen matthew 5 14/12/2011 50 36.78 770,000 125,000


Options Langille, John Graham 4, 5 14/12/2011 50 36.78 602,000 100,000


Options Laut, Stephen W. 5 14/12/2011 50 36.78 2,350,000 300,000


Options Markin, Allan 4 14/12/2011 50 36.78 2,270,000 300,000


Options McGrath, Bruce Edward 5 14/12/2011 50 36.78 129,400 30,000


Options McKay, Timothy Shawn 5 14/12/2011 50 36.78 960,000 200,000


Options Stauth, Scott Gerald 5 14/12/2011 50 36.78 258,200 100,000


Options Stevens, Lyle Gordon 5 14/12/2011 50 36.78 900,000 150,000

Canadian Oil Recovery & Remediation Enterprises Ltd.

Common Shares Lorenzo, John Michael 4 9/12/2011 10 0.36 3,221,442 1,000




Common Shares Lorenzo, John Michael 4 13/12/2011 10 0.35 3,224,942 500





Canadian Oil Sands Limited Common Shares Bourne, Ian Alexander 4 15/12/2011 10 21 15,235 952

Canadian Oil Sands Limited Deferred Share Units Grandey, Gerald Wayne 4 15/12/2011 56 3,324 1,558

Canadian Oil Sands Limited Deferred Share Units LOWRY, Donald James 4 15/12/2011 56 8,578 2,523

Canadian Oil Sands Limited Deferred Share Units Read, John K. 4 15/12/2011 56 5,298 1,558

Canadian Oil Sands Limited Common Shares Sangster, Brant G. 4 15/12/2011 10 21 20,145 952

Canadian Oil Sands Limited Common Shares Shultz, C.E. (Chuck) 4 15/12/2011 10 21 104,535 952

Canadian Oil Sands Limited Common Shares Twiss, Wesley R. 4 15/12/2011 10 21 47,983 1,083

Canadian Oil Sands Limited Deferred Share Units Zaozirny, John Brian 4 15/12/2011 56 5,298 1,558

Canadian Premium Select Income Fund

Trust Units Canadian Premium Select Income Fund

1 17/11/2011 00



1 17/11/2011 00



1 15/12/2011 10 500



1 15/12/2011 10 500



1 15/12/2011 10 500 500



1 15/12/2011 38 0 -500

Canadian Satellite Radio Holdings Inc.

Options Lyons, Stewart 6 5/12/2011 51 45,000 -45,000


Subordinate Voting Shares Lyons, Stewart 6 5/12/2011 51 1.54 46,333 45,000


Subordinate Voting Shares Lyons, Stewart 6 12/12/2011 10 3.2 5,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12770



Acquired/ Disposed


Subordinate Voting Shares Lyons, Stewart 6 12/12/2011 10 3.2 41,333 -5,000


Subordinate Voting Shares Lyons, Stewart 6 12/12/2011 10 3.17 39,233 -2,100

Canadian Spirit Resources Inc.

Common Shares Elmag Investments inc. 3 9/12/2011 10 0.7063 10,577,500 48,100

Canadian Tire Corporation, Limited

Non-Voting Shares Class A

Collver, Robyn Anne 3, 7, 5 13/12/2011 10 65.34 700,758 -100

















































































Collver, Robyn Anne 3, 7, 5 13/12/2011 10 65 695,458 -100
















Insider Reporting

December 23, 2011 (2011) 34 OSCB 12771



Acquired/ Disposed













































































































Insider Reporting

December 23, 2011 (2011) 34 OSCB 12772



Acquired/ Disposed

























































Lynar, Hugh 3 13/12/2011 10 65.34 700,758 -100



Lynar, Hugh 3 13/12/2011 10 65.34 699,858 -900



Lynar, Hugh 3 13/12/2011 10 65.34 699,358 -500



Lynar, Hugh 3 13/12/2011 10 65.34 698,858 -500



Lynar, Hugh 3 13/12/2011 10 65.42 698,658 -200



Lynar, Hugh 3 13/12/2011 10 65.43 698,458 -200



Lynar, Hugh 3 13/12/2011 10 65.43 698,158 -300



Lynar, Hugh 3 13/12/2011 10 65.42 698,058 -100



Lynar, Hugh 3 13/12/2011 10 65.42 697,958 -100



Lynar, Hugh 3 13/12/2011 10 65.42 697,858 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,758 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,658 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,558 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,358 -200



Lynar, Hugh 3 13/12/2011 10 65.5 697,258 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,158 -100



Lynar, Hugh 3 13/12/2011 10 65.5 697,058 -100



Lynar, Hugh 3 13/12/2011 10 65.5 696,958 -100

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12773



Acquired/ Disposed



Lynar, Hugh 3 13/12/2011 10 65.5 696,858 -100



Lynar, Hugh 3 13/12/2011 10 65.7 696,758 -100



Lynar, Hugh 3 13/12/2011 10 65.7 696,658 -100



Lynar, Hugh 3 13/12/2011 10 65.57 696,258 -400



Lynar, Hugh 3 13/12/2011 10 65.58 696,158 -100



Lynar, Hugh 3 13/12/2011 10 65.58 696,058 -100



Lynar, Hugh 3 13/12/2011 10 65.57 695,958 -100



Lynar, Hugh 3 13/12/2011 10 65.57 695,858 -100



Lynar, Hugh 3 13/12/2011 10 65.12 695,558 -300



Lynar, Hugh 3 13/12/2011 10 65 695,458 -100



Lynar, Hugh 3 13/12/2011 10 65 695,158 -300



Lynar, Hugh 3 13/12/2011 10 65 695,058 -100



Lynar, Hugh 3 13/12/2011 10 65.09 694,858 -200



Lynar, Hugh 3 13/12/2011 10 65.22 694,758 -100



Lynar, Hugh 3 13/12/2011 10 65.22 694,658 -100



Lynar, Hugh 3 13/12/2011 10 65.22 694,558 -100



Lynar, Hugh 3 13/12/2011 10 65.22 694,458 -100



Lynar, Hugh 3 13/12/2011 10 65.23 694,358 -100



Lynar, Hugh 3 13/12/2011 10 65.22 694,158 -200



Lynar, Hugh 3 13/12/2011 10 65.22 693,958 -200



Lynar, Hugh 3 13/12/2011 10 65.22 693,858 -100



Lynar, Hugh 3 13/12/2011 10 65.19 693,658 -200



Lynar, Hugh 3 13/12/2011 10 65.22 693,558 -100



Lynar, Hugh 3 13/12/2011 10 65.21 693,258 -300



Lynar, Hugh 3 13/12/2011 10 65.19 693,158 -100



Lynar, Hugh 3 13/12/2011 10 65.19 693,058 -100



Lynar, Hugh 3 13/12/2011 10 65.19 692,958 -100



Lynar, Hugh 3 13/12/2011 10 65.19 692,858 -100



Lynar, Hugh 3 13/12/2011 10 65.5 692,758 -100



Lynar, Hugh 3 13/12/2011 10 65.4 692,658 -100



Lynar, Hugh 3 13/12/2011 10 65.41 692,558 -100



Lynar, Hugh 3 13/12/2011 10 65.41 691,858 -700



Lynar, Hugh 3 13/12/2011 10 65.3 691,758 -100



Lynar, Hugh 3 13/12/2011 10 65.34 691,658 -100



Lynar, Hugh 3 15/12/2011 10 64.6 691,558 -100



Lynar, Hugh 3 15/12/2011 10 64.6 691,458 -100

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12774



Acquired/ Disposed



Lynar, Hugh 3 15/12/2011 10 64.6 691,358 -100



Lynar, Hugh 3 15/12/2011 11 64.6 691,258 -100



Lynar, Hugh 3 15/12/2011 10 64.6 691,158 -100



Lynar, Hugh 3 15/12/2011 10 64.6 691,058 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,958 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,858 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,758 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,658 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,458 -200



Lynar, Hugh 3 15/12/2011 10 64.6 690,358 -100



Lynar, Hugh 3 15/12/2011 10 64.6 690,258 -100



Lynar, Hugh 3 15/12/2011 10 64.4 689,758 -500



Lynar, Hugh 3 15/12/2011 10 64.42 689,358 -400



Lynar, Hugh 3 15/12/2011 10 64.4 689,258 -100



Lynar, Hugh 3 15/12/2011 10 64.4 689,158 -100



Lynar, Hugh 3 15/12/2011 10 64.41 689,058 -100



Lynar, Hugh 3 15/12/2011 10 64.4 688,958 -100



Lynar, Hugh 3 15/12/2011 10 64.41 688,858 -100



Lynar, Hugh 3 15/12/2011 10 64.4 688,758 -100



Lynar, Hugh 3 15/12/2011 10 64.4 688,658 -100



Lynar, Hugh 3 15/12/2011 10 64.41 688,558 -100



Lynar, Hugh 3 15/12/2011 10 64.42 688,458 -100



Lynar, Hugh 3 15/12/2011 10 64.41 688,258 -200



Lynar, Hugh 3 15/12/2011 10 64.5 688,158 -100



Lynar, Hugh 3 15/12/2011 10 64.5 688,058 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,958 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,858 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,758 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,658 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,558 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,458 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,358 -100



Lynar, Hugh 3 15/12/2011 10 64.5 687,058 -300



McCann, Dean Charles 7, 5 13/12/2011 10 65.34 700,758 -100







Insider Reporting

December 23, 2011 (2011) 34 OSCB 12775



Acquired/ Disposed











































































McCann, Dean Charles 7, 5 13/12/2011 10 65 695,458 -100


































Insider Reporting

December 23, 2011 (2011) 34 OSCB 12776



Acquired/ Disposed













































































































Insider Reporting

December 23, 2011 (2011) 34 OSCB 12777



Acquired/ Disposed





































Canadian Western Bank Common Shares Hohol, Linda Margaret Owerri

4 14/12/2011 10 24.85 2,800 1,200

Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 10 25.41 1,275 -1,133 Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 30 30.78 1,297 22 Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 30 25.8 1,322 25 Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 30 30.78 1,345 23 Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 30 25.76 1,372 27 Canadian Western Bank Common Shares Jones, Darrell Robert 5 13/12/2011 10 25.41 0 -1,372 Canadian Western Bank Common Shares Leaney, Wendy Ann 4 13/12/2011 10 25.425 12,000 1,000 Canadian Western Bank Common Shares Leaney, Wendy Ann 4 13/12/2011 10 25.43 12,500 500 CANADIAN ZINC CORPORATION

Options Directors, Contractors and Officers

Nickerson, Dave 4 13/12/2011 52 500,000 -200,000

Canam Group Inc. Common Shares Finn, Sean 4 15/12/2011 10 3.346 3,500 2,000 Canam Group Inc. Common Shares Thabet, Pierre 4 14/12/2011 10 3 378,500 171,600 Candente Copper Corp. Common Shares Elliott, George Dickson 4 23/8/2011 00 Candente Copper Corp. Common Shares Elliott, George Dickson 4 15/12/2011 10 1.01 6,480 6,480 Candente Copper Corp. Common Shares Freeze, Joanne Constance 4, 5 9/12/2011 11 1.21 277,500 -40,000

Candente Copper Corp. Common Shares Freeze, Joanne Constance 4, 5 9/12/2011 11 1.21 185,000 40,000

Candente Copper Corp. Common Shares Freeze, Joanne Constance 4, 5 14/12/2011 10 0.96 205,000 20,000

Candente Gold Corp. Common Shares Freeze, Joanne Constance 4, 5 4/1/2010 00

Candente Gold Corp. Common Shares Freeze, Joanne Constance 4, 5 14/12/2011 10 0.21 47,500 47,500

Candente Gold Corp. Common Shares Freeze, Joanne Constance 4, 5 15/12/2011 10 0.21 100,000 52,500

Canexus Corporation Common Shares Bourgeois, Brian Paul 5 9/12/2011 10 6.34 33,500 2,500 Canexus Corporation Common Shares Bourgeois, Brian Paul 5 9/12/2011 10 6.35 36,000 2,500 Canfor Corporation Common Shares Pattison, James A. 3, 4 8/12/2011 10 9.98 28,422,850 97,800 Canfor Corporation Common Shares Pattison, James A. 3, 4 9/12/2011 10 10 28,464,250 41,400 Canfor Corporation Common Shares Pattison, James A. 3, 4 13/12/2011 10 10.025 28,656,650 192,400 Canfor Corporation Common Shares Pattison, James A. 3, 4 14/12/2011 10 9.98 29,151,050 494,400 Canfor Corporation Common Shares Pattison, James A. 3, 4 15/12/2011 10 9.957 29,172,850 21,800 Canfor Pulp Products Inc. Common Shares Bentley, Peter John Gerald 4, 6 7/12/2011 10 9.7981 624,677 10,000

Canlan Ice Sports Corp. Common Shares Gellard, Michael F. 5 13/12/2011 10 1.9 18,400 200 Canso Credit Income Fund Units Class A Units Canso Investment Counsel

Ltd.7 15/12/2011 10 8.7924 75,100 2,100

Canuc Resources Corporation

Common Shares Lohman, Gary Howard Tracy

5 12/12/2011 10 0.17 1,241,000 10,000



5 12/12/2011 10 0.19 1,251,000 10,000



5 14/12/2011 10 0.19 1,256,000 5,000



5 16/12/2011 10 0.17 1,266,000 10,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12778



Acquired/ Disposed

CanWel Building Materials Group Ltd. (formerly, Canwel Holdings Corporation)

Common Shares CanWel Building Materials Group Ltd.

1 12/5/2011 00



1 21/11/2011 00



1 28/11/2011 00

CANYON CREEK FOOD COMPANY LTD.

Common Shares Halina, Brian Allan 3 15/12/2011 10 0.05 1,200,000 9,000





Canyon Services Group Inc. Common Shares Ratushny, M. Scott 4 14/12/2011 10 11 11,000 1,000

Carbon Friendly Solutions Inc.

Common Shares Lis, Stanislaw 5 9/12/2011 10 0.25 1,297,500 -13,000


Common Shares Lis, Stanislaw 5 13/12/2011 10 0.23 1,299,500 2,000








Common Shares Lis, Stanislaw 5 15/12/2011 10 0.26 1,308,000 -6,000


Common Shares Shen, Ping 5 30/6/2011 97 0.2 280,000 280,000


Options Shen, Ping 5 8/2/2011 50 0.2 250,000 200,000


Options Shen, Ping 5 18/8/2011 50 0.14 350,000 100,000


Warrants Shen, Ping 5 9/10/2009 00


Warrants Shen, Ping 5 30/6/2011 53 0.35 280,000 280,000

Cardero Resource Corp. Options GILRON, GUY 7 11/7/2011 00 Cardero Resource Corp. Options GILRON, GUY 7 15/12/2011 50 1.1 200,000 200,000 Cardero Resource Corp. Options HENDERSON, KEITH J. 5 12/12/2011 50 1.1 350,000 95,000 Cardero Resource Corp. Common Shares HOFFMAN, GLENN

EDWARD 7 9/11/2011 10 1.05 66,700 200

Cardero Resource Corp. Common Shares HOFFMAN, GLENN EDWARD

7 10/11/2011 10 1.05 73,500 6,800


7 15/11/2011 10 1.19 78,500 5,000


7 15/11/2011 10 1.16 93,500 15,000


7 18/11/2011 10 1.21 103,500 10,000

Cardero Resource Corp. Options HOFFMAN, GLENN EDWARD

7 4/11/2011 10 1.3 0 -300,000

Cardero Resource Corp. Options HOFFMAN, GLENN EDWARD

7 15/12/2011 50 1.1 250,000 250,000

Cardero Resource Corp. Options HUNTER, MICHAEL LESLIE

5 15/12/2011 50 1.1 1,100,000 200,000

Cardero Resource Corp. Options VAN ALPHEN, HENDRIK 4, 5 9/11/2011 50 1.1 937,500 200,000 Cardiome Pharma Corp. Common Shares Clegg, Jackie Marie 4 12/12/2011 10 1.99 10,000 Cardiome Pharma Corp. Common Shares Clegg, Jackie Marie 4 12/12/2011 10 1.99 10,000 Cardiome Pharma Corp. Common Shares Clegg, Jackie Marie 4 12/12/2011 10 1.99 10,000 10,000 Cardiome Pharma Corp. Common Shares Hunter, William L. 4 11/6/2007 00 Cardiome Pharma Corp. Common Shares Hunter, William L. 4 13/12/2011 10 2.0494 50,000 50,000 Cardiome Pharma Corp. Common Shares Roberts, Peter W 4 18/9/2005 00 Cardiome Pharma Corp. Common Shares Roberts, Peter W 4 14/12/2011 10 2.0312 2,500 2,500 Carmanah Technologies Corporation

Common Shares Berrang, Peter Gottfried 4 6/12/2011 10 0.4 38,750 27,500

Carmanah Technologies Corporation

Common Shares Berrang, Peter Gottfried 4 7/12/2011 10 0.44 65,250 26,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12779



Acquired/ Disposed


Common Shares Green, David 4 9/12/2011 10 0.46 -3,085,590 5,000


Common Shares Green, David 4 9/12/2011 10 0.46 5,000

Carmen Energy Inc. Common Shares Nesbitt, Archibald Jonathon 4 12/12/2011 10 0.26 199,500 10,000

Cascades Inc. Unités d'actions différées / Deffered Share Units

Bannerman, Paul 4 14/12/2011 35 24,702 253


Chevrier, Robert 4 14/12/2011 35 24,702 253


Doak, James Basil Charles 4 14/12/2011 35 24,702 253


Garneau, Louis 4 14/12/2011 35 24,702 253


Kobrynsky, Georges 4 14/12/2011 35 3,328 34


Lemaire, Sylvie 4 14/12/2011 35 24,702 253


McAusland, David L. 4 14/12/2011 35 24,702 253


Pelletier, Martin P. 4 14/12/2011 35 24,702 253


Verreault, Laurent 4 14/12/2011 35 24,702 253

CCL Industries Inc. Non-Voting Shares Class B

1281228 Ontario Inc. 3 9/12/2011 10 29.85 31,500


1281228 Ontario Inc. 3 9/12/2011 10 29.85 227,000 31,500


1281228 Ontario Inc. 3 14/12/2011 10 30 277,000 50,000

Celestica Inc. Subordinate Voting Shares Lindgren, Peter 5 22/6/1999 00

Celestica Inc. Subordinate Voting Shares Lindgren, Peter 5 22/6/1999 00 10,579

Celestica Inc. Subordinate Voting Shares Peri, John 5 29/6/1998 00

Celestica Inc. Subordinate Voting Shares Peri, John 5 29/6/1998 00 47,150

Celestica Inc. Subordinate Voting Shares Sellers, Robert 5 3/1/2005 00

Celestica Inc. Subordinate Voting Shares Sellers, Robert 5 3/1/2005 00 2,051

Cell-Loc Location Technologies Inc.

Common Shares Walkervale Holdings Inc. 3, 4 25/11/2011 11 0.07 3,151,000 -1,000





Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 15/11/2011 30 25.95 12,361 54 Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 1/12/2011 30 24.75 12,417 56 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 15/11/2011 30 25.95 14,566 67 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 1/12/2011 30 24.75 14,636 70 Cenovus Energy Inc. Options Dyte, Kerry Don 5 12/12/2011 59 26.64 200,286 -4,000 Cenovus Energy Inc. Options Ferguson, Brian Charles 4, 5 12/12/2011 59 26.64 799,000 -50,000 Centamin Egypt Limited Ordinary Shares Schultz, Trevor 4 9/12/2011 10 91.3 1,000,000 -100,000 Centric Health Corporation (formerly Alegro Health Corp.)

Common Shares Davis, Ingrid 4 31/7/2011 00 700,000

Centric Health Corporation (formerly Alegro Health Corp.)

Common Shares Youngleson, Darren D. 6, 7 13/7/2007 00

Century Iron Mines Corporation

Options Aubut, Marcel 4, 5 28/9/2011 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12780



Acquired/ Disposed

Century Iron Mines Corporation

Options Aubut, Marcel 4, 5 14/12/2011 50 180,000 180,000

Cequence Energy Ltd. Options Thorson, Erin Patricia 5 9/12/2011 50 550,000 100,000 Cequence Energy Ltd. Common Shares Wanklyn, Robert Paul 4, 5 16/12/2011 10 3.05 663,667 20,000 Cervus Equipment Corporation

Common Shares harris, gary wayne 4 15/12/2011 10 14.49 100,104 900

CGI Group Inc. Subordinate Voting Shares Classe A

Boivin, Claude 4 9/12/2011 90 18.62 1,916 400


Boivin, Claude 4 9/12/2011 90 18.62 8,600 -400


Bourigeaud, Bernard 4 13/12/2011 90 0 -3,332


Bourigeaud, Bernard 4 13/12/2011 90 10,000 3,332


Godin, Serge 5 9/12/2011 30 19.278 89,802 139

CGI Group Inc. Options Gregory, Timothy Walter 5 13/12/2011 97 19.71 108,433 -20,000 CGI Group Inc. Subordinate Voting Shares

Classe A Imbeau, André 5 14/12/2011 90 210,160 210,160


Imbeau, André 5 14/12/2011 90 0 -210,160


Imbeau, André 5 9/12/2011 30 19.278 25,147 83


Morea, Donna Sue 5 12/12/2011 30 20.098 21,540 2,433


Roach, Michael 5 12/12/2011 30 19.956 66,719 3,364

Champion Bear Resources Ltd.

Common Shares Stachiw, Marc Joseph 4 15/12/2011 10 0.125 140,000 10,000

Changfeng Energy Inc. Common Shares Lin, Si Yin 5 9/12/2011 10 0.1 380,500 50,000 Changfeng Energy Inc. Common Shares Lin, Si Yin 5 9/12/2011 10 0.105 430,500 50,000 Chartwell Seniors Housing Real Estate Investment Trust

Trust Units Schwartz, Thomas 4 15/11/2011 30 7.2877 32,771 47

Chartwell Seniors Housing Real Estate Investment Trust

Trust Units Schwartz, Thomas 4 15/11/2011 30 7.2877 4,064 24

CI Financial Corp. Debentures 3.30% Debentures due 2012

Bank of Nova Scotia, The 3 13/12/2011 10 100.97 $4,121,000 $23,000

CI Financial Corp. Common Shares Chang, G. Raymond 7 8/12/2011 10 21.32 12,157,340 -20,000 CI Financial Corp. Common Shares Chang, G. Raymond 7 9/12/2011 10 21.3 12,147,340 -10,000 CI Financial Corp. Common Shares Chang, G. Raymond 7 14/12/2011 10 20.6 -4,900 CI Financial Corp. Common Shares Chang, G. Raymond 7 14/12/2011 10 20.6 12,147,240 -100 CI Financial Corp. Common Shares Chang, G. Raymond 7 15/12/2011 10 20.415 12,127,240 -20,000 CI Financial Corp. Common Shares Gramegna, Mike 7 8/12/2011 10 21.157 70,000 -10,000 CI Financial Corp. Common Shares Gramegna, Mike 7 9/12/2011 51 21.18 80,851 10,851 CI Financial Corp. Options Gramegna, Mike 7 9/12/2011 51 12.57 66,003 -12,500 CI Financial Corp. Options Gramegna, Mike 7 9/12/2011 51 11.6 46,003 -20,000 CI Financial Corp. Common Shares Pauli, David C. 5 8/12/2011 10 21.32 625,200 -9,400 CIBT Education Group Inc. (formerly Capital Alliance Group Inc.)

Common Shares Capital Alliance Group Inc. 1 9/12/2011 10 0.26 3,352,024 6,000

CIBT Education Group Inc. (formerly Capital Alliance Group Inc.)











Common Shares Chu, Toby 4, 5 12/12/2011 10 0.24 3,708,847 5,000



Insider Reporting

December 23, 2011 (2011) 34 OSCB 12781



Acquired/ Disposed













Cinram International Income Fund

Units Geosam Capital Inc. 3 12/12/2011 00 6,769,800


First-lien term debt Polar Securities Inc. 3 4/10/2011 97 $21,148,211 -$104,863


First-lien term debt Polar Securities Inc. 3 4/10/2011 97 $21,194,227 $46,016


Units Polar Securities Inc. 3 13/12/2011 10 0.0261 2,301,569 -221,000


Units Polar Securities Inc. 3 14/12/2011 10 0.025 822,569 -1,479,000

Cipher Pharmaceuticals Inc. Common Shares Aigner, Stefan 4 15/12/2011 30 0.58 14,281 3,103

Cipher Pharmaceuticals Inc. Common Shares Andrews, Larry 5 8/12/2011 10 0.75 125,219 2,000

Cipher Pharmaceuticals Inc. Common Shares Andrews, Larry 5 15/12/2011 30 0.58 127,289 2,070

Cipher Pharmaceuticals Inc. Common Shares Claypool, William 4 15/12/2011 30 0.58 51,166 3,103

Cipher Pharmaceuticals Inc. Common Shares Evans, Norman Charles 5 12/12/2011 10 0.68 44,843 5,000

Cipher Pharmaceuticals Inc. Common Shares Evans, Norman Charles 5 15/12/2011 30 0.58 46,221 1,378

Cipher Pharmaceuticals Inc. Common Shares Garriock, William Charles 4 15/12/2011 30 0.58 7,219 1,725

Cipher Pharmaceuticals Inc. Common Shares McDole, Gerald P. 4 15/12/2011 30 0.58 23,660 2,758

Clarke Inc. Common Shares Cull, Dean Maxwell 7 29/11/2011 30 4.1203 22,513 295 Clarke Inc. Common Shares Geosam Capital Inc. 3 8/12/2011 10 3.85 620,023 1,000 Clarke Inc. Common Shares Geosam Capital Inc. 3 9/12/2011 10 3.85 620,823 800 Clarke Inc. Common Shares Geosam Capital Inc. 3 12/12/2011 10 3.87 627,023 6,200 Clarke Inc. Common Shares Geosam Capital Inc. 3 13/12/2011 10 3.88 627,623 600 Claude Resources Inc. Common Shares Johnson, Rick 5 14/12/2011 51 0.53 35,700 30,000 Claude Resources Inc. Options Options Johnson, Rick 5 14/12/2011 51 0.53 373,232 -30,000 Claude Resources Inc. Common Shares McMillan, Neil 4, 5 16/12/2011 51 0.53 632,000 200,000 Claude Resources Inc. Options Options McMillan, Neil 4, 5 16/12/2011 51 0.53 711,340 -200,000 CO2 Solutions Inc. Common Shares Kelly, Glenn Robert 4, 5 9/12/2011 10 0.1413 422,143 15,000 CO2 Solutions Inc. Common Shares Kelly, Glenn Robert 4, 5 12/12/2011 10 0.135 424,143 2,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 12/12/2011 10 0.135 3,592,857 5,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 13/12/2011 10 0.115 3,597,857 5,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 14/12/2011 10 0.105 3,599,357 1,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 14/12/2011 10 0.12 3,607,857 8,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 14/12/2011 10 0.125 3,617,857 10,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 14/12/2011 10 0.12 3,622,857 5,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 14/12/2011 10 0.12 3,627,857 5,000 CO2 Solutions Inc. Common Shares Manherz, Robert 4 15/12/2011 10 0.12 3,630,357 2,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 15/12/2011 10 0.12 3,632,857 2,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 15/12/2011 10 0.12 3,634,357 1,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 15/12/2011 10 0.125 3,637,857 3,500 CO2 Solutions Inc. Common Shares Manherz, Robert 4 15/12/2011 10 0.12 3,642,857 5,000 Coast Wholesale Appliances Inc.

Common Shares Burrows, Harlow B. 5 5/12/2011 10 3.33 45,300 800

Coast Wholesale Appliances Inc.

Common Shares Burrows, Harlow B. 5 5/12/2011 10 3.35 46,800 1,500

Coast Wholesale Appliances Inc.

Common Shares Burrows, Harlow B. 5 7/12/2011 10 3.33 47,500 700

Coastal Contacts Inc. Common Shares Tokarski, Michaela 4 8/4/2004 10 1.12 1,695,500 -80,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12782



Acquired/ Disposed

Coastal Contacts Inc. Common Shares Tokarski, Michaela 4 14/4/2004 10 1 1,674,500 -21,000 Coastal Contacts Inc. Common Shares Tokarski, Michaela 4 4/10/2005 10 2.09 1,662,500 -5,000 Coastal Contacts Inc. Common Shares Tokarski, Michaela 4 4/10/2005 10 2.08 1,657,500 -5,000 Coastal Contacts Inc. Common Shares Tokarski, Michaela 4 4/10/2005 10 2.05 1,652,500 -5,000 Cobriza Metals Corp. Common Shares Freeze, Joanne Constance 4, 5 14/12/2011 10 0.15 129,000 100,000

Cobriza Metals Corp. Common Shares Waller, Sean Ivor 4, 5 14/12/2011 10 0.1456 27,500 12,500 Cobriza Metals Corp. Common Shares Waller, Sean Ivor 4, 5 15/12/2011 10 0.15 65,000 37,500 Colabor Group Inc. Common Shares Lachance, Gilles C. 5 9/12/2011 10 10.14 27,395 -3,270 Colabor Group Inc. Common Shares Lachance, Gilles C. 5 9/12/2011 10 10.12 22,395 -5,000 Colabor Group Inc. Common Shares Lachance, Gilles C. 5 12/12/2011 10 10.15 18,895 -3,500 Colt Resources Inc. Common Shares Perrault, Nikolas 4, 5 15/12/2011 10 0.58 28,500 11,500 Colt Resources Inc. Common Shares Perrault, Nikolas 4, 5 15/12/2011 10 0.59 30,000 1,500 Cominar Real Estate Investment Trust

Options Bechard, Todd Patrick 5 15/12/2011 50 21.8 36,000 22,500

Cominar Real Estate Investment Trust

Options Berthelot, Michel 5 15/12/2011 50 21.8 187,500 46,500


Options Dallaire, Alain 3, 4, 6, 5 15/12/2011 50 21.8 155,000 40,500


Options Dallaire, Michel 3, 4, 6, 5 15/12/2011 50 21.8 372,000 111,000


Options Ouellette, Michel 5 15/12/2011 50 21.8 102,250 25,500


Options Paquet, Michel 3, 4, 5 15/12/2011 50 21.8 171,000 40,500


Options Pepin, Carl 5 15/12/2011 50 21.8 58,500 13,500

Commercial Solutions Inc. Common Shares Kruper, Daryl William 4 18/3/2011 10 0.96 183,500 5,000 Commercial Solutions Inc. Common Shares Kruper, Daryl William 4 29/3/2011 10 1 188,775 5,275 Commercial Solutions Inc. Common Shares Kruper, Daryl William 4 11/10/2011 10 0.9 11,950 Commercial Solutions Inc. Common Shares Kruper, Daryl William 4 11/10/2011 10 0.9 197,775 9,000 COMPASS Income Fund Trust Units COMPASS Income Fund 1 9/12/2011 38 11.89 29,853,663 2,400 COMPASS Income Fund Trust Units COMPASS Income Fund 1 12/12/2011 38 11.87 29,854,763 1,100 COMPASS Income Fund Trust Units COMPASS Income Fund 1 13/12/2011 38 11.92 29,857,163 2,400 COMPASS Income Fund Trust Units COMPASS Income Fund 1 14/12/2011 38 11.9 29,858,863 1,700 COMPASS Income Fund Trust Units COMPASS Income Fund 1 14/12/2011 38 12.31 30,439,829 580,966 Compton Petroleum Corporation

Options Cassidy, Christopher Wallace Leigh

5 9/12/2011 00

Compton Petroleum Corporation

Options Cassidy, Christopher Wallace Leigh

5 9/12/2011 50 75,000 75,000

Compton Petroleum Corporation

Warrants Automatic Cassidy, Christopher Wallace Leigh

5 9/12/2011 00 9,734

Constellation Software Inc. Common Shares Gernega, Boris 7 12/12/2011 10 76.5 6,500 -500 Continental Gold Limited (formerly Cronus Resources Ltd.)

Common Shares Sussman, Ari B 4 14/12/2011 51 1,138,545 10,606

Continental Gold Limited (formerly Cronus Resources Ltd.)

Options Sussman, Ari B 4 14/12/2011 51 0.94 1,207,576 -10,606

Continental Precious Minerals Inc.

Options Andrade, Rui Manuel 5 7/12/2011 52 80,000 -50,000


Options Godin, Edward 4, 5 7/12/2011 52 1,250,000 -1,000,000


Options Osika, Gerard Paul 4 7/12/2011 52 550,000 -250,000


Options Sheahan, Patricia 4 7/12/2011 52 550,000 -250,000

Copernican International Premium Dividend Fund

Trust Units Wain-Lowe, Chris 7 12/12/2011 10 3.86 8,604 1,500

Copper Mountain Mining Corporation

Common Shares Holbek, Peter Michael 5 6/12/2011 10 4.88 199,000 -3,000

Copper Reef Mining Corporation

Common Shares Masson, Stephen Leo 3 13/12/2011 10 0.115 5,124,000 1,000











Insider Reporting

December 23, 2011 (2011) 34 OSCB 12783



Acquired/ Disposed



Corazon Gold Corp. Common Shares Moore, Rosalie C. 4 24/1/2011 00 666,667 Corazon Gold Corp. Options Moore, Rosalie C. 4 7/10/2011 50 0.3 500,000 250,000 Corridor Resources Inc. Common Shares Miller, Norman Wallace 5 8/12/2011 10 2.07 464,474 -10,000 Corridor Resources Inc. Common Shares Miller, Norman Wallace 5 8/12/2011 10 2.1 454,474 -10,000 Corsa Coal Corp. Common Shares Benner, Colin Keith 4 15/12/2011 11 0.5 2,262,000 200,000 Corsa Coal Corp. Common Shares Caldwell, Paul Douglas 5 8/12/2010 00 Corsa Coal Corp. Common Shares Caldwell, Paul Douglas 5 15/12/2011 11 0.5 150,000 150,000 Corsa Coal Corp. Common Shares Charter, Donald Kinloch 4 8/5/2009 00 Corsa Coal Corp. Common Shares Charter, Donald Kinloch 4 15/12/2011 11 0.5 500,000 500,000 Corsa Coal Corp. Common Shares Gallo, Joseph Anthony 7 15/12/2011 11 0.5 7,863,829 100,000 Corsa Coal Corp. Common Shares Lorito Holdings S.a.r.l. 3 15/12/2011 16 0.5 25,389,000 4,000,000 Corsa Coal Corp. Common Shares Mears, Kerry 4 15/12/2011 11 0.5 8,676,680 650,000 Corsa Coal Corp. Common Shares Scott, Robert 4 15/12/2011 11 0.5 906,000 200,000 Corsa Coal Corp. Common Shares Zebra Holdings and

Investments S.a.r.l. 3 15/12/2011 16 0.5 25,389,000 4,000,000

Cortex Business Solutions Inc.

Options Henderson, Randall Douglas 4 28/10/2011 50 0.24 200,000

Cortex Business Solutions Inc.

Options Henderson, Randall Douglas 4 28/11/2011 50 0.24 300,000 200,000

CORUS Entertainment Inc. Non-Voting Shares Class B

Shaw, JR 3 7/12/2011 10 19.09 116,369 14,300


Shaw, JR 3 8/12/2011 10 19.076 146,269 29,900


Shaw, JR 3 9/12/2011 10 19.324 152,069 5,800


Shaw, Julie Marie 4 8/12/2011 10 19.076 30,000 30,000


Shaw, Julie Marie 4 9/12/2011 10 19.343 41,800 11,800


Shaw, Julie Marie 4 12/12/2011 10 19.257 114,000 72,200


Shaw, Julie Marie 4 13/12/2011 10 19.38 200,000 86,000

Crescent Point Energy Corp. Deferred Share Units Bannister, Peter 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units Bannister, Peter 4 12/12/2011 56 44.3 5,439 5,439

Crescent Point Energy Corp. Common Shares Colborne, Paul 4 8/12/2011 10 44.31 16,224 5,000


Crescent Point Energy Corp. Common Shares Colborne, Paul 4 13/12/2011 10 43.46 50,000


Crescent Point Energy Corp. Deferred Share Units Colborne, Paul 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units Colborne, Paul 4 12/12/2011 56 44.3 4,290 4,290

Crescent Point Energy Corp. Deferred Share Units Cugnet, Kenney Frank 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units Cugnet, Kenney Frank 4 12/12/2011 56 44.3 4,290 4,290

Crescent Point Energy Corp. Deferred Share Units Gillard, D. Hugh 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units Gillard, D. Hugh 4 12/12/2011 56 44.3 4,290 4,290

Crescent Point Energy Corp. Deferred Share Units ROMANZIN, GERALD A. 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units ROMANZIN, GERALD A. 4 12/12/2011 56 44.3 4,290 4,290

Crescent Point Energy Corp. Deferred Share Units Turnbull, Gregory George 4 2/7/2009 00

Crescent Point Energy Corp. Deferred Share Units Turnbull, Gregory George 4 12/12/2011 56 44.3 4,290 4,290

Crew Energy Inc. Options Truscott, Kenneth 5 14/12/2011 51 7.23 471,000 -50,000 Crew Energy Inc. Options Truscott, Kenneth 5 14/12/2011 10 7.23 521,000 50,000 Crew Energy Inc. Options Truscott, Kenneth 5 14/12/2011 10 10.729 471,000 -50,000 CRH Medical Corporation Options Bear, Richard 5 8/12/2011 50 0.56 650,000 200,000 CRH Medical Corporation Options Cleator, Iain 4 8/12/2011 50 0.56 225,000 25,000 CRH Medical Corporation Options Holler, Anthony 4 8/12/2011 50 0.56 225,000 125,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12784



Acquired/ Disposed

CRH Medical Corporation Options Johnson, David 4 8/12/2011 50 0.56 275,000 25,000 CRH Medical Corporation Options Overholt, Bergein 4 8/12/2011 50 0.56 150,000 25,000 CRH Medical Corporation Options Patrick, Todd 4 8/12/2011 50 0.56 225,000 125,000 CRH Medical Corporation Options Webb, Ian A. 4 8/12/2011 50 0.56 225,000 125,000 CRH Medical Corporation Options Wright, Edward 4 8/12/2011 50 0.56 1,100,000 300,000 CriticalControl Solutions Corp.

Common Shares Huddani, Nizar 5 9/12/2011 10 0.3 28,500 8,500

CriticalControl Solutions Corp.

Common Shares Huddani, Nizar 5 12/12/2011 10 0.3 70,000 41,500

CWC Well Services Corp. Common Shares Central Alberta Well Services Corp.

1 9/12/2011 10 0.63 145,500 11,500

Cynapsus Therapeutics Inc. Common Shares Bryson, Nathan John 5 9/12/2011 10 0.02 152,000 2,000

Cynapsus Therapeutics Inc. Common Shares Bryson, Nathan John 5 14/12/2011 10 0.02 162,000 10,000

Cynapsus Therapeutics Inc. Common Shares Giovinazzo, Anthony 5 16/12/2011 10 0.025 989,000 31,000

Cynapsus Therapeutics Inc. Common Shares Giovinazzo, Anthony 5 16/12/2011 10 0.03 1,005,000 16,000

Cypress Development Corp. Options Huston, Donald Carl 4, 5 12/12/2011 52 0.185 1,918,000 -150,000

Darnley Bay Resources Limited

Common Shares Richardson, James Angus Wilson (Bilkstys-)

4 12/12/2011 10 0.055 82,000 16,000

Debut Diamonds Inc Common Shares Consolidated International Investment Holdings Inc.

3 13/12/2011 00


3 13/12/2011 10 0.35 3,428,571 3,428,571


3 13/12/2011 00 51,000


3 13/12/2011 00


3 13/12/2011 11 0.35 2,285,714 2,285,714

Debut Diamonds Inc Options Consolidated International Investment Holdings Inc.

3 13/12/2011 00

Debut Diamonds Inc Options Consolidated International Investment Holdings Inc.

3 13/12/2011 11 0.35 571,428 571,428

Debut Diamonds Inc Warrants Consolidated International Investment Holdings Inc.

3 13/12/2011 00


3 13/12/2011 11 0.45 1,714,285 1,714,285


3 13/12/2011 00


3 13/12/2011 11 0.45 1,142,857 1,142,857

Debut Diamonds Inc Common Shares Smeenk, Frank Cornelius 4, 5 25/8/2011 00 Debut Diamonds Inc Common Shares Smeenk, Frank Cornelius 4, 5 14/12/2011 10 0.35 500 500 Debut Diamonds Inc Common Shares Smeenk, Frank Cornelius 4, 5 15/12/2011 35 0.3 485,450 484,950 Debut Diamonds Inc Common Shares Smeenk, Frank Cornelius 4, 5 15/12/2011 10 0.3 484,950 -500 DeeThree Exploration Ltd. Common Shares Cheyne, Martin James 4, 5 9/12/2011 10 2.03 1,386,600 8,700 DeeThree Exploration Ltd. Common Shares Cheyne, Martin James 4, 5 9/12/2011 10 2.05 1,387,900 1,300 DeeThree Exploration Ltd. Common Shares Cheyne, Martin James 4, 5 13/12/2011 10 1.96 1,397,900 10,000 DeeThree Exploration Ltd. Common Shares Cheyne, Martin James 4, 5 13/12/2011 10 1.9 1,407,900 10,000 DeeThree Exploration Ltd. Common Shares Cheyne, Martin James 4, 5 15/12/2011 10 1.86 1,413,500 5,600 DeeThree Exploration Ltd. Common Shares Hamm, Henry Peter 4 13/12/2011 10 1.9493 30,000 18,000 DeeThree Exploration Ltd. Common Shares Hamm, Henry Peter 4 13/12/2011 10 1.9487 45,000 15,000 DeeThree Exploration Ltd. Common Shares Hamm, Henry Peter 4 14/12/2011 10 1.83 57,000 12,000 DELPHI ENERGY CORP. Common Shares Angelidis, Tony 4, 5 14/12/2011 30 2.08 683,762 2,658 DELPHI ENERGY CORP. Common Shares Batteke, Hugo 5 13/12/2011 51 0.65 183,167 60,000 DELPHI ENERGY CORP. Common Shares Batteke, Hugo 5 13/12/2011 10 2.17 123,167 -60,000 DELPHI ENERGY CORP. Common Shares Batteke, Hugo 5 14/12/2011 30 2.08 125,492 2,325 DELPHI ENERGY CORP. Options Batteke, Hugo 5 13/12/2011 51 0.65 515,000 -60,000 DELPHI ENERGY CORP. Common Shares Galvin, Michael 5 14/12/2011 30 2.08 65,678 2,351

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12785



Acquired/ Disposed

DELPHI ENERGY CORP. Common Shares Hume, Rod Allan 5 14/12/2011 30 2.08 99,002 2,658 DELPHI ENERGY CORP. Common Shares Kohlhammer, Brian 5 14/12/2011 30 2.08 153,602 2,965 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 109,500 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 00 5,757,000 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 10 2.03 300,000 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 8/2/2007 10 2.03 300,000 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 9/2/2007 10 2.09 284,600 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 9/2/2007 10 2.09 284,600 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 9/2/2007 10 2.09 6,041,600 284,600 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Mitchell, Bruce 3 11/2/2007 00 DELPHI ENERGY CORP. Common Shares Reid, David James 4, 5 14/12/2011 30 2.08 176,365 3,323 DEQ Systems Corp. Common Shares Vachon, Jean-Claude 4, 6, 5 16/12/2011 10 0.21 358,000 203,000 Detour Gold Corporation Options Beaudoin, Pierre 5 13/12/2011 50 28.27 382,500 37,500 Detour Gold Corporation Options Crossgrove, Peter

Alexander 4 13/12/2011 50 28.27 251,065 18,750

Detour Gold Corporation Options Dionne, Louis 4 13/12/2011 50 28.27 155,000 12,500 Detour Gold Corporation Options Donovan, Patrick Joseph 5 13/12/2011 50 28.27 215,000 20,000 Detour Gold Corporation Options Doyle, Robert Emmet 4 13/12/2011 50 28.27 137,500 12,500 Detour Gold Corporation Options Galloway, Julie 5 13/12/2011 50 28.27 212,500 20,000 Detour Gold Corporation Options Hibbard, Ingrid Jo-Ann 4 13/12/2011 50 28.27 310,695 12,500 Detour Gold Corporation Options Josipovic, Eric Ivan 5 13/12/2011 50 28.27 145,000 12,500 Detour Gold Corporation Options Kenyon, John Michael 4 13/12/2011 50 28.27 325,000 37,500 Detour Gold Corporation Options Martin, Paul Douglas 5 13/12/2011 50 28.27 397,500 37,500 Detour Gold Corporation Options Morrison, Alexander 4 13/12/2011 50 28.27 137,500 12,500 Detour Gold Corporation Options Panneton, Gerald 4, 5 13/12/2011 50 28.27 725,000 75,000 Detour Gold Corporation Options Pineault, Rachel Anne 5 1/9/2011 00 Detour Gold Corporation Options Pineault, Rachel Anne 5 13/12/2011 50 28.27 20,000 20,000 Detour Gold Corporation Options Robertson, James Donald 5 13/12/2011 50 28.27 192,500 20,000

Detour Gold Corporation Options Rubenstein, Jonathan A. 4 13/12/2011 50 28.27 162,500 12,500 Detour Gold Corporation Options Teevan, Derek 5 13/12/2011 50 28.27 182,500 20,000 Detour Gold Corporation Options Thiessen, Ronald William 4 13/12/2011 50 28.27 150,000 12,500 Detour Gold Corporation Options Wozniak, Graham Roy 4 13/12/2011 50 28.27 112,500 12,500 DGM Minerals Corp. Common Shares Anderson, Michael Francis 4 14/2/2011 00 100,000

DGM Minerals Corp. Options Anderson, Michael Francis 4 14/2/2011 00

DGM Minerals Corp. Options Anderson, Michael Francis 4 1/3/2011 50 150,000 150,000

Dia Bras Exploration Inc. Options DONNELLY, JOHN 4 15/9/2011 00 Dia Bras Exploration Inc. Options DONNELLY, JOHN 4 5/12/2011 50 90,014 90,014 Dia Bras Exploration Inc. Common Shares Renaud, Philip 4 12/12/2011 54 0.7 4,085,164 308,571 Dia Bras Exploration Inc. Options Renaud, Philip 4 6/12/2011 50 3.4 187,567 80,424 Dia Bras Exploration Inc. Warrants Renaud, Philip 4 12/12/2011 54 0.1 -1,851,428 -2,160,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 -100,000 -100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 0 100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 -100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 13/12/2011 38 0.06 -100,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 14/12/2011 38 0.06 88,000 88,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 14/12/2011 38 0.06 0 -88,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 15/12/2011 38 0.06 12,000 12,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 15/12/2011 38 0.06 0 -12,000 Digifonica International Inc. Common Shares Harris, James Lindsay 5 14/12/2011 00 Digifonica International Inc. Common Shares Harris, James Lindsay 5 14/12/2011 16 0.05 175,000 175,000 Digifonica International Inc. Warrants Harris, James Lindsay 5 14/12/2011 00 Digifonica International Inc. Warrants Harris, James Lindsay 5 14/12/2011 16 175,000 175,000 Digifonica International Inc. Common Shares McMorran, Robert George 4, 5 11/10/2011 00

Digifonica International Inc. Common Shares McMorran, Robert George 4, 5 14/12/2011 16 0.05 200,000 200,000

Digifonica International Inc. Warrants McMorran, Robert George 4, 5 11/10/2011 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12786



Acquired/ Disposed

Digifonica International Inc. Warrants McMorran, Robert George 4, 5 14/12/2011 16 200,000 200,000

Digifonica International Inc. Common Shares Roehlig, Axel Gunther Ruediger

4, 5 11/10/2011 00

Digifonica International Inc. Common Shares Roehlig, Axel Gunther Ruediger

4, 5 15/12/2011 16 0.05 500,000 500,000

Digifonica International Inc. Warrants Roehlig, Axel Gunther Ruediger

4, 5 11/10/2011 00

Digifonica International Inc. Warrants Roehlig, Axel Gunther Ruediger

4, 5 15/12/2011 16 500,000 500,000

Dollarama Inc. Common Shares Swidler, John Joseph 4 16/12/2011 10 41.98 31,000 3,000 Duluth Metals Limited Common Shares Duluth Metals limited 1 9/12/2011 38 2.3183 7,400 2,400 Duluth Metals Limited Common Shares Duluth Metals limited 1 12/12/2011 38 2.2456 11,000 3,600 Duluth Metals Limited Common Shares Duluth Metals limited 1 13/12/2011 38 2.22 17,000 6,000 Duluth Metals Limited Common Shares Duluth Metals limited 1 14/12/2011 38 2.0273 48,900 31,900 Duluth Metals Limited Common Shares Duluth Metals limited 1 15/12/2011 38 2.0774 64,000 15,100 Duluth Metals Limited Common Shares Stock

Option Plan Jackson, James J. 4 13/12/2011 50 2.31 475,000 25,000

Duluth Metals Limited Common Shares Simmons, Barry Dodge 4 14/12/2011 10 2.086 32,100 5,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 12/12/2011 10 0.45 1,908,168 7,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 12/12/2011 10 0.44 1,915,168 7,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 12/12/2011 10 0.4 1,916,168 1,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 14/12/2011 10 0.3 1,923,668 7,500 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 15/12/2011 10 0.35 1,933,668 10,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 16/12/2011 10 0.3 1,973,668 40,000 Dundee Corporation Subordinate Voting Shares

Class A Goodman, Jonathan Carter 4 14/12/2011 99 373,677 29,598

Dundee International Real Estate Investment Trust

Rights Deferred Trust Units

BIERBAUM, DETLEF 4 8/12/2011 56 9.84 19,207 15,207



Cooper, Michael 4 8/12/2011 56 9.84 24,022 4,022



Cruise, Brydon 4 8/12/2011 56 9.84 7,022 4,022



Goodman, Ned 4, 6 8/12/2011 56 9.84 6,591 3,591



Jackman, Duncan Newton Rowell

4 8/12/2011 56 9.84 7,022 4,022



Sullivan, John 4 8/12/2011 56 9.84 5,916 2,916

Eagle Energy Trust Options Blandford, Joseph Wesley 4 7/12/2011 50 80,000 20,000 Eagle Energy Trust Trust Units Blandford, Joseph Wesley 4 7/12/2011 10 8.35 5,102 -5,104 Eagle Energy Trust Options Churcher, Peter Lawrence 5 7/12/2011 50 393,750 81,250 Eagle Energy Trust Options Clark, Richard W. 4, 5 7/12/2011 50 472,500 97,500 Eagle Energy Trust Options Fitzpatrick, David Michael 4 7/12/2011 50 80,000 20,000 Eagle Energy Trust Options Gibson, Bruce Kenneth 4 7/12/2011 50 80,000 20,000 Eagle Energy Trust Options Steckley, Warren D. 4 7/12/2011 50 80,000 20,000 Eagle Energy Trust Options Tomyn, Kelly Ann 5 7/12/2011 50 393,750 81,250 easyhome Ltd. Common Shares Johnson, Donald Kenneth 3, 4 12/12/2011 11 5.99 2,859,768 952,417 Economic Investment Trust Limited

Common Shares E-L Financial Corporation Limited

3 13/12/2011 10 53 1,309,163 1,400

El Condor Minerals Inc. Options Highsmith, Robert Patrick 4 14/11/2011 00 600,000 EmberClear Corp. Common Shares Anderson, David Garfield 4 13/12/2011 10 0.85 2,977,886 -20,000 Empire Mining Corporation Options Cliff, David 4, 5 16/12/2011 50 1,325,000 125,000

Empire Mining Corporation Options Giustra, Robert 4, 5 16/12/2011 50 1,125,000 125,000

Empire Mining Corporation Options Khrischev, Yassen 5 16/12/2011 50 450,000 50,000

Empire Mining Corporation Options Schuster, Joel 5 16/12/2011 50 500,000 100,000

Enbridge Inc. Common Shares Bird, John Richard 5 9/12/2011 47 36.68 155,000 100,000 Enbridge Inc. Common Shares Bird, John Richard 5 12/12/2011 10 36.698 55,000 -100,000 Enbridge Inc. Common Shares Bird, John Richard 5 9/12/2011 51 10.413 110,190 80,000 Enbridge Inc. Common Shares Bird, John Richard 5 9/12/2011 51 12.86 130,190 20,000 Enbridge Inc. Common Shares Bird, John Richard 5 9/12/2011 47 36.68 30,190 -100,000 Enbridge Inc. Common Shares Bird, John Richard 5 12/12/2011 30 33.55 31,217 1,027 Enbridge Inc. Options $10.4125

($20.825) ($41.65) - February 6, 2013 Expiry

Bird, John Richard 5 9/12/2011 51 0 -80,000

Enbridge Inc. Options $12.86 ($25.72) ($51.44) - February 4, 2014 Expiry

Bird, John Richard 5 9/12/2011 51 46,800 -20,000

Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 12/12/2011 30 33.71 637,288 3,374 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 13/12/2011 51 10.925 662,088 24,800

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12787



Acquired/ Disposed

Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 13/12/2011 10 36.613 637,288 -24,800 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 14/12/2011 51 10.925 656,088 18,800 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 14/12/2011 10 36.575 637,288 -18,800 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 16/12/2011 51 10.925 645,688 8,400 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 16/12/2011 10 36.273 637,288 -8,400 Enbridge Inc. Options $10.925 ($21.85)

($43.70) - February 5, 2012 Expiry

Daniel, Patrick Darold 4, 5 13/12/2011 51 215,200 -24,800





Enbridge Inc. Common Shares Gruending, Colin Kenneth 5 9/12/2011 51 10.925 9,758 5,200 Enbridge Inc. Common Shares Gruending, Colin Kenneth 5 9/12/2011 10 36.78 7,378 -2,380 Enbridge Inc. Options $10.925 ($21.85)


Gruending, Colin Kenneth 5 9/12/2011 51 0 -5,200

Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/12/2011 51 10.925 65,000 28,000 Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/12/2011 10 36.65 37,000 -28,000 Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/12/2011 30 32.68 38,109 1,109 Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/12/2011 30 32.48 314 8 Enbridge Inc. Options $10.925 ($21.85)


Holder, Janet Arlene 5 12/12/2011 51 0 -28,000

Enbridge Inc. Common Shares Monaco, Albert 5 1/9/2011 30 33.71 93,580 1,627 Enbridge Inc. Common Shares Monaco, Albert 5 12/12/2011 30 31.26 94,161 581 Enbridge Inc. Common Shares Monaco, Albert 5 14/12/2011 51 10.925 118,161 24,000 Enbridge Inc. Common Shares Monaco, Albert 5 14/12/2011 10 35.963 94,161 -24,000 Enbridge Inc. Common Shares Monaco, Albert 5 15/12/2011 51 10.413 142,161 48,000 Enbridge Inc. Common Shares Monaco, Albert 5 15/12/2011 10 36.216 94,161 -48,000 Enbridge Inc. Options $10.4125

($20.825) ($41.65) - February 6, 2013 Expiry

Monaco, Albert 5 14/12/2011 51 0 -48,000


Monaco, Albert 5 14/12/2011 51 0 -24,000

Enbridge Inc. Common Shares Zupan, Leon Anthony 7 13/12/2011 51 10.925 94,748 40,000 Enbridge Inc. Common Shares Zupan, Leon Anthony 7 13/12/2011 10 36.694 54,748 -40,000 Enbridge Inc. Options $10.925 ($21.85)


Zupan, Leon Anthony 7 13/12/2011 51 0 -40,000

Endeavour Mining Corporation

Common Shares Connelly, Mark 4, 5 5/12/2011 00 855,000


Common Shares Cunningham, Ian John 7 5/12/2011 00 114,269


Common Shares Harwood, Antony 4 5/12/2011 00 42,750


Common Shares Reed, Martin 4 5/12/2011 00 42,750

Endeavour Silver Corp. Common Shares Clarke, Hugh 5 14/12/2011 10 16,000 8,000 Endeavour Silver Corp. Common Shares Clarke, Hugh 5 15/12/2011 10 0 -16,000 EnerCare Inc. (formerly The Consumers' Waterheater Income Fund)

Common Shares Octavian Advisors, LP 3 15/12/2011 10 9.207 6,751,100 20,000

EnerCare Inc. (formerly The Consumers' Waterheater Income Fund)

Common Shares Octavian Advisors, LP 3 16/12/2011 10 9.3253 6,781,100 30,000


Equity Swap - Long Position

Octavian Advisors, LP 3 29/11/2011 72 deriva

tive

8.27 598,900 -30,000




tive

8.336 568,900 -30,000




tive

8.394 548,900 -20,000




tive

8.398 528,900 -20,000




tive

8.391 498,900 -30,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12788



Acquired/ Disposed




tive

8.558 468,900 -30,000

Enerflex Ltd. Common Shares Rossiter, Marc Edward 5 7/12/2011 00 5,468 Enerflex Ltd. Common Shares Rossiter, Marc Edward 5 7/12/2011 00 70 Enerflex Ltd. Options Rossiter, Marc Edward 5 7/12/2011 00 41,400 ENERGY INDEXPLUS Dividend Fund

Trust Units Brasseur, Murray 3 9/12/2011 10 9.9 1,400 200

ENERGY INDEXPLUS Dividend Fund

Trust Units Energy Indexplus Dividend Fund

1 9/12/2011 38 9.75 180,800 8,100



1 12/12/2011 38 9.87 182,400 1,600



1 13/12/2011 38 9.81 186,300 3,900


Trust Units Lauzon, Robert 7 9/12/2011 10 9.75 400 200

Enerplus Corporation Common Shares (Performance Share Unit Plan ("PSU"))

Perry, Brien 5 9/12/2011 56 31.76 2,340 599

Enerplus Corporation Options (Stock Option Plan)

Perry, Brien 5 9/12/2011 50 25.7 17,054 4,929

Enerplus Corporation Common Shares Young, Kenneth 5 13/12/2011 10 25.018 2,741 2,000 Enertopia Corp. Common Shares Bunka, Christopher 4, 5 13/12/2011 10 0.1 840,000 5,000 Enertopia Corp. Common Shares Bunka, Christopher 4, 5 15/12/2011 10 0.1 847,500 7,500 Enertopia Corp. Common Shares McAllister, Robert 4, 5 12/12/2011 10 0.09 2,657,000 15,000 Enseco Energy Services Corp.

Common Shares Ratushny, M. Scott 4 6/12/2011 10 1.1 20,500 3,000

Enseco Energy Services Corp.

Common Shares Ratushny, M. Scott 4 7/12/2011 10 1.1 25,000 4,500


Common Shares Ratushny, M. Scott 4 6/12/2011 10 1.1 3,000


Common Shares Ratushny, M. Scott 4 7/12/2011 10 1.1 4,500

Entourage Metals Ltd. Common Shares Sundar, Jeffrey Rohit 4, 5 13/10/2011 10 0.48 1,266,001 3,000 Entourage Metals Ltd. Common Shares Sundar, Jeffrey Rohit 4, 5 8/12/2011 10 0.57 1,272,501 6,500 Entourage Metals Ltd. Common Shares Sundar, Jeffrey Rohit 4, 5 12/12/2011 10 0.63 1,276,001 3,500 Entourage Metals Ltd. Common Shares Sundar, Jeffrey Rohit 4, 5 16/12/2011 10 0.53 1,278,501 2,500 Epsilon Energy Ltd. Common Shares Arandjelovic, Zoran 4 15/12/2011 10 2.3 827,500 10,000 Epsilon Energy Ltd. Common Shares Orlando, Nicola Giuseppe 4 8/6/2009 00 Epsilon Energy Ltd. Common Shares Orlando, Nicola Giuseppe 4 15/12/2011 10 2.291 1,000 1,000 Epsilon Energy Ltd. Common Shares Orlando, Nicola Giuseppe 4 15/12/2011 10 2.3 10,000 9,000 Equitable Group Inc. Common Shares Malozewski, Tamara 7 12/12/2011 10 26 -800 Equitable Group Inc. Common Shares Malozewski, Tamara 7 12/12/2011 10 25.96 -8 Equitable Group Inc. Common Shares Malozewski, Tamara 7 13/12/2011 10 26 463 -800 Equitable Group Inc. Common Shares Malozewski, Tamara 7 13/12/2011 10 25.96 455 -8 Equitable Group Inc. Common Shares Shohet, Morris 4 14/12/2011 10 24.88 4,000 1,000 Equitable Group Inc. Common Shares Shohet, Morris 4 15/12/2011 10 25 5,000 1,000 Equitable Group Inc. Options Options granted Tratch, Ronald Walter 7 12/12/2011 50 26.01 7,500 7,500

Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 9/12/2011 10 0.05 712,000 50,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 9/12/2011 10 0.045 713,000 1,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 9/12/2011 10 0.04 723,000 10,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 9/12/2011 10 0.04 725,000 2,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 9/12/2011 10 0.04 740,000 15,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 12/12/2011 10 0.04 750,000 10,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 12/12/2011 10 0.06 751,000 1,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 13/12/2011 10 0.04 761,000 10,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 13/12/2011 10 0.03 781,000 20,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 13/12/2011 10 0.0565 881,000 100,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.045 1,365,000 17,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.05 1,368,000 3,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.05 1,408,000 40,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.055 1,411,000 3,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.06 1,414,000 3,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 9/12/2011 10 0.07 1,418,000 4,000 European Goldfields Limited Rights Restricted Share

Units Cather, David Connal 5 12/12/2011 56 205,433 5,433

European Goldfields Limited Rights Restricted Share Units

Dimitriadis, Dimitris 5 12/12/2011 56 113,121 7,339


Forward, Patrick William 5 12/12/2011 56 147,071 9,508


Gokool, Varshan Baboolal 5 12/12/2011 56 93,663 13,909

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12789



Acquired/ Disposed


Paxford, Deborah 5 12/12/2011 56 52,710 5,759


Sharpe, Steven Lawrence 5 12/12/2011 56 132,629 16,625


Stratoudakis, Petros M. 7 12/12/2011 56 94,074 30,000

Everfront Ventures Corp. Options Fredrickson, Eric Harold 4 21/9/2011 00 Everfront Ventures Corp. Options Fredrickson, Eric Harold 4 13/12/2011 50 65,289 65,289 Everfront Ventures Corp. Options Gerstein, Joshua Jay 4 21/9/2011 00 Everfront Ventures Corp. Options Gerstein, Joshua Jay 4 13/12/2011 50 134,419 134,419 Exall Energy Corporation Common Shares MacKenzie, Janet Lea 5 8/12/2011 11 55,300 30,000 Exall Energy Corporation Common Shares MacKenzie, Janet Lea 5 9/12/2011 10 2 25,300 -30,000 Exchange Income Corporation

Common Shares Bennett, Brad 4 12/12/2011 10 22.88 1,191,168 13,600

Exchange Income Corporation

Common Shares Kraayeveld, Serena 4 15/12/2011 10 25.31 2,000 500


Common Shares Kraayeveld, Serena 4 10/11/2011 00


Common Shares Kraayeveld, Serena 4 15/12/2011 10 25.31 1,000 1,000

Exeter Resource Corporation Common Shares Simpson, Yale Ronald 4 26/4/2011 51 1.99 1,705,750 72,500

Exeter Resource Corporation Options Simpson, Yale Ronald 4 26/4/2011 51 1,710,000 -72,500

Fairborne Energy Ltd. Options Cugnet, Jackie Marie 5 26/11/2010 50 4.5 92,750 43,750 Fairborne Energy Ltd. Options Cugnet, Jackie Marie 5 12/12/2011 50 3.41 105,484 15,000 Fairborne Energy Ltd. Retention Awards (cash-

based only) Cugnet, Jackie Marie 5 26/11/2010 38 0 -175,000

Fairborne Energy Ltd. Options Cymbalisty, David Stephen 5 12/12/2011 50 3.41 267,500 25,000

Fairborne Energy Ltd. Options Hadley, Scott 5 12/12/2011 50 3.41 267,500 25,000 Fairborne Energy Ltd. Options Park, Francis Tom 5 12/12/2011 50 3.41 267,500 25,000 Fairborne Energy Ltd. Options Poirier, Gary Monroe 5 12/12/2011 50 3.41 267,500 25,000 Fairborne Energy Ltd. Options Pyke, David Edward

Timothy 5 12/12/2011 50 3.41 267,500 25,000

Fairfax Financial Holdings Limited

Subordinate Voting Shares Salsberg, Eric 7 13/12/2011 47 86,127 -130

FairWest Energy Corporation Common Shares Fauth, Vernon Ray 4, 5 15/12/2011 10 0.045 6,200,622 45,000

Fancamp Exploration Ltd. Common Shares Consolidated International Investment Holdings Inc.

3 13/12/2011 10 0.25 1,990,696 -2,000,000

Finore Mining Inc. Common Shares Eaton, David 3, 4 12/12/2011 10 0.2 1,104,298 25,000 Finore Mining Inc. Common Shares Hughes, Peter Robert 4, 5 12/12/2011 10 0.2 1,079,298 20,000 Fire River Gold Corp. Common Shares Goodwin, Richard Mervin 5 12/12/2011 10 0.2 300,473 25,000 Fire River Gold Corp. Common Shares Goodwin, Richard Mervin 5 13/12/2011 10 0.21 325,473 25,000 Fire River Gold Corp. Options Timmons, Brent Edward 5 15/12/2011 00 Fire River Gold Corp. Options Timmons, Brent Edward 5 15/12/2011 50 0.25 300,000 300,000 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 6/8/2010 00 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 51 17.62 400 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 51 17.62 400 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 51 17.6 32,600 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 51 17.6 32,600 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 51 9.7812 33,000 33,000 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 10 17.62 32,600 -400 First Capital Realty Inc. Common Shares McDougald, Maryanne 7, 5 14/12/2011 10 17.62 0 -32,600 First Capital Realty Inc. Options McDougald, Maryanne 7, 5 14/12/2011 51 9.7812 -33,000 First Capital Realty Inc. Options McDougald, Maryanne 7, 5 14/12/2011 51 9.7812 -33,000 First Capital Realty Inc. Options McDougald, Maryanne 7, 5 14/12/2011 51 9.7812 113,040 -33,000 First Choice Products Inc. Common Shares Sim, Robert 4 8/12/2011 10 0.04 1,128,900 -50,000 First Majestic Silver Corp. Options Neumeyer, Keith 4, 5 9/12/2011 50 16.09 715,000 200,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 12/12/2011 51 4.41 165,000 50,000 First Majestic Silver Corp. Options SHAW, DAVID ANDREW 4 12/12/2011 51 4.41 257,400 -50,000 First Point Minerals Corp. Options Bradshaw, Peter Martin

Devenish 5 12/12/2011 51 0.2 1,725,000 -175,000

First Point Minerals Corp. Options Bradshaw, Peter Martin Devenish

5 12/12/2011 51 0.2 1,900,000 175,000

FIRSTSERVICECORPORATION

Subordinate Voting Shares Rogers, Steve 4, 2 13/12/2011 97 0 -417,504


Subordinate Voting Shares Rogers, Steve 4, 2 31/10/1989 00


Subordinate Voting Shares Rogers, Steve 4, 2 13/12/2011 97 417,504 417,504

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12790



Acquired/ Disposed


Subordinate Voting Shares Rogers, Steve 4, 2 13/12/2011 97 367,504 -50,000

Focused Capital II Corp. Common Shares GOODMAN, Mark 3, 4, 5 6/12/2011 00 500,000 Focused Capital II Corp. Common Shares Leckie, Robert Pépin 4 6/12/2011 00 200,000 Focused Capital II Corp. Common Shares Marrelli, Carmelo 4, 5 6/12/2011 00 50,000 Fort St. James Nickel Corp. (formerly OroAndes Resource Corp.)

Common Shares MacDougall, Sandy James 4, 5 18/11/2011 16 0.125 3,180,620 400,000

Fortis Inc. Common Shares Walker, John C. 7 7/12/2011 30 32.13 418 142 Fortress Paper Ltd. Common Shares Class A

voting without par value Wasilenkoff, Chadwick James

3, 4, 5 16/12/2011 57 26.5 2,388,293 3,508

Fortress Paper Ltd. Rights Restricted Share Units

Wasilenkoff, Chadwick James

3, 4, 5 16/12/2011 57 26.5 121,218 -3,508

Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 51 0.85 220,960 100,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.53 218,960 -2,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.55 213,460 -5,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.57 208,060 -5,400 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.58 206,760 -1,300 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.59 201,460 -5,300 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.6 198,460 -3,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.61 195,960 -2,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.62 191,760 -4,200 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.63 182,460 -9,300 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.64 179,360 -3,100 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.65 168,860 -10,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.66 154,560 -14,300 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.665 154,460 -100 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.67 143,660 -10,800 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.68 129,160 -14,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.69 128,960 -200 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.71 124,960 -4,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 9/12/2011 10 6.73 123,960 -1,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.7 123,460 -500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.71 117,960 -5,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.72 114,160 -3,800 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.73 106,160 -8,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.74 99,360 -6,800 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.75 89,360 -10,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.76 83,860 -5,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.78 81,360 -2,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.83 79,160 -2,200 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 15/12/2011 10 5.84 76,160 -3,000 Fortuna Silver Mines Inc. Options Ridgway, Simon T.P. 4 9/12/2011 51 390,000 -100,000 Foundation Resources Inc. Common Shares Chung, Paul 4 12/12/2011 10 0.08 712,375 79,000

Foundation Resources Inc. Common Shares Chung, Paul 4 14/12/2011 11 0.1 731,625 19,250

Freegold Ventures Limited Common Shares GROSS, Michael P. 7 6/12/2011 10 0.69 146,990 3,290 Freehold Royalties Ltd. Common Shares Canadian National Railway

Company, Administrator of the CN Trust Funds

3 15/12/2011 30 18.31 13,186,498 100,060

Freehold Royalties Ltd. Common Shares Canadian National Railway Company, Administrator of the CN Trust Funds

3 15/12/2011 30 18.31 3,261,552 24,749

Frontline Gold Corporation Common Shares Henry, Walter 4, 5 15/12/2011 10 0.05 1,654,026 22,000

GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/4/2008 10 0.525 5,500 5,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -5,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/2/2008 10 0.515 8,800 8,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/4/2008 10 0.525 26,800 18,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/5/2008 10 0.586 50,900 24,100 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -50,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 29/2/2008 10 0.532 11,000 11,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/4/2008 10 0.525 18,300 7,300 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/5/2008 10 0.586 22,200 3,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -22,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 75,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 22/9/2008 10 0.6 0 -75,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12791



Acquired/ Disposed

GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 86,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/4/2008 10 0.525 90,800 4,600 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/5/2008 10 0.586 164,000 73,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/10/2008 10 0.59 -164,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/10/2008 22 -164,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -164,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 29/2/2008 10 0.532 6,000 6,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -6,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 73,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/12/2007 10 0.31 4,573,000 4,500,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 22/9/2008 10 0.6 0 -4,573,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/12/2007 10 0.31 2,192,400 2,192,400 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 22/9/2008 10 0.6 0 -2,192,400 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 322,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/6/2007 10 1.039 367,400 45,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/12/2007 10 0.31 0 -367,400 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/4/2001 10 1.2575 1,080,400 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 6/4/2007 00 4,199,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/4/2007 10 1.26 4,699,900 500,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/4/2007 10 1.2575 5,780,300 1,080,400 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/4/2007 10 1.362 94,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/4/2007 10 1.362 94,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/5/2007 10 1.37 4,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/5/2007 10 1.37 4,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/5/2007 10 1.25 334,100 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/5/2007 10 1.25 334,100 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 26/5/2007 10 1.18 52,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 26/5/2007 10 1.18 52,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/5/2007 10 1.16 46,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/5/2007 10 1.16 46,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/6/2007 10 1.051 113,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/6/2007 10 1.051 113,200 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/6/2007 10 0.94 81,600 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/6/2007 10 0.94 81,600 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/7/2007 10 0.897 34,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/7/2007 10 0.897 34,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/7/2007 10 0.887 107,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/7/2007 10 0.887 107,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 21/7/2007 10 0.885 100,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 21/7/2007 10 0.885 100,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 29/7/2007 10 0.861 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 29/7/2007 10 0.861 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/7/2007 10 0.833 31,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/7/2007 10 0.833 31,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 11/8/2007 10 0.677 102,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 11/8/2007 10 0.677 102,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 18/8/2007 10 0.67 7,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 18/8/2007 10 0.67 7,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/8/2007 10 0.685 30,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/8/2007 10 0.685 30,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/8/2007 10 0.661 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/8/2007 10 0.661 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 8/9/2007 10 0.66 4,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 8/9/2007 10 0.66 4,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/9/2007 10 0.64 7,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/9/2007 10 0.64 7,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/9/2007 10 0.672 38,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/9/2007 10 0.672 38,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/10/2007 10 0.628 148,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/10/2007 10 0.628 148,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2007 10 0.59 85,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2007 10 0.59 85,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 20/10/2007 10 0.64 52,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 20/10/2007 10 0.64 52,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 27/10/2007 10 0.633 37,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 27/10/2007 10 0.633 37,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/10/2007 10 0.632 21,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/10/2007 10 0.632 21,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/11/2007 10 0.618 79,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 12/11/2007 10 0.618 79,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 17/11/2007 10 0.438 10,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12792



Acquired/ Disposed

GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 17/11/2007 10 0.438 10,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/11/2007 10 0.405 37,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/11/2007 10 0.405 37,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/11/2007 10 0.355 1,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/11/2007 10 0.355 1,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 14/10/2008 22 0 -5,743,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/4/2007 10 1.362 94,800 94,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/5/2007 10 1.37 99,700 4,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/5/2007 10 1.25 433,800 334,100 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 26/5/2007 10 1.18 486,600 52,800 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/5/2007 10 1.16 533,500 46,900 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/6/2007 10 0.94 615,100 81,600 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 7/7/2007 10 0.897 649,100 34,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/7/2007 10 0.887 756,100 107,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 21/7/2007 10 0.885 856,100 100,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 29/7/2007 10 0.861 906,100 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/7/2007 10 0.833 937,600 31,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 10/8/2007 10 0.677 1,040,100 102,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 18/8/2007 10 0.67 1,047,600 7,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/8/2007 10 0.685 1,078,100 30,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/8/2007 10 0.661 1,128,100 50,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 8/9/2007 10 0.66 1,132,600 4,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/9/2007 10 0.64 1,139,600 7,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/9/2007 10 0.672 1,177,600 38,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 11/10/2007 10 0.628 1,326,100 148,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 17/10/2007 10 0.59 1,411,100 85,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 24/10/2007 10 0.64 1,463,100 52,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 31/10/2007 10 0.633 1,500,600 37,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/11/2007 10 0.632 21,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/11/2007 10 0.632 21,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 5/11/2007 10 0.632 1,521,600 21,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/11/2007 10 0.618 1,601,100 79,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 21/11/2007 10 0.438 1,611,600 10,500 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 28/11/2007 10 0.405 1,648,600 37,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 30/11/2007 10 0.355 1,649,600 1,000 GEOCAN Energy Inc. Common Shares Mitchell, Bruce 3 15/12/2007 10 0.31 0 -1,649,600 Geologix Explorations Inc. Common Shares Brack, George Leslie 4 14/12/2011 10 0.19 1,796,500 55,000 Geomark Exploration Ltd. Common Shares Disbrow, Robert 3 8/12/2011 10 0.8 3,575,500 3,000 Geomark Exploration Ltd. Common Shares Disbrow, Robert 3 12/12/2011 10 0.82 3,585,500 10,000 Geomark Exploration Ltd. Common Shares Disbrow, Robert 3 14/12/2011 10 0.85 3,602,500 17,000 Geomega Resources Inc. Common Shares Spino, Mario 4 12/12/2011 10 1.21 286,600 200 Geomega Resources Inc. Common Shares Spino, Mario 4 13/12/2011 10 1.21 200 Geomega Resources Inc. Common Shares Spino, Mario 4 13/12/2011 10 1.23 288,400 1,800 Geomega Resources Inc. Common Shares Spino, Mario 4 16/12/2011 10 1.11 289,900 1,500 George Weston Limited Common Shares George Weston Limited 1 13/12/2011 38 0 -815 Gibson Energy Inc. Options Duffee, Sean William 7 15/12/2011 51 135,493 -20,000 Gibson Energy Inc. Options Duffee, Sean William 7 16/12/2011 51 110,493 -25,000 Gibson Energy Inc. Common Shares R/C Guitar Cooperatief U.A. 3 12/12/2011 15 19.45 26,900,000 -15,000,000

Gildan Activewear Inc. Common Shares Baylis, Robert M. 4 13/12/2011 51 5.4 54,648 8,620 Gildan Activewear Inc. Options Baylis, Robert M. 4 13/12/2011 51 5.4 0 -8,620 Gildan Activewear Inc. Common Shares Castro, Marco 5 14/12/2011 10 19.61 59 -1,000 Gildan Activewear Inc. Common Shares Castro, Marco 5 15/12/2011 10 19.61 -941 -1,000 Gildan Activewear Inc. Common Shares Hepburn, Antonio Jose 7 13/12/2011 10 20.19 3,500 -822 Gildan Activewear Inc. Common Shares Lehman, Eric Ralph 5 12/12/2011 57 41,822 40,301 Gildan Activewear Inc. Common Shares Lehman, Eric Ralph 5 12/12/2011 10 19.3 24,562 -17,260 Gildan Activewear Inc. Restricted Share Units Lehman, Eric Ralph 5 12/12/2011 57 52,832 -40,301 Gildan Activewear Inc. Common Shares Strubel, Richard P. 4 12/12/2011 51 5.395 28,119 9,176 Gildan Activewear Inc. Common Shares Strubel, Richard P. 4 12/12/2011 10 19.34 25,397 -2,722 Gildan Activewear Inc. Options Strubel, Richard P. 4 12/12/2011 51 5.395 0 -9,176 Giyani Gold Corp. Options Kelly, Scott 4 22/8/2011 00 200,000 GLENTEL Inc. Common Shares Glentel Inc. 1 12/12/2011 38 16.332 8,000 1,700 GLENTEL Inc. Common Shares Glentel Inc. 1 13/12/2011 38 16.305 9,700 1,700 GLENTEL Inc. Common Shares Skidmore, A. Allan 4, 6, 5 14/12/2011 11 16 554,018 45,050 GLENTEL Inc. Common Shares Skidmore, A. Allan 4, 6, 5 14/12/2011 11 16 2,431,398 421,550 GLENTEL Inc. Common Shares Skidmore, A. Allan 4, 6, 5 14/12/2011 11 16 0 -90,100 GLENTEL Inc. Common Shares Skidmore, A. Allan 4, 6, 5 14/12/2011 11 2,843,100 2 GLENTEL Inc. Common Shares Skidmore, A. Allan 4, 6, 5 14/12/2011 11 16 2,000,000 -843,100 GLENTEL Inc. Common Shares Skidmore, Thomas 4, 6, 5 14/12/2011 11 16 554,018 45,050 GLENTEL Inc. Common Shares Skidmore, Thomas 4, 6, 5 14/12/2011 11 16 2,310,144 421,550 GLENTEL Inc. Common Shares Skidmore, Thomas 4, 6, 5 14/12/2011 11 16 0 -90,100 GLENTEL Inc. Common Shares Skidmore, Thomas 4, 6, 5 14/12/2011 11 2,843,100 2 GLENTEL Inc. Common Shares Skidmore, Thomas 4, 6, 5 14/12/2011 11 16 2,000,000 -843,100 GLENTEL Inc. Common Shares TCG International Inc. 3 14/12/2011 11 843,100 2

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12793



Acquired/ Disposed

GLENTEL Inc. Common Shares TCG International Inc. 3 14/12/2011 11 16 0 -843,100 GLV Inc. Rights à la plus-value

d'actions (DPVA Personnel-clé)

SALAMOR, Malek 7 10/11/2011 97 4.09 20,000

GLV Inc. Rights à la plus-value d'actions (DPVA Personnel-clé)

SALAMOR, Malek 7 10/11/2011 97 4.09 20,000


SALAMOR, Malek 7 10/11/2011 97 4.09 20,000 20,000


Trivedi, Hiren K. 7 7/10/2010 97 7.06 10,000


Trivedi, Hiren K. 7 7/10/2010 97 7.06 10,000 10,000

GMP Capital Inc. Common Shares James Richardson & Sons, Limited

3 9/12/2011 10 6.5013 12,407,782 25,300


3 12/12/2011 10 6.503 12,449,782 42,000


3 13/12/2011 10 6.5686 12,553,782 104,000


3 14/12/2011 10 6.368 12,587,582 33,800


3 15/12/2011 10 6.4887 12,610,582 23,000

Gold Canyon Resources Inc. Options Buchanan, Douglas B. 4 9/12/2011 50 2.18 750,000 250,000

Gold Canyon Resources Inc. Options Hennigh, Quinton Todd 4 9/12/2011 50 2.18 1,150,000 250,000

Gold Canyon Resources Inc. Common Shares Inwentash, Sheldon 6 12/12/2011 10 2 13,645,348 600

Gold Canyon Resources Inc. Options Levinson, Akiko 4, 5 9/12/2011 50 2.18 1,650,000 250,000

Gold Canyon Resources Inc. Common Shares Pinetree Capital Ltd. 3 12/12/2011 10 2 13,645,348 600

Gold Canyon Resources Inc. Options Pinette, Conrad Alfred 4 9/12/2011 50 2.18 750,000 250,000

Gold Canyon Resources Inc. Options Schmitz, Ron A. 4 9/12/2011 50 2.18 1,475,000 250,000

Gold Reserve Inc. Options Stock Options Geyer, James 4 11/12/2011 52 5.095 265,836 -14,000 Golden Dawn Minerals Inc. Common Shares See, Josephine 5 14/12/2011 10 0.05 57,000 32,000 Golden Dawn Minerals Inc. Common Shares See, Josephine 5 16/12/2011 10 0.05 85,000 28,000 Golden Dawn Minerals Inc. Common Shares Wiese, Wolfgang 4, 5 8/12/2011 10 0.065 2,090,333 50,000 Golden Predator Corp. Common Shares Sheriff, William Morris 6 15/12/2011 10 0.55 5,516,594 20,000 Golden Queen Mining Co. Ltd.

Common Shares Klingmann, Hans Lutz 4, 5 9/12/2011 10 3.05 366,000 -1,000

Golden Share Mining Corporation

Common Shares Dundee Corporation 3 9/12/2011 10 0.085 6,415,000 -35,000







GOLDEYE EXPLORATIONS LIMITED

Common Shares Consolidated International Investment Holdings Inc.

3 16/12/2011 00 3,714,000



3 16/12/2011 00



3 16/12/2011 11 0.05 8,000,000 8,000,000


Options Consolidated International Investment Holdings Inc.

3 16/12/2011 00 1,023,088


Options Consolidated International Investment Holdings Inc.

3 16/12/2011 11 0.05 1,823,088 800,000


Warrants Consolidated International Investment Holdings Inc.

3 16/12/2011 00 2,000,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12794



Acquired/ Disposed



3 16/12/2011 00



3 16/12/2011 11 0.1 4,000,000 4,000,000



3 16/12/2011 00 4,602,940


Common Shares Hannila, Jorma 4, 5 15/8/2011 00 50,000


Common Shares Hannila, Jorma 4, 5 12/12/2011 10 0.05 60,000 10,000


Common Shares Hannila, Jorma 4, 5 12/12/2011 10 0.055 112,000 52,000

Goldgroup Mining Inc. Common Shares Irvine, Richard Michael 8 16/12/2011 10 1.09 54,700 4,700 Goldgroup Mining Inc. Common Shares Irvine, Richard Michael 8 16/12/2011 10 1.1 57,700 3,000 Goldgroup Mining Inc. Common Shares Irvine, Richard Michael 8 16/12/2011 10 1.11 60,000 2,300 GoldQuest Mining Corp. Common Shares Fisher, William J. 4 5/7/2010 00 GoldQuest Mining Corp. Common Shares Fisher, William J. 4 9/12/2011 10 0.07 140,000 140,000 GoldQuest Mining Corp. Common Shares Fisher, William J. 4 15/12/2011 10 0.07 240,000 100,000 Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4 12/12/2011 10 0.4 3,503,362 10,500 Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4 12/12/2011 10 0.41 3,528,362 25,000 Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4 12/12/2011 10 0.415 3,553,362 25,000 Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4 12/12/2011 10 0.42 3,617,862 64,500 Gran Colombia Gold Corp. Notes Silver-Linked Notes Volk, Peter Joseph 5 13/12/2011 10 85 $292,500 $42,500

Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 8/12/2011 51 5.239 264,555 100,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 8/12/2011 10 5.239 164,555 -100,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 9/12/2011 51 264,555 100,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 9/12/2011 10 5.254 164,555 -100,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 12/12/2011 51 464,555 300,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 12/12/2011 10 5.0106 164,555 -300,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 13/12/2011 51 364,555 200,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 13/12/2011 10 5.0288 164,555 -200,000 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 14/12/2011 51 272,055 107,500 Gran Tierra Energy Inc. Common Shares Coffield, Dana Quentin 4, 5 14/12/2011 10 4.744 164,555 -107,500 Gran Tierra Energy Inc. Options Coffield, Dana Quentin 4, 5 8/12/2011 51 1,482,500 -100,000 Gran Tierra Energy Inc. Options Coffield, Dana Quentin 4, 5 9/12/2011 51 1,382,500 -100,000 Gran Tierra Energy Inc. Options Coffield, Dana Quentin 4, 5 12/12/2011 51 1,082,500 -300,000 Gran Tierra Energy Inc. Options Coffield, Dana Quentin 4, 5 13/12/2011 51 882,500 -200,000 Gran Tierra Energy Inc. Options Coffield, Dana Quentin 4, 5 14/12/2011 51 775,000 -107,500 Gran Tierra Energy Inc. Common Shares HARDY, DAVID ELDON 5 16/12/2011 10 4.802 45,000 10,000 Gran Tierra Energy Inc. Common Shares O'Leary, Shane Parker 5 13/12/2011 51 30,000 30,000 Gran Tierra Energy Inc. Common Shares O'Leary, Shane Parker 5 13/12/2011 10 4.9 0 -30,000 Gran Tierra Energy Inc. Common Shares O'Leary, Shane Parker 5 14/12/2011 51 30,000 30,000 Gran Tierra Energy Inc. Common Shares O'Leary, Shane Parker 5 14/12/2011 10 4.75 0 -30,000 Gran Tierra Energy Inc. Options O'Leary, Shane Parker 5 13/12/2011 51 730,000 -30,000 Gran Tierra Energy Inc. Options O'Leary, Shane Parker 5 14/12/2011 51 700,000 -30,000 Gran Tierra Energy Inc. Options Rozon, James 5 9/12/2011 00 225,000 Great Basin Gold Ltd. Options Roets, Dana 5 14/12/2011 00 400,000 GT Canada Medical Properties Real Estate Investment Trust

Trust Units Wilson, Brian 5 1/7/2011 00

GT Canada Medical Properties Real Estate Investment Trust

Trust Units Wilson, Brian 5 14/12/2011 10 1.25 4,900 4,900

Guardian Capital Group Limited


Larose, Denis Albert 7 3/10/2011 00

Guardian Capital Group Limited


Larose, Denis Albert 7 15/12/2011 10 9.8 1,200 1,200

Guide Exploration Ltd. (formerly Galleon Energy Inc.)

Common Shares Class A Errico, Jeffery Ernest 4 10/11/2011 00 50,000


Options Errico, Jeffery Ernest 4 10/11/2011 00


Options Errico, Jeffery Ernest 4 7/12/2011 50 3.13 50,000 50,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12795



Acquired/ Disposed


Warrants Errico, Jeffery Ernest 4 10/11/2011 00 50,000


Options MUNRO, BRADLEY R. 4 7/12/2011 50 3.13 50,000 50,000

Guyana Goldfields Inc. Common Shares Murphy, Paul 5 5/4/2010 00 Guyana Goldfields Inc. Common Shares Murphy, Paul 5 16/12/2011 10 6.53 10,000 10,000 Guyana Goldfields Inc. Options Perhat, Walter Silvano 8 24/10/2011 00 Guyana Goldfields Inc. Options Perhat, Walter Silvano 8 25/10/2011 50 8.4 100,000 100,000 Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)

Common Shares Sable, David 4 18/1/2011 00

Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)





Common Shares Sable, David 4 8/12/2011 10 0.118 10,000 10,000

Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 16/12/2011 10 2.4064 12,100 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 16/12/2011 38 2.4064 12,100 12,100 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 16/12/2011 38 2.4064 0 -12,100 Hanfeng Evergreen Inc. Common Shares Li, Lei 4 15/12/2011 10 2.4 125,274 -20,000 Hanfeng Evergreen Inc. Common Shares Yu, Xinduo 3, 4, 6, 5 15/12/2011 10 2.3915 1,022,500 51,700 HANWEI ENERGY SERVICES CORP.

Options LANG, FULAI 3, 4, 5 10/12/2011 52 0.75 0 -100,000

HANWEI ENERGY SERVICES CORP.

Options Yan, Joanne 6 10/12/2011 52 0.75 0 -100,000

Hardwoods Distribution Inc. Common Shares Bull, Peter Morris 3 7/12/2011 10 3.43 2,548,000 2,000

Hardwoods Distribution Inc. Common Shares Bull, Peter Morris 3 13/12/2011 36 2,607,000 59,000

Harry Winston Diamond Corporation

Common Shares WEISROCK, WEISROCK 4 14/12/2011 10 10.34 23,000 5,000

Hart Stores Inc. Common Shares Mitchell, Bruce 3 14/12/2011 00 1,350,000 Hart Stores Inc. Common Shares Mitchell, Bruce 3 15/12/2011 10 0.425 2,173,520 823,520 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 13/12/2011 90 75,000 50,000 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 13/12/2011 90 0 -50,000 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 13/12/2011 90 71,500 36,500 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 13/12/2011 90 0 -50,000 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 30/1/2009 00 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 13/12/2011 90 13,500 13,500 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 6/12/2011 22 4.7 96,318,214 1,082,839 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 7/12/2011 22 4.7 97,723,957 1,405,743 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 8/12/2011 22 4.7 100,281,049 2,557,092 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 9/12/2011 22 4.7 105,725,432 5,444,383 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 12/12/2011 22 4.7 114,777,726 9,052,294 Hi Ho Silver Resources Inc. Common Shares McKnight, Dennis Harry 4 14/12/2011 10 0.05 976,551 -100,000

Hi Ho Silver Resources Inc. Common Shares McKnight, Dennis Harry 4 14/12/2011 10 0.05 1,076,551 100,000

Holloway Lodging Real Estate Investment Trust

Trust Units Royal Host Inc. 3 15/12/2011 11 -6,251,000


Trust Units Royal Host Inc. 3 15/12/2011 11 0 -6,251,000


Trust Units Royal Host Limited Partnership

3 15/12/2011 00 6,251,000

Home Capital Group Inc. Common Shares Ahlvik, Christer 5 1/12/2011 35 49.29 4,202 17 Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 25/11/2011 30 45.708 6,098 21 Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 1/12/2011 35 49.29 6,111 13 Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 25/11/2011 30 45.708 114 5 Home Capital Group Inc. Common Shares Decina, Pino 5 25/11/2011 30 45.708 498 2 Home Capital Group Inc. Common Shares Decina, Pino 5 1/12/2011 35 49.29 501 3 Home Capital Group Inc. Common Shares Decina, Pino 5 25/11/2011 30 45.708 219 1 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 9/12/2011 38 48.76 500 500 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 9/12/2011 38 48.76 0 -500 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 9/12/2011 38 48.85 1,000 1,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 9/12/2011 38 48.85 0 -1,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 14/12/2011 38 48.7 1,000 1,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 14/12/2011 38 48.7 0 -1,000 Home Capital Group Inc. Common Shares Mosko, Brian Robert 5 25/11/2011 30 45.708 2,312 52

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12796



Acquired/ Disposed

Home Capital Group Inc. Common Shares Mosko, Brian Robert 5 1/12/2011 35 49.29 2,321 9 Home Capital Group Inc. Common Shares Reid, Martin 5 25/11/2011 30 45.708 4,471 54 Home Capital Group Inc. Common Shares Reid, Martin 5 1/12/2011 35 49.29 4,489 18 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 25/11/2011 30 45.708 294,813 69 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 1/12/2011 35 49.29 294,928 115 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.5 277,828 -17,100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.51 277,728 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.52 277,328 -400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.55 272,328 -5,000 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.56 272,228 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.6 267,028 -5,200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.65 266,128 -900 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.57 265,928 -200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.5 265,528 -400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.5 265,128 -400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 13/12/2011 10 51.56 264,928 -200 Horizon North Logistics Inc. Common Shares Grant, Steven Carl 4 14/12/2011 11 4.33 45,000 -5,000

HRT Participações em Petróleo S.A.

Common Shares Rocha Mello, Marcio 5 8/12/2011 51 267,453 2,480

HRT Participações em Petróleo S.A.

Options Rocha Mello, Marcio 5 8/12/2011 51 3,537 -2,480

HTN Inc. (formerly Consolitech Invest Corp.)

Common Shares Koivu, Mark 4 22/7/2002 00


Common Shares Koivu, Mark 4 16/12/2011 11 7,017,014 7,017,014


Common Shares Koivu, Mark 4 22/7/2002 00 2,877,239


Common Shares Koivu, Mark 4 15/12/2011 11 5,883,332 3,336,840


Common Shares Koivu, Mark 4 12/12/2011 11 0 -3,336,840

Huntingdon Real Estate Investment Trust

Deferred Units Doyle, Donald Gregory 4 13/12/2011 46 8 54,926 125


Deferred Units George, Zachary R. 4 13/12/2011 46 8 36,230 125


Deferred Units Goodman, Gary Michael 4 13/12/2011 46 8 63,486 125


Units Huntingdon Real Estate Investment Trust

1 12/12/2011 38 8 31,865 3,973



1 13/12/2011 38 7.9391 34,065 2,200



1 14/12/2011 38 7.96 38,038 3,973



1 15/12/2011 38 7.89 38,338 300



1 16/12/2011 38 7.9442 42,311 3,973


Deferred Units Hutcheson, Robert Scott 4 13/12/2011 46 8 49,607 125


Deferred Units Lorber, David 4 13/12/2011 46 8 14,217 125

HUSKY ENERGY INC. Common Shares Bradley, Stephen Edward 4 27/7/2010 00 HUSKY ENERGY INC. Common Shares Bradley, Stephen Edward 4 7/12/2011 10 24.7 3,000 3,000 IBC Advanced Alloys Corp. Options Heinz, David 4 25/5/2011 00

IBC Advanced Alloys Corp. Options Heinz, David 4 25/5/2011 50 400,000 400,000

Iberian Minerals Corp. Common Shares Blavier, Phillippe 4 11/10/2011 10 0.76 51,400 3,400 IBI Group Inc. Common Shares IBI Group Investment

Partnership 3 15/12/2011 10 12.4 2,956,958 2,500

Imperial Metals Corporation Common Shares Giraud, Thomas Sewell Byng

5 22/7/2011 51 20.05 344 200


5 22/7/2011 10 24.05 544 200


5 25/10/2011 10 18.79 148


5 25/10/2011 30 18.79 850 148


5 4/11/2011 52 20.05 4,650 3,800


5 4/11/2011 10 24.05 850 -3,800

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12797



Acquired/ Disposed


5 9/12/2011 51 10.025 4,850 4,000


5 9/12/2011 10 13.33 4,350 -500


5 9/12/2011 10 13.35 3,850 -500


5 9/12/2011 10 13.37 3,350 -500


5 9/12/2011 10 13.39 2,850 -500


5 9/12/2011 10 13.4 2,350 -500


5 9/12/2011 10 13.41 1,850 -500


5 9/12/2011 10 13.43 1,350 -500


5 9/12/2011 10 13.45 850 -500

Imperial Metals Corporation Options Giraud, Thomas Sewell Byng

5 22/7/2011 51 20.05 79,800 -200


5 5/8/2011 51 20.05 -200


5 4/11/2011 51 20.05 -3,800


5 4/11/2011 51 20.05 76,000 -3,800


5 28/11/2011 37 10.025 76,000


5 28/11/2011 37 10.025 152,000 76,000


5 8/12/2011 51 13.33 -500


5 9/12/2011 51 13.33 -500


5 9/12/2011 51 13.33 -500


5 9/12/2011 51 13.35 500


5 9/12/2011 51 13.35 -500


5 9/12/2011 51 13.35 -500


5 9/12/2011 51 13.37 500


5 9/12/2011 51 13.37 -500


5 9/12/2011 51 13.37 -500


5 9/12/2011 51 13.39 500


5 9/12/2011 51 13.39 -500


5 9/12/2011 51 13.39 -500


5 9/12/2011 51 13.4 -500


5 9/12/2011 51 13.4 -500


5 9/12/2011 51 10.025 -4,000


5 9/12/2011 51 10.025 148,000 -4,000

Imperial Metals Corporation Common Shares Keevil, Gordon 5 5/12/2011 37 20,334 10,167

Imperial Metals Corporation Common Shares KYNOCH, J. BRIAN 4, 5 5/12/2011 37 511,189

Imperial Metals Corporation Common Shares KYNOCH, J. BRIAN 4, 5 5/12/2011 37 511,189

Imperial Metals Corporation Common Shares KYNOCH, J. BRIAN 4, 5 5/12/2011 37 1,022,378 511,189

Imperial Metals Corporation Options KYNOCH, J. BRIAN 4, 5 13/4/2011 52 306,667 -1,333

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12798



Acquired/ Disposed

Imperial Metals Corporation Options KYNOCH, J. BRIAN 4, 5 5/12/2011 37 613,334 306,667

Imperial Oil Limited Common Shares Imperial Oil Limited 1 13/12/2011 38 44.077 44,751 44,751 Imperial Oil Limited Common Shares Imperial Oil Limited 1 13/12/2011 38 44.077 0 -44,751 Imperial Oil Limited Common Shares Imperial Oil Limited 1 14/12/2011 38 42.728 45,903 45,903 Imperial Oil Limited Common Shares Imperial Oil Limited 1 14/12/2011 38 42.728 0 -45,903 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/12/2011 38 42.778 41,000 41,000 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/12/2011 38 42.778 0 -41,000 Inca One Resources Corp. Common Shares Kelly, Edward John 4 13/12/2011 10 0.21 1,374,011 2,000 Inca One Resources Corp. Common Shares Kelly, Edward John 4 13/12/2011 10 0.22 1,379,011 5,000 Inca One Resources Corp. Common Shares Kelly, Edward John 4 13/12/2011 10 0.23 1,382,011 3,000 INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 9/12/2011 38 9.27 526,000 900

INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 12/12/2011 38 9.18 529,600 3,600

INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 12/12/2011 38 9.23 530,300 700

INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 13/12/2011 38 9.27 530,500 200

Indexplus Income Fund Trust Units IndexPlus Income Fund 1 9/12/2011 38 12.11 29,638,053 700 Indexplus Income Fund Trust Units IndexPlus Income Fund 1 12/12/2011 38 12.15 29,638,353 300 Indexplus Income Fund Trust Units IndexPlus Income Fund 1 14/12/2011 38 12.23 29,639,553 1,200 Indexplus Income Fund Trust Units IndexPlus Income Fund 1 14/12/2011 38 12.57 30,631,445 991,892 Industrial Alliance Insurance and Financial Services inc.

Common Shares Charest, Yvon 4, 5 9/12/2011 51 22.81 44,900

Industrial Alliance Insurance and Financial Services inc.

Common Shares Charest, Yvon 4, 5 9/12/2011 51 22.81 231,542 120,000


Common Shares Charest, Yvon 4, 5 9/12/2011 10 27 -44,900


Common Shares Charest, Yvon 4, 5 9/12/2011 10 27 111,542 -120,000


Options Charest, Yvon 4, 5 9/12/2011 51 22.81 -44,900


Options Charest, Yvon 4, 5 9/12/2011 51 22.81 662,000 -120,000


Common Shares Michaud, Bruno 5 15/12/2011 51 18.625 6,842 6,000


Common Shares Michaud, Bruno 5 15/12/2011 10 26.373 842 -6,000


Options Michaud, Bruno 5 15/12/2011 51 18.625 125,000 -6,000

Infrastructure Materials Corp. Common Shares Montgomery, Joseph Hilton 4 8/5/2007 00 100,000

INSCAPE Corporation Options BULL, BARTLEY 3, 4 12/12/2011 52 2.91 30,000 -7,500 INSCAPE Corporation Options Horvath, Dezso Joseph 4 13/12/2011 52 2.91 45,000 -7,500 INSCAPE Corporation Options Long, Robert Garfield 4 13/12/2011 52 2.91 22,500 -7,500 INSCAPE Corporation Options Snelling, Glen Allen 5 29/7/2010 50 48,801 27,673 INSCAPE Corporation Subordinate Voting Shares

CLASS B Snelling, Glen Allen 5 10/11/2008 00

INSCAPE Corporation Subordinate Voting Shares CLASS B

Snelling, Glen Allen 5 10/11/2008 00


Snelling, Glen Allen 5 10/11/2008 00


Snelling, Glen Allen 5 29/7/2010 50 1.85 27,673





Insignia Energy Ltd. Options Ambedian, David 4 14/12/2011 50 1.06 100,000 50,000 Insignia Energy Ltd. Options Cowan, Sandra S. 4 14/12/2011 50 1.06 90,000 50,000 Insignia Energy Ltd. Options Errico, Jeffery Ernest 4 14/12/2011 50 1.06 270,000 110,000 Insignia Energy Ltd. Common Shares Fischer, Glen Charles 5 14/12/2011 10 1.06 391,869 12,300 Insignia Energy Ltd. Common Shares Fischer, Glen Charles 5 15/12/2011 10 1.06 395,069 3,200 Insignia Energy Ltd. Options Fischer, Glen Charles 5 14/12/2011 50 1.06 840,000 365,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12799



Acquired/ Disposed

Insignia Energy Ltd. Options Geremia, Danny Giovanni 5 14/12/2011 50 1.06 655,000 355,000 Insignia Energy Ltd. Options Mackay, Steven James 5 14/12/2011 50 1.06 805,000 355,000 Insignia Energy Ltd. Options Newcommon, Jeffrey David 4, 5 14/12/2011 50 1.06 1,055,000 455,000

Insignia Energy Ltd. Options Slubicki, Christopher Paul 4 14/12/2011 50 1.06 100,000 50,000 Insignia Energy Ltd. Options Tkachyk, Vincent John 4 14/12/2011 50 1.06 80,000 50,000 Inspiration Mining Corporation

Common Shares Inspiration Mining Corporation

1 2/11/2011 38 0.15 2,500 2,500

Inspiration Mining Corporation


1 2/11/2011 38 0.15 0 -2,500



1 3/11/2011 38 0.16 23,000 23,000



1 3/11/2011 38 0.16 0 -23,000



1 3/11/2011 38 0.15 500 500



1 3/11/2011 38 0.15 0 -500



1 8/11/2011 38 0.15 5,500 5,500



1 8/11/2011 38 0.15 0 -5,500



1 9/11/2011 38 0.16 23,000 23,000



1 9/11/2011 38 0.16 0 -23,000



1 10/11/2011 38 0.16 10,000 10,000



1 10/11/2011 38 0.16 0 -10,000



1 15/11/2011 38 0.13 23,000 23,000



1 15/11/2011 38 0.13 0 -23,000



1 16/11/2011 38 0.13 23,000 23,000



1 16/11/2011 38 0.13 0 -23,000



1 17/11/2011 38 0.13 23,000 23,000



1 17/11/2011 38 0.13 0 -23,000



1 18/11/2011 38 0.13 23,000 23,000



1 18/11/2011 38 0.13 0 -23,000



1 21/11/2011 38 0.13 23,000 23,000



1 21/11/2011 38 0.13 0 -23,000



1 22/11/2011 38 0.13 23,000 23,000



1 22/11/2011 38 0.13 0 -23,000



1 23/11/2011 38 0.13 23,000 23,000



1 23/11/2011 38 0.13 0 -23,000



1 24/11/2011 38 0.13 23,000 23,000



1 24/11/2011 38 0.13 0 -23,000



1 25/11/2011 38 0.13 10,000 10,000



1 25/11/2011 38 0.13 0 -10,000



1 28/11/2011 38 0.13 23,000 23,000



1 28/11/2011 38 0.13 0 -23,000



1 29/11/2011 38 0.13 23,000 23,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12800



Acquired/ Disposed



1 29/11/2011 38 0.13 0 -23,000

Inter Pipeline Fund Deferred Unit Right Bayle, Christian 5 13/12/2011 57 18.52 134,013 -11,549 Inter Pipeline Fund Deferred Unit Right Marchant, Jeffrey David 5 13/12/2011 57 18.52 55,050 -4,420 Intermap Technologies Corporation

Options Bakken, Jennifer 8 15/12/2011 50 0.46 159,500 57,500

Intermap Technologies Corporation

Options Denman, Adam 1 15/12/2011 50 0.46 145,000 25,000


Options Jackson, Nigel Derek 5 15/12/2011 50 0.46 270,134 58,000


Common Shares Class A Mohr, Richard 5 12/12/2011 46 0.24 52,942 28,351


Options Tennant, J Keith 5 15/12/2011 50 0.46 356,500 112,500


Options Utter, Harry William 7 15/12/2011 50 0.46 191,700 44,500

International Datacasting Corporation

Common Shares Ruffolo, Francesco 3, 4 13/12/2011 10 0.29 6,677,092 -34,000





International Tower Hill Mines Ltd.

Common Shares Hamilton, Mark Randall 4 15/12/2011 10 3.78 25,000 5,000

Intertape Polymer Group Inc. Common Shares Carpenter, Jim Bob 5 30/11/2011 30 26,005 -27

Intertape Polymer Group Inc. Common Shares Hildreth, Burgess 5 30/11/2011 30 31,548 -281

Intertape Polymer Group Inc. Common Shares Pitz, Bernard 5 30/11/2011 30 12,568 -153

Intertape Polymer Group Inc. Common Shares Yull, Gregory 5 30/11/2011 30 165,467 676

Intertape Polymer Group Inc. Common Shares Yull, Gregory 5 13/12/2011 10 3 167,967 2,500

Intertape Polymer Group Inc. Common Shares Yull, Gregory 5 13/12/2011 10 2.9976 168,467 500

Intertape Polymer Group Inc. Common Shares Yull, Gregory 5 15/12/2011 10 2.9 171,217 2,750

Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 13/12/2011 10 3 1,749,475 2,500

Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 14/12/2011 10 3 1,742,775 -6,700

Intrepid Mines Limited Ordinary Shares Curtis, Laurence Wilson 4 9/12/2011 10 1.48 413,500 -50,000 Intrepid Mines Limited Ordinary Shares Curtis, Laurence Wilson 4 9/12/2011 10 1.53 388,500 -25,000 Intrepid Mines Limited Options Smith, Stephen 5 13/12/2011 59 1,200,000 -200,000 IOU Financial Inc. Multiple Voting Shares

CATEGORIE B (known as Class B common Shares)

Quiroz, Mayco 5 8/12/2011 10 0.2 164,500 7,000

IOU Financial Inc. Multiple Voting Shares CATEGORIE B (known as Class B common Shares)

Quiroz, Mayco 5 12/12/2011 10 0.2 165,000 500

IROC Energy Services Corp. Common Shares Troob Capital Management LLC

3 9/12/2011 10 2.5786 3,696,886 24,065


3 12/12/2011 10 2.6381 3,702,796 5,910


3 13/12/2011 10 2.6424 3,730,996 28,200


3 14/12/2011 10 2.5798 3,739,326 8,330


3 15/12/2011 10 2.5835 3,759,326 20,000


3 9/12/2011 10 2.5786 1,467,808 9,410


3 12/12/2011 10 2.6381 1,470,128 2,320


3 13/12/2011 10 2.6424 1,481,128 11,000


3 14/12/2011 10 2.5798 1,484,368 3,240


3 15/12/2011 10 2.5835 1,492,318 7,950

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12801



Acquired/ Disposed


3 9/12/2011 10 2.5786 3,489,802 22,625


3 12/12/2011 10 2.6381 3,495,372 5,570


3 13/12/2011 10 2.6424 3,521,672 26,300


3 14/12/2011 10 2.5798 3,529,402 7,730


3 15/12/2011 10 2.5835 3,548,852 19,450

Ivanhoe Mines Ltd. Common Shares Hanson, Robert 7 15/12/2011 51 2.82 19,393 19,393 Ivanhoe Mines Ltd. Common Shares Hanson, Robert 7 15/12/2011 10 16.7 9,393 -10,000 Ivanhoe Mines Ltd. Common Shares Hanson, Robert 7 15/12/2011 10 16.72 6,893 -2,500 Ivanhoe Mines Ltd. Common Shares Hanson, Robert 7 15/12/2011 10 16.73 5,000 -1,893 Ivanhoe Mines Ltd. Common Shares Hanson, Robert 7 15/12/2011 10 16.76 0 -5,000 Ivanhoe Mines Ltd. Options Hanson, Robert 7 15/12/2011 51 2.82 63,928 -19,393 Jadela Oil Corp. Common Shares Leia, Gregory 4, 5 13/12/2011 10 614,950 2,000 Jadela Oil Corp. Common Shares Leia, Gregory 4, 5 14/12/2011 10 616,950 2,000 Jadela Oil Corp. Common Shares Vinck, Dwayne Albert 4, 5 13/12/2011 10 0.37 130,110 10,000 Jaguar Mining Inc. Rights Restricted Share

Units Macedo, Cleber 5 8/12/2011 57 6.96 7,000 -8,000

Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 9/12/2011 10 0.13 26,891,862 153,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 13/12/2011 10 0.125 27,091,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 13/12/2011 10 0.13 27,291,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 13/12/2011 10 0.135 27,491,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 14/12/2011 10 0.12 27,691,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 14/12/2011 10 0.125 27,891,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 14/12/2011 10 0.13 28,091,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 15/12/2011 10 0.12 28,291,862 200,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 15/12/2011 10 0.125 28,591,862 300,000 Jiminex Inc. Options Consolidated International

Investment Holdings Inc. 3 9/12/2011 52 120,000 -286,666

Jiminex Inc. Warrants Consolidated International Investment Holdings Inc.

3 9/12/2011 55 400,000 -2,486,668

Jiminex Inc. Common Shares Willy, Allan James 4, 5 12/12/2011 10 0.05 640,000 4,000 Jiminex Inc. Common Shares Willy, Allan James 4, 5 15/12/2011 10 0.05 700,000 60,000 Josephine Mining Corp. (formerly Green Park Capital Corp.)

Common Shares Chapman, Robert Llee 4, 5 9/12/2011 10 0.46 5,800 1,800

Jovian Capital Corporation Common Shares Employee Share Purchase Plan

1 22/11/2011 30 10.71 25,667 -176


1 1/12/2011 10 12.1 1,062


1 1/12/2011 30 12.1 26,928 1,062


1 8/12/2011 10 11.9 440


1 8/12/2011 30 11.9 27,368 440


1 8/12/2011 30 12.26 26,624 -744

Jovian Capital Corporation Options Lindsay, John Russell 7, 5 13/12/2011 52 17.2 40,472 -7,500

Jovian Capital Corporation Common Shares McFarlane, Donald 8, 4, 7 8/12/2011 10 11.9 49,500 -10,800



Just Energy Group Inc. Rights 2010 Restricted Share Grant Plan

SILVER, MARK 5 15/12/2011 56 230,244 11,260

Kallisto Energy Corp. Common Shares HARTZLER, CURTIS A. 5 1/6/2011 00 Kallisto Energy Corp. Common Shares HARTZLER, CURTIS A. 5 9/12/2011 10 0.115 70,900 70,900 Khalkos Exploration Inc. Common Shares Ressources Sirios inc. 3 7/12/2011 00 10,343,906 Killam Properties Inc. Common Shares Watson, Wayne 4 9/12/2011 47 10.99 77,000 -1,000 Kimber Resources Inc. Common Shares Brickner, Renee 8 24/11/2011 00 3,000 Kimber Resources Inc. Common Shares Cummings, Gordon 5 15/12/2011 10 1.03 75,000 10,000 Kimber Resources Inc. Common Shares Puplava, James J. 4 13/12/2011 10 1.05 3,051,208 83,793 Kinross Gold Corporation Common Shares Thomas, Kenneth Glyndwr 5 12/12/2011 57 13.13 12,062 6,303 Kinross Gold Corporation Common Shares Thomas, Kenneth Glyndwr 5 12/12/2011 10 13.13 8,956 -3,106 Kinross Gold Corporation Restricted Shares Thomas, Kenneth Glyndwr 5 12/12/2011 57 13.13 70,586 -6,303 Klondex Mines Ltd. Common Shares Moysey, Arthur Warren 4 29/11/2011 15 2.5 10,000 10,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12802



Acquired/ Disposed

Klondex Mines Ltd. Warrants Moysey, Arthur Warren 4 30/6/2011 00 Klondex Mines Ltd. Warrants Moysey, Arthur Warren 4 29/11/2011 15 5,000 5,000 Klondex Mines Ltd. Common Shares The K2 Principal Fund L.P. 3 12/12/2011 00 4,425,484

Klondex Mines Ltd. Warrants The K2 Principal Fund L.P. 3 12/12/2011 00 386,400

Knick Exploration Inc. Warrants Inwentash, Sheldon 3, 6 14/12/2011 10 -583,500 Knick Exploration Inc. Warrants Inwentash, Sheldon 3, 6 14/12/2011 55 1,000,000 -583,500 Knick Exploration Inc. Warrants Pinetree Capital Ltd. 3 14/12/2011 55 1,000,000 -583,500 Knightscove Media Corp. (formerly Queen Street Entertainment Capital Inc.)

Common Shares GRAFSTEIN, Jerahmiel Samson

4 7/12/2011 10 0.07 425,000 100,000

Labrador Iron Mines Holdings Limited

Common Shares Passport Capital, LLC 3 7/12/2011 10 7,001,345 -178,792



















Lanesborough Real Estate Investment Trust

Convertible Debentures Series G


1 12/12/2011 38 89.5 $12,000 $4,000




1 13/12/2011 38 88.95 $16,000 $4,000




1 13/12/2011 38 $12,000 -$4,000




1 14/12/2011 38 89 $16,000 $4,000




1 14/12/2011 38 $12,000 -$4,000




1 15/12/2011 38 88.95 $16,000 $4,000




1 15/12/2011 38 $12,000 -$4,000




1 16/12/2011 38 89 $16,000 $4,000




1 16/12/2011 38 $12,000 -$4,000

Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 13/12/2011 10 0.72 5,134,712 29,500 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 13/12/2011 10 0.73 5,159,712 25,000 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 13/12/2011 10 0.74 5,184,712 25,000 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 13/12/2011 10 0.75 5,205,212 20,500 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 14/12/2011 10 0.75 5,224,212 19,000 Largo Resources Ltd. Common Shares Arias Resource Capital Fund

L.P.3 9/12/2011 57 68,544,026 5,058,594

Largo Resources Ltd. Subscription Rights Arias Resource Capital Fund L.P.

3 9/12/2011 57 26,613,717 -5,058,594

Largo Resources Ltd. Warrants Arias Resource Capital Fund L.P.

3 9/12/2011 57 5,414,475 1,686,198

Largo Resources Ltd. Common Shares Arias, J. Alberto 4 9/12/2011 57 668,005 208,033 Largo Resources Ltd. Common Shares Arias, J. Alberto 4 9/12/2011 57 6,013,362 1,872,706 Largo Resources Ltd. Common Shares Arias, J. Alberto 4 9/12/2011 57 47,065,076 5,058,594 Largo Resources Ltd. Subscription Rights Arias, J. Alberto 4 9/12/2011 57 1,094,478 -208,033 Largo Resources Ltd. Subscription Rights Arias, J. Alberto 4 9/12/2011 57 9,852,472 -1,872,706 Largo Resources Ltd. Subscription Rights Arias, J. Alberto 4 9/12/2011 57 26,613,717 -5,058,594 Largo Resources Ltd. Warrants Arias, J. Alberto 4 9/12/2011 57 222,668 69,344 Largo Resources Ltd. Warrants Arias, J. Alberto 4 9/12/2011 57 2,004,454 624,235 Largo Resources Ltd. Warrants Arias, J. Alberto 4 9/12/2011 57 15,708,593 1,686,198 Largo Resources Ltd. Common Shares Ashmore Investment

Management Limited 3 9/12/2011 57 27,085,199 8,434,983

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12803



Acquired/ Disposed

Largo Resources Ltd. Subscription Rights Ashmore Investment Management Limited

3 9/12/2011 57 44,377,202 -8,434,983

Largo Resources Ltd. Warrants Ashmore Investment Management Limited

3 9/12/2011 57 9,028,400 2,811,661

Largo Resources Ltd. Common Shares Eton Park Capital Management, L.P., the investment manager of Eton Park Master Fund, Ltd. and EP Cayman Ltd.

3 11/4/2011 00 6,527,576


3 9/12/2011 57 9,479,820 2,952,244


3 9/12/2011 97 0 -6,527,576


3 9/12/2011 57 17,605,379 5,482,739

Largo Resources Ltd. Subscription Rights Eton Park Capital Management, L.P., the investment manager of Eton Park Master Fund, Ltd. and EP Cayman Ltd.

3 11/4/2011 00 18,484,265


3 9/12/2011 57 15,532,021 -2,952,244


3 9/12/2011 97 0 -18,484,265


3 9/12/2011 57 28,845,181 -5,482,739

Largo Resources Ltd. Warrants Eton Park Capital Management, L.P., the investment manager of Eton Park Master Fund, Ltd. and EP Cayman Ltd.

3 11/4/2011 00 2,175,859


3 9/12/2011 57 3,159,940 984,081


3 9/12/2011 97 0 -2,175,859


3 9/12/2011 57 5,868,460 1,827,580

LAURENTIAN BANK OF CANADA

Unités d'actions différées ANCTIL, Pierre 4 15/3/2011 00


Unités d'actions différées ANCTIL, Pierre 4 9/12/2011 56 44.334 169 169


Common Shares Bastarache, Lise 4 13/12/2011 46 45.49 3,558 165


Common Shares Bazin, Jean 4 13/12/2011 46 45.49 4,803 165

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12804



Acquired/ Disposed


Unités d'actions différées Bazin, Jean 4 9/12/2011 35 44.706 358 4


Unités actions performance-UAP/Performance Share Units-PSUs

Berbiche, Yassir 5 6/12/2011 56 1,754


Unités d'actions de performance différées-UAPD / DPSUs

Berbiche, Yassir 5 6/12/2011 56 4,654 1,754



Bernard, Luc 5 6/12/2011 56 5,132



Bernard, Luc 5 6/12/2011 56 11,756 5,132


Unités d'actions différées Biron, Ève-Lyne 4 9/12/2011 35 44.706 1,497 14



Blais, Liliane 5 6/12/2011 56 456



Blais, Liliane 5 5/12/2011 00



Blais, Liliane 5 6/12/2011 56 456 456


Unités d'actions différées Courville, Isabelle 4 9/12/2011 56 44.334 3,383 381


Unités d'actions différées Courville, Isabelle 4 9/12/2011 35 44.706 3,415 32



Desjardins, François 7, 5 6/12/2011 56 4,995



Desjardins, François 7, 5 6/12/2011 56 16,239 4,995


Unités d'actions restreintes différées-UARD / DRSUs

Desjardins, François 7, 5 6/12/2011 56 3,283



Desjardins, François 7, 5 6/12/2011 56 22,245 4,651


Common Shares Genest, Pierre 4 13/12/2011 46 45.49 6,534 369


Unités d'actions restreintes-UAR/Restricted Share Units-RSUs

Hurtubise, Paul 5 6/12/2011 56 2,285


Unités d'actions restreintes-UAR/Restricted Share Units-RSUs

Hurtubise, Paul 5 6/12/2011 56 9,891 2,741


Unités d'actions différées Labonté, Michel 4 9/12/2011 56 44.334 1,159 169


Unités d'actions différées Labonté, Michel 4 9/12/2011 35 44.706 1,170 11



Lauzon, Michel C. 5 6/12/2011 56 5,680



Lauzon, Michel C. 5 6/12/2011 56 14,740 5,680



Lopresti, André 5 6/12/2011 56 485



Lopresti, André 5 15/4/2002 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12805



Acquired/ Disposed



Lopresti, André 5 6/12/2011 56 485 485



Marquis, Louis 5 6/12/2011 56 1,711



Marquis, Louis 5 6/12/2011 56 4,593 1,711



Minville, Pierre 5 6/12/2011 56 4,106



Minville, Pierre 5 6/12/2011 56 6,966 4,106



Minville, Pierre 5 6/12/2011 56 1,799



Minville, Pierre 5 6/12/2011 56 5,159 2,712


Common Shares Orange, Jacqueline C. 4 12/12/2011 10 45.62 5,128 84



Pelletier, Stéfanie 5 6/12/2011 56 485



Pelletier, Stéfanie 5 6/12/2011 56 485 485



Pilon, Lorraine 5 6/12/2011 56 4,277



Pilon, Lorraine 5 6/12/2011 56 8,566 4,277


Common Shares Poulin, Marie-France 4 13/12/2011 46 45.49 3,772 165


Unités d'actions différées Poulin, Marie-France 4 9/12/2011 35 44.706 1,358 13



Robitaille, Réjean 4, 5 6/12/2011 56 20,529



Robitaille, Réjean 4, 5 6/12/2011 56 55,009 20,529



Trudeau, Michel Claude 7, 5 6/12/2011 56 4,448



Trudeau, Michel Claude 7, 5 6/12/2011 56 4,448 4,448


Common Shares Wener, Jonathan I. 4 13/12/2011 46 45.49 3,604 164

Lexaria Corp. Common Shares Bunka, Christopher 4, 5 8/12/2011 10 0.25 1,445,961 4,975 Lexaria Corp. Common Shares Bunka, Christopher 4, 5 8/12/2011 10 0.245 1,456,361 10,400 Lexaria Corp. Common Shares Bunka, Christopher 4, 5 8/12/2011 10 0.28 1,459,361 3,000 Lexaria Corp. Common Shares Bunka, Christopher 4, 5 8/12/2011 10 0.245 3,209,836 1,200 Lexaria Corp. Common Shares Bunka, Christopher 4, 5 12/12/2011 10 0.29 3,210,836 1,000 Linamar Corporation Common Shares Chovaz, Michael Keith 8 18/4/2011 00 Linamar Corporation Common Shares Chovaz, Michael Keith 8 18/4/2011 00 Linamar Corporation Common Shares Chovaz, Michael Keith 8 18/4/2011 00 900 Linamar Corporation Options Chovaz, Michael Keith 8 18/4/2011 00 Linamar Corporation Options Chovaz, Michael Keith 8 18/4/2011 00 Linamar Corporation Options Chovaz, Michael Keith 8 14/12/2011 50 14.7 5,000 5,000 Linamar Corporation Common Shares Drolc, Alexander 5 14/12/2011 00 Linamar Corporation Options Drolc, Alexander 5 14/12/2011 00 Linamar Corporation Options Drolc, Alexander 5 14/12/2011 50 14.7 5,000 5,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12806



Acquired/ Disposed

Linamar Corporation Options Fulton, Roger 5 14/12/2011 50 14.7 20,000 20,000 Linamar Corporation Options Havasi, Csaba 5 14/12/2011 50 14.7 13,000 13,000 Linamar Corporation Common Shares Haynes, Terrence Joseph 5 15/7/2011 00 Linamar Corporation Options Haynes, Terrence Joseph 5 15/7/2011 00 Linamar Corporation Options Haynes, Terrence Joseph 5 14/12/2011 50 14.7 2,000 2,000 Linamar Corporation Common Shares McDougall, Kenneth 5 14/12/2011 00 500 Linamar Corporation Options McDougall, Kenneth 5 14/12/2011 00 Linamar Corporation Options McDougall, Kenneth 5 14/12/2011 50 14.7 20,000 20,000 Linamar Corporation Options Rose, Roxanne Phyllis 5 14/12/2011 50 14.7 5,000 5,000 Linamar Corporation Options Rose, Roxanne Phyllis 5 15/12/2011 00 Linamar Corporation Options Schneider, Dale 5 12/7/2004 00 Linamar Corporation Options Schneider, Dale 5 14/12/2011 50 14.7 20,000 20,000 Linamar Corporation Options STODDART, MARK 4, 5 14/12/2011 50 14.7 20,000 20,000 Liquid Nutrition Group Inc. Common Shares Stark, Darren 4, 6 13/12/2011 10 0.69 62,000 7,000 Liquid Nutrition Group Inc. Common Shares Young, Glenn 4, 5 9/12/2011 10 0.7 266,500 4,000 Liquid Nutrition Group Inc. Common Shares Young, Glenn 4, 5 9/12/2011 10 0.7 2,500 Liquid Nutrition Group Inc. Common Shares Young, Glenn 4, 5 9/12/2011 10 0.69 269,000 2,500 Liquid Nutrition Group Inc. Common Shares Young, Glenn 4, 5 15/12/2011 10 0.73 270,000 1,000 Liquid Nutrition Group Inc. Common Shares Young, Glenn 4, 5 15/12/2011 10 0.75 273,000 3,000 Liquor Stores N.A. Ltd. Common Shares Dinning, James Francis 4 31/12/2010 00 Liquor Stores N.A. Ltd. Common Shares Dinning, James Francis 4 15/12/2011 10 14.89 2,000 2,000 Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 13/12/2011 10 15.08 306,599 -200

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 13/12/2011 10 15.04 303,199 -3,400

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 13/12/2011 10 15.03 302,999 -200

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 13/12/2011 10 15 298,499 -4,500

Lithium One Inc. Options Colson, Maurice 4 15/12/2011 50 1 150,000 75,000 Lithium One Inc. Options Ramos, Arvin 5 21/10/2011 00 Lithium One Inc. Options Ramos, Arvin 5 15/12/2011 50 1 100,000 100,000 Lithium One Inc. Options Rowley, Martin 4 15/12/2011 50 1 925,000 600,000 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 13/12/2011 38 0 -415,719

Loblaw Companies Limited Forward Purchase Loblaw Companies Limited 1 12/12/2011 72 derivative 1,103,500 -390,100

LoneStar West Inc. Common Shares Graf, Tracy Alfred 4 12/12/2011 51 0.52 321,135 75,000 LoneStar West Inc. Options Graf, Tracy Alfred 4 12/12/2011 51 0.52 75,000 -75,000 LoneStar West Inc. Common Shares Prussky, David Martin 4 12/12/2011 54 0.5 154,000 54,000 LoneStar West Inc. Common Shares Prussky, David Martin 4 12/12/2011 54 0.5 40,500 40,500 LoneStar West Inc. Warrants Prussky, David Martin 4 12/12/2011 54 0.5 0 -54,000 LoneStar West Inc. Warrants Prussky, David Martin 4 12/12/2011 54 0.5 0 -40,500 LoneStar West Inc. Common Shares Prussky, Erica-Beth 3 12/12/2011 54 0.5 253,673 30,173 LoneStar West Inc. Common Shares Prussky, Erica-Beth 3 12/12/2011 54 0.5 1,339,611 54,000 LoneStar West Inc. Common Shares Prussky, Erica-Beth 3 12/12/2011 54 0.5 154,000 54,000 Loon Energy Corporation Common Shares Graham, Jock MacDonald 4 10/12/2008 00

Loon Energy Corporation Common Shares Graham, Jock MacDonald 4 10/12/2008 00

Loon Energy Corporation Common Shares Graham, Jock MacDonald 4 10/12/2008 00 1,130,000

Loon Energy Corporation Common Shares Graham, Jock MacDonald 4 11/10/2011 10 0.03 2,268,000 138,000










Insider Reporting

December 23, 2011 (2011) 34 OSCB 12807



Acquired/ Disposed








Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 9/12/2011 10 0.2 78,084 6,500 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 12/12/2011 10 0.2 81,084 3,000 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 13/12/2011 10 0.2 81,584 500 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 14/12/2011 10 0.2 84,084 2,500 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 15/12/2011 10 0.2 85,084 1,000 Lucara Diamond Corp. Common Shares Lamb, William 4, 5 14/12/2011 10 0.8 350,000 16,000 Lucara Diamond Corp. Options Ott, Lawrence Edmund 5 27/11/2011 50 0.8 325,000 75,000 Lucara Diamond Corp. Options Ott, Lawrence Edmund 5 27/11/2011 50 0.8 325,000 75,000 Lucara Diamond Corp. Options Swaniker-Tettey, Susanne 7 27/11/2011 50 0.8 50,000 25,000 Lumina Copper Corp. Common Shares Youle, John 5 1/12/2011 00 1,000 Lundin Mining Corporation Options Nicoll, Peter George David 5 12/12/2011 50 120,000 120,000

Lupaka Gold Corp. Common Shares Courtnall, Geoffrey 7 14/12/2011 10 1 154,200 10,000 Lupaka Gold Corp. Common Shares Courtnall, Geoffrey 7 14/12/2011 10 1 57,000 5,000 Lydian International Limited Common Shares International Finance

Corporation3 14/12/2011 54 0.3125 17,075,613 4,000,000

Lydian International Limited Warrants International Finance Corporation

3 14/12/2011 54 3,311,758 -4,000,000

Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -800 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -800 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.45 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.45 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -800 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -800 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -900 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -900 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.45 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.45 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.41 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.42 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.42 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.4 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.4 -2,500 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.44 -5,000 Lydian International Limited Common Shares Mullens, Peter James 4 15/12/2011 10 2.44 -5,000 MADALENA VENTURES INC Common Shares Larson, Barry 4 15/12/2011 10 0.63 42,500

MADALENA VENTURES INC Common Shares Larson, Barry 4 15/12/2011 10 0.63 100,000 42,500

Mag Copper Limited (formerly, Fort Chimo Minerals Inc.)


3 15/12/2011 00



3 15/12/2011 11 0.17 3,529,412 3,529,412



3 15/12/2011 00



3 15/12/2011 11 0.17 2,352,941 2,352,941



3 15/12/2011 00



3 15/12/2011 11 0.17 588,235 588,235

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12808



Acquired/ Disposed



3 15/12/2011 00



3 15/12/2011 11 0.23 1,764,706



3 15/12/2011 11 0.23 1,764,706 1,764,706



3 15/12/2011 00



3 15/12/2011 11 0.23 1,176,470



3 15/12/2011 11 0.23 1,176,470 1,176,470


Common Shares Fairbairn, James Neville 5 8/12/2011 10 0.15 90,645 10,000

Magellan Minerals Ltd. Options Carter, Alan 4 14/11/2011 50 1,647,100 400,000 Magellan Minerals Ltd. Options Carter, Alan 4 23/11/2011 38 1,247,100 -400,000 Magellan Minerals Ltd. Options Moore, Dennis Jay 4 14/11/2011 50 853,400 250,000 Magellan Minerals Ltd. Options Moore, Dennis Jay 4 23/11/2011 38 603,400 -250,000 Magna International Inc. Rights Restricted Stock

Units Demel, Herbert Hubert 5 15/12/2011 56 34.43 81,305 580

Magna International Inc. Units Deferred Share Units Eyton, J. Trevor 4 15/12/2011 56 32.84 4,483 34

Magna International Inc. Units Deferred Share Units Harris, Michael Deane 4 15/12/2011 56 32.84 108,753 822

Magna International Inc. Units Deferred Share Units Judge, Barbara Thomas 4 15/12/2011 56 32.84 31,029 235

Magna International Inc. Units Deferred Share Units Lataif, Louis Edward 4 15/12/2011 56 32.84 14,167 107

Magna International Inc. Units Deferred Share Units Lauk, Kurt 4 15/12/2011 56 32.84 1,409 10

Magna International Inc. Rights Restricted Stock Units

Ossip, Alon Samuel 5 15/12/2011 56 34.14 13,141 31

Magna International Inc. Units Deferred Share Units Resnick, Donald 4 15/12/2011 56 32.84 17,665 134

Magna International Inc. Units Deferred Share Units Worrall, Lawrence 4 15/12/2011 56 32.84 16,329 124

Magna International Inc. Units Deferred Share Units Young, William 4 15/12/2011 56 32.84 3,377 26

Magnum Energy Inc. Common Shares Lowe, Jeff 4 14/12/2011 10 1,961,579 15,000 Mainstreet Equity Corp. Common Shares Amantea, Joe 4 16/12/2011 10 22.5 26,433 -1,300 Majescor Resources Inc. Common Shares Barrie, C. Tucker 5 13/12/2011 10 0.2 350,000 3,000 Major Drilling Group International Inc.

Common Shares Tennant, David Buchanan 4 14/12/2011 10 15.32 133,500 2,000

Manicouagan Minerals Inc. Common Shares Carter, Walter Brian 4, 5 8/12/2011 11 0.06 532,500 500,000 Manicouagan Minerals Inc. Warrants Carter, Walter Brian 4, 5 14/1/2008 00 Manicouagan Minerals Inc. Warrants Carter, Walter Brian 4, 5 8/12/2011 11 500,000 500,000 Manicouagan Minerals Inc. Common Shares Johnson, Donald Kenneth 4 8/12/2011 11 0.06 2,350,000 2,350,000 Manicouagan Minerals Inc. Warrants Johnson, Donald Kenneth 4 8/12/2011 11 0.06 2,350,000 2,350,000 Manicouagan Minerals Inc. Common Shares Kololian, Vahan 4 8/12/2011 11 0.06 605,250 500,000 Manicouagan Minerals Inc. Warrants Kololian, Vahan 4 19/11/2004 00 Manicouagan Minerals Inc. Warrants Kololian, Vahan 4 8/12/2011 11 0.1 500,000 500,000 Maple Leaf Foods Inc. Common Shares McCain, James Scott 4, 5 6/12/2011 11 11.04 0 -90,194 Maple Leaf Foods Inc. Common Shares McCain, James Scott 4, 5 6/12/2011 11 11.04 405,194 90,194 Maple Leaf Foods Inc. Common Shares Wilcox, Donald John 7 9/12/2011 10 10.56 4,275 -4,100 March Networks Corporation Options Graham, Eric 5 13/12/2011 51 1.65 27,500 -12,500

March Networks Corporation Options Graham, Eric 5 13/12/2011 51 3.68 21,452 -6,048

Marquee Energy Ltd. Common Shares Alexander, Richard M. 4 5/12/2011 00 84,375 Marquee Energy Ltd. Common Shares Alexander, Richard M. 4 5/12/2011 00 110,625 Marquee Energy Ltd. Options Alexander, Richard M. 4 5/12/2011 00 26,663 Marquee Energy Ltd. Common Shares Beshry, Hany 5 5/12/2011 00 98,125 Marquee Energy Ltd. Common Shares Beshry, Hany 5 5/12/2011 00 446,087 Marquee Energy Ltd. Options Beshry, Hany 5 5/12/2011 00 101,250 Marquee Energy Ltd. Warrants exercisable at

$1.20 per share, expiring June 14, 2016

Beshry, Hany 5 5/12/2011 00 445,755

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12809



Acquired/ Disposed

Marquee Energy Ltd. Common Shares Burke-Gaffney, Mary Elizabeth

5 5/12/2011 00 97,429

Marquee Energy Ltd. Options Burke-Gaffney, Mary Elizabeth

5 5/12/2011 00 101,250

Marquee Energy Ltd. Warrants exercisable at $1.20 per share, expiring June 14, 2016

Burke-Gaffney, Mary Elizabeth

5 5/12/2011 00 63,679

Marquee Energy Ltd. Common Shares Evans, Roy Allen 5 5/12/2011 00 20,250 Marquee Energy Ltd. Common Shares Evans, Roy Allen 5 5/12/2011 00 191,484 Marquee Energy Ltd. Warrants exercisable at

$1.20 per share, expiring June 14, 2016

Evans, Roy Allen 5 5/12/2011 00 127,358

Marquee Energy Ltd. Common Shares Hammond, R. Bruce 8, 4 12/10/2011 10 0.22 216,875 100,000 Marquee Energy Ltd. Common Shares Hammond, R. Bruce 8, 4 13/10/2011 10 0.2215 116,875 -100,000 Marquee Energy Ltd. Common Shares Hammond, R. Bruce 8, 4 5/12/2011 00 116,875 Marquee Energy Ltd. Options Hammond, R. Bruce 8, 4 5/12/2011 00 15,188 Marquee Energy Ltd. Common Shares Lemermeyer, Robert Paul 5 5/12/2011 00 59,875 Marquee Energy Ltd. Options Lemermeyer, Robert Paul 5 5/12/2011 00 31,894 Marquee Energy Ltd. Options Rath, Trevor Helmut 5 5/12/2011 00 Marquee Energy Ltd. Options Rath, Trevor Helmut 5 5/12/2011 00 Marquee Energy Ltd. Options Rath, Trevor Helmut 5 5/12/2011 00 16,875 Marquee Energy Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 00

Marquee Energy Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 00

Marquee Energy Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 00 542,925



Marquee Energy Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 00 343,868

Marquee Energy Ltd. Options Thompson, Richard David 4, 5 5/12/2011 00 101,250


Thompson, Richard David 4, 5 5/12/2011 00 292,925


Thompson, Richard David 4, 5 5/12/2011 00 343,868

Marret Multi-Strategy Income Fund

Trust Units Class A Units Allan, Barry 7 18/3/2011 00


Trust Units Class A Units Allan, Barry 7 14/12/2011 10 9.75 1,100 1,100


Trust Units Class A Units Allan, Barry 7 14/12/2011 10 9.76 1,200 100



















Martina Minerals Corp. (formerly Manor Global Inc.)

Options McKenzie, Harvey 4, 5 15/12/2011 50 0.1 1,000,000 1,000,000


Options Sawiak, Grant V. 5 15/12/2011 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12810



Acquired/ Disposed


Options Sawiak, Grant V. 5 15/12/2011 50 0.1 500,000 500,000


Options Schafer, Robert 4 15/12/2011 50 0.1 1,000,000 1,000,000

Matamec Explorations Inc. Common Shares Consolidated International Investment Holdings Inc.

3 13/12/2011 10 0.39 8,437,500 -225,500

Matamec Explorations Inc. Common Shares Inwentash, Sheldon 3, 6 13/12/2011 10 0.3535 12,171,501 -78,500 Matamec Explorations Inc. Common Shares Inwentash, Sheldon 3, 6 14/12/2011 10 0.345 12,000,001 -171,500 Matamec Explorations Inc. Common Shares Pinetree Capital Ltd. 3 13/12/2011 10 0.3535 12,171,501 -78,500 Matamec Explorations Inc. Common Shares Pinetree Capital Ltd. 3 14/12/2011 10 0.345 12,000,001 -171,500 Matrix Asset Management Inc.

Common Shares Rautava, Tony Antero 5 6/12/2011 00 7,569

Matrix Asset Management Inc.

Restricted Shares Rautava, Tony Antero 5 6/12/2011 00 5,818

Matrix Asset Management Inc.

Vested Restricted Shares Rautava, Tony Antero 5 6/12/2011 00 1,454

Maxim Power Corp. Common Shares Mayder, Michael Raymond 5 16/12/2011 10 2 14,485 4,000

MAYA GOLD & SILVER INC. Common Shares Goulet, Guy 4 13/12/2011 10 0.3 832,400 1,000

MCAN Mortgage Corporation Common Shares Pinto, Sylvia 5 19/4/2004 00

MCAN Mortgage Corporation Common Shares Pinto, Sylvia 5 13/12/2011 90 10,647 10,647

MCAN Mortgage Corporation Common Shares Pinto, Sylvia 5 13/12/2011 90 0 -10,647

MDN INC. Options Boisvert, Marc 5 16/12/2011 50 240,000 40,000 MDN INC. Options Bureau, Serge 4, 5 16/12/2011 50 480,000 80,000 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 5,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 25,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 6,300 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 68,500 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 39,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 27,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 95,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 134,500 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 100,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 15,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 514,500 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 17,800 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 10,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 500,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12811



Acquired/ Disposed

MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 20/12/2009 10 0.527 550,000 MDN INC. Common Shares Mitchell, Bruce 3 20/12/2009 10 0.527 550,000 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 6,530,900 MDN INC. Common Shares Mitchell, Bruce 3 17/4/2010 10 0.447 8,428,900 424,000 MDN INC. Common Shares Mitchell, Bruce 3 30/4/2010 10 0.437 9,019,400 9,000 MDN INC. Common Shares Mitchell, Bruce 3 30/4/2010 10 0.544 8,879,400 -140,000 MDN INC. Common Shares Mitchell, Bruce 3 7/5/2010 10 0.515 8,856,400 -23,000 MDN INC. Common Shares Mitchell, Bruce 3 15/5/2010 10 0.52 8,844,900 -11,500 MDN INC. Common Shares Mitchell, Bruce 3 21/5/2010 10 0.455 8,828,900 -16,000 MDN INC. Common Shares Mitchell, Bruce 3 16/9/2010 10 0.461 8,486,400 -242,500 MDN INC. Common Shares Mitchell, Bruce 3 24/10/2010 10 0.52 -26,000 MDN INC. Common Shares Mitchell, Bruce 3 24/10/2010 10 0.52 -26,000 MDN INC. Common Shares Mitchell, Bruce 3 19/12/2009 00 MDN INC. Common Shares Mitchell, Bruce 3 16/1/2010 00 1,235,000 MDN INC. Common Shares Mitchell, Bruce 3 22/4/2010 00 MDN INC. Options Therrien, Yves 5 16/12/2011 50 140,000 40,000 Mediagrif Interactive Technologies Inc.

Common Shares Les Services de gestion Claude Roy Inc.

3 15/12/2008 00 2,547,200

Mediagrif Interactive Technologies Inc.


3 9/12/2011 00



3 9/12/2011 10 15.5 2,587,200 40,000



3 14/12/2011 10 16 2,620,700 33,500


Common Shares Moquin, Suzanne 5 2/12/2011 00


Common Shares Moquin, Suzanne 5 16/12/2011 10 15.85 1,500 1,500


Common Shares Moquin, Suzanne 5 16/12/2011 10 15.9 2,100 600








Common Shares Moquin, Suzanne 5 16/12/2011 10 15.95 4,500 1,500


Common Shares Roy, Claude 4, 5 9/12/2011 10 15.2 470,000 1,000










Common Shares Roy, Claude 4, 5 12/12/2011 10 16 480,300 1,000


Common Shares Roy, Claude 4, 5 16/12/2011 10 15.9 480,600 300






Common Shares Roy, Claude 4, 5 9/12/2011 10 15.5 2,587,200 40,000


Common Shares Roy, Claude 4, 5 14/12/2011 10 16 2,620,700 33,500

MedX Health Corp. Common Shares Canitano, Luigi 5 13/12/2011 10 0.035 503,226 -72,000 Mega Precious Metals Inc. (formerly Mega Silver Inc.)

Common Shares Inwentash, Sheldon 6 9/12/2011 10 0.4481 11,823,600 73,000

Mega Precious Metals Inc. (formerly Mega Silver Inc.)

Common Shares Inwentash, Sheldon 6 12/12/2011 10 0.455 11,825,600 2,000


Common Shares Pinetree Capital Ltd. 3 9/12/2011 10 0.4482 8,633,064 73,000


Common Shares Pinetree Capital Ltd. 3 12/12/2011 10 0.455 8,635,064 2,000

Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 15/12/2011 51 3.71 3,500 1,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12812



Acquired/ Disposed

Melcor Developments Ltd. Options Stefura, Naomi Marie 5 15/12/2011 51 3.71 17,000 -1,000 Melcor Developments Ltd. Common Shares Young, Ralph Barclay 4, 5 15/12/2011 51 3.71 58,700 23,400 Melcor Developments Ltd. Common Shares Young, Ralph Barclay 4, 5 15/12/2011 51 10.94 63,300 4,600 Melcor Developments Ltd. Options Young, Ralph Barclay 4, 5 15/12/2011 51 3.71 113,000 -23,400 Melcor Developments Ltd. Options Young, Ralph Barclay 4, 5 15/12/2011 51 10.94 108,400 -4,600 Merc International Minerals Inc.


Merc International Minerals Inc.










Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.896 8,500 -500 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.9 7,500 -1,000 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.9 7,000 -500 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.874 6,000 -1,000 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.85 5,000 -1,000 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.852 17,000 -1,000 Mercer International Inc. Common Shares Adams, Guy 4 15/12/2011 10 5.92 16,000 -1,000 Merus Labs International Inc. Common Shares Green, Penny Olga 4, 5 7/12/2011 10 133,000 -5,000

Merus Labs International Inc. Common Shares Green, Penny Olga 4, 5 12/12/2011 10 123,000 -10,000

Merus Labs International Inc. Common Shares Green, Penny Olga 4, 5 12/12/2011 10 117,000 -6,000

Metalcorp Limited Warrants for 1 common share @ $0.35 yr 1-$0.45 yr 2

Consolidated International Investment Holdings Inc.

3 15/12/2011 55 0 -1,891,892

Methanex Corporation Rights Restricted Share Units

Cook, Phillip Henry 4 1/12/2011 59 7,739 -4,170


Hamilton, Tom 4 1/12/2011 59 11,275 -4,170


Kostelnik, Robert 4 1/12/2011 59 7,739 -4,170


Reid, John McDonald 4 1/12/2011 59 4,639 -4,170

Metro inc. Subordinate Voting Shares catégorie A

Dénommée, Paul 5 9/12/2011 10 52.55 6,700 -1,700

Metropolitan Mining Inc. Common Shares levy, marc evan 4, 5 14/12/2011 10 0.16 435,500 4,500 Mexigold Corp. Common Shares VARSHNEY, HARI 5 12/12/2011 10 0.23 1,006,246 -12,500 Mexivada Mining Corp. Common Shares Consolidated International

Investment Holdings Inc. 3 21/12/2010 00

Mexivada Mining Corp. Common Shares Consolidated International Investment Holdings Inc.

3 16/12/2011 11 0.1 5,000,000 5,000,000


3 21/12/2010 00


3 16/12/2011 11 0.1 2,000,000 2,000,000

Mexivada Mining Corp. Options Consolidated International Investment Holdings Inc.

3 16/12/2011 11 0.1 1,251,724 700,000

Mexivada Mining Corp. Warrants Consolidated International Investment Holdings Inc.

3 21/12/2010 00


3 16/12/2011 11 0.15 5,000,000 5,000,000


3 21/12/2010 00


3 16/12/2011 11 0.15 2,000,000 2,000,000

Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 12/12/2011 10 0.0648 5,575,614 4,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 14/12/2011 10 0.056 5,587,614 12,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12813



Acquired/ Disposed

Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 14/12/2011 10 0.0493 5,599,614 12,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 15/12/2011 10 0.0631 5,604,614 5,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 16/12/2011 10 0.0493 5,635,614 31,000 Middlefield Tactical Energy Corporation

Units OilSands Canada 1 12/12/2011 38 5.35 300 300

Middlefield Tactical Energy Corporation

Units OilSands Canada 1 12/12/2011 38 0 -300

Minaurum Gold Inc. Common Shares Rader, Darrell A. 5 14/12/2011 10 0.33 330,000 30,000 Minaurum Gold Inc. Common Shares Williams, Michael Jeffrey 4 15/1/2009 00 146,000 MINCO SILVER CORPORATION

Common Shares IDG-Accel China Growth Fund II L.P.

3 12/12/2011 10 1.5998 7,788,941 4,889

MINCO SILVER CORPORATION


3 13/12/2011 10 1.6 7,789,771 830



3 14/12/2011 10 1.5941 7,829,619 39,848



3 12/12/2011 10 1.5998 633,459 411



3 13/12/2011 10 1.6 633,529 70



3 14/12/2011 10 1.5941 636,881 3,352

Mineral Mountain Resources Ltd.

Common Shares RIEDER, RONALD 5 2/12/2011 10 0.38 1,522,605 5,000









Minsud Resources Corp. (previously, Rattlesnake Ventures Inc.)

Common Shares Milanese, Roberto José 7 30/6/2011 00 417,580

MIRA RESOURCES CORP. Common Shares More, Johnathan 4, 5 13/12/2011 10 0.145 5,931,768 129,500




Miranda Technologies Inc. Common Shares Plagakis, Spiro 5 13/12/2011 10 8.75 5,000 -8,300 Mistango River Resources Inc.

Common Shares Kasner, Robert J. 3, 4, 6, 5 12/12/2011 10 0.25 250,312 2,500

Mistango River Resources Inc.


Mistango River Resources Inc.


Mitel Networks Corporation Common Shares Donovan, Ryan 5 13/12/2011 10 2.79 330 180

Moag Copper Gold Resources Inc.

Common Shares Brown, Gary Robert 3, 4, 5 16/12/2011 00 500,000


Common Shares Brown, Gary Robert 3, 4, 5 16/12/2011 00 20,000,000


Common Shares Jones, Bradley Leonard 3, 4, 5 16/12/2011 00 9,820,000


Common Shares Niven, Robert Ian 4 16/12/2011 00 1,500,000

Montana Exploration Corp. (formerly AltaCanada Energy Corp.)

Common Shares Collins, James William 4 12/12/2011 10 0.28 9,100,700 45,000

Montana Exploration Corp. (formerly AltaCanada Energy Corp.)

Common Shares Collins, James William 4 13/12/2011 10 0.28 9,103,700 3,000

Montana Gold Mining Company Inc.

Common Shares ELLWOOD, EDWARD LEITH

5 16/12/2011 10 0.06 2,176,600 2,000

Murgor Resources Inc Common Shares Larche, David Pierre 3 20/11/2011 10 0.11 9,700,000 200,000 Murgor Resources Inc Common Shares Larche, David Pierre 3 22/11/2011 30 14,700,000 5,000,000 Murgor Resources Inc Common Shares Larche, David Pierre 3 9/12/2011 46 0.09 14,200,000 -500,000 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.03 80 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.03 80 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.02 300

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12814



Acquired/ Disposed

NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.02 300 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.01 1,700 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/12/2011 10 7.01 1,700 Nanika Resources Inc. Common Shares McMillan, Ronald Hugh 4 9/12/2011 10 0.025 986,000 100,000 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 15/12/2011 10 0.02 10,898,500 10,000 National Bank of Canada Options Cieslak, John Bernard 5 14/12/2011 50 156,836 17,500 National Bank of Canada Unités d'actions

assujetties à un critère de performance

Cieslak, John Bernard 5 13/8/2007 00

National Bank of Canada Unités d'actions assujetties à un critère de performance

Cieslak, John Bernard 5 14/12/2011 56 5,501 5,501

National Bank of Canada Unités d'actions différées (UAD) / (DSU)

Cieslak, John Bernard 5 14/12/2011 56 14,240 1,650

National Bank of Canada Options Curadeau-Grou, Patricia 5 14/12/2011 50 235,688 22,168 National Bank of Canada Unités d'actions

assujetties à des restrictions (UAR) /(RUS)

Curadeau-Grou, Patricia 5 30/11/2011 35 9,155 337

National Bank of Canada Unités d'actions assujetties à des restrictions (UAR) /(RUS)

Curadeau-Grou, Patricia 5 30/11/2011 59 -9,155


Curadeau-Grou, Patricia 5 30/11/2011 59 -9,155


Curadeau-Grou, Patricia 5 30/11/2011 59 72.92 -9,155


Curadeau-Grou, Patricia 5 30/11/2011 59 72.92 -9,155


Curadeau-Grou, Patricia 5 30/11/2011 59 67.57 9,255


Curadeau-Grou, Patricia 5 30/11/2011 59 67.57 9,255


Curadeau-Grou, Patricia 5 30/11/2011 59 67.57 0 -9,155


Curadeau-Grou, Patricia 5 14/12/2011 56 23,317 13,936


Curadeau-Grou, Patricia 5 14/12/2011 35 23,675 358





National Bank of Canada Common Shares Gaulin, Jean 4 15/12/2011 47 11,500 -11,500 National Bank of Canada Options Giard, Diane 5 14/12/2011 50 20,000 20,000 National Bank of Canada Unités d'actions


Giard, Diane 5 26/9/2011 00


Giard, Diane 5 14/12/2011 56 5,134 5,134


Giard, Diane 5 26/9/2011 00


Giard, Diane 5 14/12/2011 56 4,401 4,401

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12815



Acquired/ Disposed


Giard, Diane 5 26/9/2011 00


Giard, Diane 5 14/12/2011 56 5,134 5,134


Girouard, Denis 7 9/12/2011 59 66.4 34,402 -25,055

National Bank of Canada Options Jeanniot, Lynn 5 14/12/2011 50 214,224 25,000 National Bank of Canada Unités d'actions


Jeanniot, Lynn 5 27/2/2003 00


Jeanniot, Lynn 5 14/12/2011 56 5,501 5,501

National Bank of Canada Options Lévesque, Réjean 5 14/12/2011 50 240,920 22,168 National Bank of Canada Unités d'actions


Lévesque, Réjean 5 30/11/2011 35 9,155 337


Lévesque, Réjean 5 30/11/2011 59 67.57 0 -9,155


Lévesque, Réjean 5 14/12/2011 56 25,059 15,678


Lévesque, Réjean 5 14/12/2011 35 25,417 358


Lévesque, Réjean 5 14/12/2011 56 13,938 2,090


Lévesque, Réjean 5 14/12/2011 35 14,391 453

National Bank of Canada Options Paiement, Luc 5 14/12/2011 50 210,280 22,168 National Bank of Canada Unités d'actions


Paiement, Luc 5 30/11/2011 35 5,497 202


Paiement, Luc 5 30/11/2011 59 67.57 0 -5,497


Paiement, Luc 5 14/12/2011 56 38,737 15,678


Paiement, Luc 5 14/12/2011 35 39,619 882


Paiement, Luc 5 14/12/2011 56 19,941 2,090


Paiement, Luc 5 14/12/2011 35 20,623 682

National Bank of Canada Options Parent, Ghislain 5 14/12/2011 50 26,316 18,668 National Bank of Canada Unités d'actions


Parent, Ghislain 5 26/7/2010 00


Parent, Ghislain 5 14/12/2011 56 5,868 5,868


Parent, Ghislain 5 14/12/2011 56 7,253 4,694


Parent, Ghislain 5 14/12/2011 35 7,350 97

National Bank of Canada Options Pascoe, Ricardo 5 14/12/2011 50 319,628 30,000 National Bank of Canada Unités d'actions


Pascoe, Ricardo 5 30/11/2011 59 67.57 35,672 -16,492


Pascoe, Ricardo 5 14/12/2011 35 37,667 1,995

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12816



Acquired/ Disposed


Pascoe, Ricardo 5 14/12/2011 56 54,758 17,091


Pascoe, Ricardo 5 14/12/2011 35 22,680 835


Pascoe, Ricardo 5 14/12/2011 56 37,533 14,853

National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 50 50 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.85 0 -50 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.84 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 300 300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.87 0 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 900 900 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.86 0 -900 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 600 600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.91 0 -600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 600 600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.9 0 -600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.92 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.95 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.94 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 400 400 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.74 0 -400 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.8 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.78 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.75 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 500 500 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.71 0 -500 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.72 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 58.49 38 38 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.68 0 -38 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.97 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.93 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.92 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 450 450 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.85 0 -450 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 100 100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.86 0 -100 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.84 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 600 600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.82 0 -600 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 300 300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 34.87 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.81 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.81 0 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 34.87 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.83 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 68.08 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 400 400 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 68.06 0 -400 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 300 300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 68.03 0 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 300 300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 68.02 0 -300 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 200 200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 68.05 0 -200 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 51 53.85 400 400 National Bank of Canada Common Shares Rousseau, Richard 7 14/12/2011 10 67.99 0 -400

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12817



Acquired/ Disposed

National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 25,030 -50 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 24,830 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 24,530 -300 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 23,630 -900 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 23,030 -600 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 22,430 -600 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 22,330 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 22,230 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 22,130 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 21,730 -400 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 21,630 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 21,530 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 21,430 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 20,930 -500 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 20,830 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 58.49 20,792 -38 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 20,692 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 20,592 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 20,392 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 19,942 -450 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 19,842 -100 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 19,642 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 19,042 -600 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 18,742 -300 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 34.87 18,542 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 18,342 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 17,942 -400 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 17,642 -300 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 17,342 -300 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 17,142 -200 National Bank of Canada Options Rousseau, Richard 7 14/12/2011 51 53.85 16,742 -400 National Bank of Canada Unités d'actions


Rousseau, Richard 7 13/12/2011 59 66.24 5,781 -2,216

National Bank of Canada Options Roy Maffeï, France 5 14/12/2011 50 48,165 12,896 National Bank of Canada Unités d'actions


Roy Maffeï, France 5 15/1/2003 00


Roy Maffeï, France 5 14/12/2011 56 4,052 4,052


Roy Maffeï, France 5 14/12/2011 56 9,001 1,215

National Bank of Canada Common Shares Vachon, Louis 4, 5 12/12/2011 51 28.01 53,204 28,300 National Bank of Canada Options Vachon, Louis 4, 5 12/12/2011 51 1,009,008 -28,300 National Bank of Canada Options Vachon, Louis 4, 5 14/12/2011 50 1,142,344 133,336 National Bank of Canada Unités d'actions


Vachon, Louis 4, 5 30/11/2011 35 39,236 1,445


Vachon, Louis 4, 5 30/11/2011 59 67.57 0 -39,236


Vachon, Louis 4, 5 14/12/2011 35 1,445


Vachon, Louis 4, 5 14/12/2011 35 1,445


Vachon, Louis 4, 5 14/12/2011 56 36,673


Vachon, Louis 4, 5 14/12/2011 56 36,673


Vachon, Louis 4, 5 14/12/2011 56 78,354 36,673

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12818



Acquired/ Disposed


Vachon, Louis 4, 5 14/12/2011 35 79,948 1,594


Vachon, Louis 4, 5 16/12/2011 35 1,594


Vachon, Louis 4, 5 16/12/2011 35 1,594

Naturally Advanced Technologies Inc.

Common Shares Barker, Kenneth 4, 5 9/12/2011 11 2.05 164,049 -130,000


Common Shares Finnis, Jason 4, 5 12/12/2011 10 2.26 1,577,606 -200


Common Shares Finnis, Jason 4, 5 13/12/2011 10 2.26 1,574,806 -2,800


Common Shares Harrison, Larisa 4, 5 12/12/2011 10 2.26 1,582,607 -200


Common Shares Harrison, Larisa 4, 5 13/12/2011 10 2.26 1,579,807 -2,800


Common Shares Horvat, Miljenko 4, 5 5/12/2011 10 2.33 423,300 -200


Common Shares Horvat, Miljenko 4, 5 5/12/2011 10 2.2 421,500 -1,800




















Common Shares Prevost, Guy 4, 5 5/12/2011 51 0.87 79,000 10,000


Common Shares Prevost, Guy 4, 5 6/12/2011 10 2.15 76,500 -2,500








Common Shares Prevost, Guy 4, 5 15/12/2011 51 1.12 7,500


Common Shares Prevost, Guy 4, 5 15/12/2011 51 0.87 76,500 7,500


Options Prevost, Guy 4, 5 5/12/2011 51 0.87 667,494 -10,000


Options Prevost, Guy 4, 5 15/12/2011 51 1.12 -7,500


Options Prevost, Guy 4, 5 15/12/2011 51 0.87 659,994 -7,500

Nevada Sunrise Gold Corporation

Common Shares Stanyer, Warren William 4 12/12/2011 10 0.045 1,955,000 180,000

Nevsun Resources Ltd. Common Shares Rogers, Stanley 5 9/12/2011 51 3.14 25,500 25,500 Nevsun Resources Ltd. Common Shares Rogers, Stanley 5 9/12/2011 10 6.05 0 -25,500 Nevsun Resources Ltd. Options Rogers, Stanley 5 9/12/2011 51 3.14 274,500 -25,500 New Flyer Industries Inc. Common Shares Marinucci, Giovanni (John) 4 30/9/2011 37 318,035 -2,862,315

New Flyer Industries Inc. Common Shares Marinucci, Giovanni (John) 4 14/12/2011 10 5.25 317,735 -300


Insider Reporting

December 23, 2011 (2011) 34 OSCB 12819



Acquired/ Disposed

New Flyer Industries Inc. Common Shares Marinucci, Giovanni (John) 4 14/12/2011 10 5.26 316,035 -1,500
























New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 30/9/2011 37 21,400 -192,600 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.63 25,400 4,000 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.5 26,100 700 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.48 27,100 1,000 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.4 29,100 2,000 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.39 30,100 1,000 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.38 30,500 400 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.38 30,900 400 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.37 31,300 400 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 15/12/2011 10 5.36 31,400 100 New Flyer Industries Inc. Common Shares Tobin, Brian Vincent 4 30/9/2011 37 18,300 -164,700 Newalta Corporation Convertible Debentures

Due November 2012 Pridham, Gordon E. 4 15/12/2011 38 $0 -$17,000

Newstrike Resources Ltd. Common Shares Pollock, John Arthur 3, 4, 5 12/12/2011 10 0.23 4,593,500 40,000 Nexen Inc. Common Shares Willson, John Michael 4 7/12/2011 47 6,485 -8,570 Next Gen Metals Inc. Common Shares Hassanalizadeh, Ali 5 15/12/2011 00 16,000 Next Gen Metals Inc. Options Hassanalizadeh, Ali 5 15/12/2011 00 75,000 Next Gen Metals Inc. Warrants Hassanalizadeh, Ali 5 15/12/2011 00 8,000 Next Gen Metals Inc. Common Shares Lawrence, Kevin 4 13/12/2011 10 0.1 1,351,333 100,000 Next Gen Metals Inc. Common Shares Lawrence, Kevin 4 14/12/2011 10 0.1 1,451,333 100,000 NGEx Resources Inc. Common Shares Olson, Steven Frederick 7 7/12/2011 51 0.7 183,250 18,750 NGEx Resources Inc. Common Shares Olson, Steven Frederick 7 8/12/2011 10 2.95 183,050 -200 NGEx Resources Inc. Options Olson, Steven Frederick 7 1/12/2011 50 0.7 18,750 18,750 NGEx Resources Inc. Options Olson, Steven Frederick 7 7/12/2011 51 0.7 0 -18,750

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12820



Acquired/ Disposed

Niko Resources Ltd. Options Cummings, Charles James 4 8/12/2011 50 50.35 62,500 6,250

Niko Resources Ltd. Options HESJE, MURRAY ELDON 5 8/12/2011 52 49.62 237,500 -12,500

Niko Resources Ltd. Options HESJE, MURRAY ELDON 5 8/12/2011 50 50.35 250,000 12,500

Niko Resources Ltd. Options HORNADAY, WILLIAM, THOMAS

4 8/12/2011 52 49.62 468,750 -15,000

Niko Resources Ltd. Options HORNADAY, WILLIAM, THOMAS

4 8/12/2011 50 50.35 500,000 31,250

Niko Resources Ltd. Options Kathol, Conrad P. 4 8/12/2011 52 49.62 56,250 -6,250 Niko Resources Ltd. Options Kathol, Conrad P. 4 8/12/2011 50 50.35 62,500 6,250 Niko Resources Ltd. Common Shares SAMPSON, EDWARD

STANLEY 4 14/12/2011 10 41.14 3,207,664 100

Niko Resources Ltd. Common Shares SAMPSON, EDWARD STANLEY

4 14/12/2011 10 41.13 3,207,764 100


4 14/12/2011 10 41.15 3,208,564 800


4 14/12/2011 10 41.07 3,209,564 1,000


4 14/12/2011 10 41 3,210,564 1,000


4 14/12/2011 10 41.05 3,211,564 1,000


4 14/12/2011 10 41.16 3,212,564 1,000


4 15/12/2011 10 42.3 3,213,564 1,000


4 15/12/2011 10 42.69 3,214,564 1,000


4 15/12/2011 10 42.5 3,214,664 100


4 15/12/2011 10 42.8 3,215,564 900


4 15/12/2011 10 42.89 3,215,964 400


4 15/12/2011 10 42.9 3,216,564 600


4 15/12/2011 10 42.38 3,217,464 900


4 15/12/2011 10 42.39 3,217,564 100

Niko Resources Ltd. Options SAMPSON, EDWARD STANLEY

4 8/12/2011 52 49.62 937,500 -62,500

Niko Resources Ltd. Options SAMPSON, EDWARD STANLEY

4 8/12/2011 50 50.35 1,000,000 62,500

NiMin Energy Corp. Common Shares Bayley, Brian Eric 4 13/12/2011 10 0.55 150,000 10,000 NiMin Energy Corp. Common Shares Bayley, Brian Eric 4 13/12/2011 10 0.56 155,000 5,000 NiMin Energy Corp. Common Shares GUMMA, WILLIAM

HAROLD4 9/12/2011 10 0.58 107,150 -40,000

NiMin Energy Corp. Common Shares GUMMA, WILLIAM HAROLD

4 9/12/2011 10 0.59 72,150 -35,000

NiMin Energy Corp. Common Shares GUMMA, WILLIAM HAROLD

4 12/12/2011 10 0.59 67,150 -5,000

NiMin Energy Corp. Common Shares Hagen, Earl Sven 5 12/12/2011 10 0.57 2,980,000 -100,000 NiMin Energy Corp. Common Shares Wimbish, Jonathan 5 13/12/2011 10 0.55 533,242 20,000 Norsat International Inc. Options Caprio, Joseph 4 14/12/2011 50 0.48 160,000 100,000 Norsat International Inc. Options Chan, Amiee Yuet Yee 5 14/12/2011 50 0.48 320,000 200,000 Northern Abitibi Mining Corp. Options Ebert, Shane William 4 12/12/2011 52 0.1 525,000 -500,000

Northern Financial Corporation

Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.075 136,000 -83,000


Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.065 135,500 -500






Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.075 2,968,646 83,000


Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.065 2,969,146 500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12821



Acquired/ Disposed








Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.065 77,000 -500


Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.075 107,329 30,500


Common Shares Alboini, Victor Philip Michael 4, 7, 5 12/12/2011 90 0.065 107,829 500

Northern Freegold Resources Ltd.

Common Shares Burges, John 4, 5 8/12/2011 10 0.24 305,668 20,000


Common Shares Burges, John 4, 5 12/12/2011 10 0.26 3,500
















Common Shares DIDUCK, GLEN JOHN 4, 5 15/12/2011 10 0.22 1,242,500 5,000


Common Shares DIDUCK, GLEN JOHN 4, 5 16/12/2011 10 0.225 1,243,500 1,000


Common Shares Termuende, Timothy Jay 4 9/12/2011 10 0.23 952,916 20,000





Northern Gold Mining Inc. Common Shares ValGold Resources Ltd. 3 7/12/2011 10 0.25 16,046,500 -2,000 Northern Gold Mining Inc. Common Shares ValGold Resources Ltd. 3 8/12/2011 10 0.25 16,005,000 -41,500 Northern Gold Mining Inc. Common Shares ValGold Resources Ltd. 3 14/12/2011 10 0.22 15,970,000 -35,000 Northern Gold Mining Inc. Common Shares ValGold Resources Ltd. 3 15/12/2011 10 0.235 15,951,000 -19,000 Northern Spirit Resources Inc.

Options Kasper, Sheldon Boyd 3 23/9/2008 00

Northern Spirit Resources Inc.

Options Kasper, Sheldon Boyd 3 23/9/2008 00


Options Tanner, James Newland 3, 4, 5 15/12/2011 51 0.2 442,303 25,000


Options Tolley, Lamont, Clement 4 15/12/2001 51 0.2 -15,000 -15,000


Options Tolley, Lamont, Clement 4 14/12/2011 50 0.2 265,000 140,000


Options Tolley, Lamont, Clement 4 15/12/2011 52 0.2 390,000 125,000


Options Tolley, Lamont, Clement 4 15/12/2011 52 0.2 0 -390,000

Northfield Capital Corporation Common Shares CLASS A RESTRICTED VOTING

Cudney, Robert Douglas 3, 4 8/12/2011 11 33 515,506 500


Northfield Capital Corporation

1 7/12/2011 38 33 33,800 10,400



1 8/12/2011 38 33 1,000



1 8/12/2011 38 33 34,800 1,000

Northquest Ltd. Common Shares BEACH, WAYNE 3 9/12/2011 10 0.4 2,549,485 25,000 Northquest Ltd. Common Shares BEACH, WAYNE 3 10/12/2011 10 0.3 2,554,485 5,000 Northquest Ltd. Warrants BEACH, WAYNE 3 9/12/2011 10 0.5 1,702,142 25,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12822



Acquired/ Disposed

Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 2,500 2,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 2,800 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 7/3/2009 10 0.82 14,800 12,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 9,600 9,600 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 2/3/2009 10 0.82 333,100 323,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 6,800 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 9,900 3,100 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 7/3/2009 10 0.82 12,400 2,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/3/2009 10 0.827 2,500 2,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 36,000 36,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 18,300 18,300 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 9/1/2009 10 0.846 626,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 9/1/2009 10 0.846 626,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 1,121,300 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 1,216,600 95,300 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/2/2009 10 0.94 1,315,100 98,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 21/2/2009 10 0.972 1,357,900 42,800 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 22/2/2009 10 0.91 1,322,900 -35,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 28/2/2009 10 0.83 1,327,400 4,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 1/3/2009 10 0.82 1,428,900 101,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 2/3/2009 10 0.82 1,105,400 -323,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/3/2009 10 0.827 1,108,900 3,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/3/2009 10 0.85 1,132,400 23,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 21/3/2009 10 0.827 1,164,400 32,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 21/3/2009 10 0.827 1,241,300 76,900 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 28/3/2009 10 0.847 1,248,900 7,600 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 29/3/2009 10 0.847 1,364,800 115,900 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 31/3/2009 10 0.78 1,373,800 9,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 25/4/2009 10 0.85 1,522,300 17,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 22/5/2009 10 0.7 276,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 22/5/2009 10 0.7 1,535,400 259,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 31/5/2009 10 0.686 1,576,900 41,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/6/2009 10 0.68 400,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/6/2009 10 0.68 400,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 6/6/2009 10 0.699 1,942,550 365,650 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 12/6/2009 10 0.64 21,150 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 12/6/2009 10 0.64 21,150 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 13/6/2009 10 0.63 1,956,550 14,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 21/6/2009 10 0.631 1,979,050 22,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 2/7/2009 10 0.632 2,024,050 45,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 11/7/2009 10 0.596 2,036,050 12,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 24/7/2009 10 0.53 2,066,050 30,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12823



Acquired/ Disposed

Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 31/7/2009 10 0.55 2,074,550 8,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 15/8/2009 10 0.61 2,087,050 12,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/10/2009 10 0.93 130,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/10/2009 10 0.93 130,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 24/10/2009 10 0.9 2,092,050 5,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 13/11/2009 10 1.01 93,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 13/11/2009 10 1.01 93,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/11/2009 10 1.015 2,180,050 88,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 28/2/2010 10 1.06 2,302,550 15,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/3/2010 10 1.07 382,400 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/3/2010 10 1.07 382,400 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 6/3/2010 10 1.076 2,669,950 367,400 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 31/5/2010 10 0.9 2,671,450 1,500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/6/2010 10 0.9 2,671,950 500 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 17/9/2010 10 0.38 2,726,950 55,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/12/2010 10 0.35 809,900 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 17/12/2010 10 0.35 3,536,850 809,900 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 5/3/2011 10 0.5 3,534,850 -2,000 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 18/9/2011 90 0.33 3,069,450 -465,400 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 18/9/2011 90 0.33 3,534,850 465,400 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 8/1/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 14/2/2009 00 Northstar Healthcare Inc. Common Shares Mitchell, Bruce 3 16/4/2009 00 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 24/8/2011 10 0.368 1,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 24/8/2011 10 0.368 1,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 24/8/2011 10 0.3682 1,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 24/8/2011 10 0.3682 1,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 24/8/2011 10 0.3682 1,000 1,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 8/9/2011 10 0.37 4,000 3,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 9/9/2011 10 0.36 7,000 3,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 13/9/2011 10 0.298 7,500 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 20/9/2011 10 0.337 8,000 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 21/9/2011 10 0.337 8,500 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 22/9/2011 00 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 22/9/2011 00 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 22/9/2011 10 0.338 12,500 4,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 22/9/2011 10 0.32 15,000 2,500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 22/9/2011 10 0.319 20,000 5,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 6/10/2011 10 0.319 24,000 4,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 11/10/2011 10 0.31 26,500 2,500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 12/10/2011 10 0.309 27,000 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 12/10/2011 10 0.308 27,500 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 14/10/2011 10 0.309 29,000 1,500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 14/10/2011 10 0.299 32,500 3,500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 17/10/2011 10 0.308 35,500 3,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 19/10/2011 10 0.31 36,000 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 20/10/2011 10 0.308 37,500 1,500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 2/11/2011 10 0.31 45,500 8,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 2/11/2011 10 0.3 46,000 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 3/11/2011 10 0.3 46,500 500 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 3/11/2011 10 0.297 52,500 6,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 12/12/2011 10 0.169 81,500 29,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 12/12/2011 10 0.1685 206,500 125,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 13/12/2011 10 0.1675 208,500 2,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 13/12/2011 10 0.163 210,500 2,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 14/12/2011 10 0.1665 253,500 43,000 Northstar Healthcare Inc. Common Shares Pyun, Jin 4 14/12/2011 10 0.166 328,100 74,600 Northstar Healthcare Inc. Deferred Share Units Pyun, Jin 4 3/10/2011 50 13,803 Northstar Healthcare Inc. Deferred Share Units Pyun, Jin 4 3/10/2011 56 26,746 13,803 NovaDx Ventures Corp. Common Shares Espig, Peter Edward 4 12/12/2011 10 0.19 701,500 30,000 NovaGold Resources Inc. Options Kaplan, Thomas 4 16/11/2011 00 NovaGold Resources Inc. Options Kaplan, Thomas 4 7/12/2011 50 11.11 100,000 100,000 NovaGold Resources Inc. Options Kaplan, Thomas 4 7/12/2011 50 11.11 175,750 75,750 Noveko International Inc. Options Gagné, Ginette 5 13/12/2011 00 Noveko International Inc. Options Gagné, Ginette 5 13/12/2011 50 0.25 200,000 200,000 Nubian Resources Ltd. Common Shares Class A

voting JANSER, MARKUS 4 8/12/2011 10 0.18 620,000 7,000

Nubian Resources Ltd. Common Shares Class A voting

JANSER, MARKUS 4 13/12/2011 10 0.18 641,500 21,500


JANSER, MARKUS 4 14/12/2011 10 0.18 643,000 1,500


JANSER, MARKUS 4 15/12/2011 10 0.18 646,000 3,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12824



Acquired/ Disposed

NuLegacy Gold Corporation Common Shares Gupta, Arvind 4 9/12/2011 00 133,333

NuLegacy Gold Corporation Options Gupta, Arvind 4 9/12/2011 00 300,000

NuLegacy Gold Corporation Warrants Gupta, Arvind 4 9/12/2011 00

NuLegacy Gold Corporation Warrants Gupta, Arvind 4 9/12/2011 00 133,333

NUVISTA ENERGY LTD. Common Shares Burton, Craig 5 1/12/2011 00 7,592 NUVISTA ENERGY LTD. Options Burton, Craig 5 1/12/2011 00 203,700 NUVISTA ENERGY LTD. Restricted Share Awards Burton, Craig 5 1/12/2011 00 3,200

NUVISTA ENERGY LTD. Restricted Share Units Burton, Craig 5 1/12/2011 00 9,942 NWM Mining Corporation (formerly Columbia Metals Corporation)

Common Shares Chadder, Christopher Robert

5 9/12/2011 16 0.08 425,000 125,000

Oncolytics Biotech Inc. Options BALL, DOUGLAS 4, 5 14/12/2011 50 889,833 110,000 Oncolytics Biotech Inc. Options COCHRANE, WILLIAM

ARTHUR4 14/12/2011 50 146,500 30,000

Oncolytics Biotech Inc. Options Coffey, Matthew 5 14/12/2011 50 682,333 125,000 Oncolytics Biotech Inc. Options Dillahunty, Mary Ann 5 14/12/2011 50 201,667 45,000 Oncolytics Biotech Inc. Options Dinning, James Francis 4 14/12/2011 50 187,500 35,000 Oncolytics Biotech Inc. Options Gill, George McClung 5 14/12/2011 50 255,667 35,000 Oncolytics Biotech Inc. Options Levy, Edwin 4 14/12/2011 50 155,000 30,000 Oncolytics Biotech Inc. Options Lievonen, John Mark 4 14/12/2011 50 187,500 35,000 Oncolytics Biotech Inc. Options SCHULTZ, ROBERT 4 14/12/2011 50 333,000 70,000 Oncolytics Biotech Inc. Options Stewart, Fred 4 14/12/2011 50 230,000 55,000 Oncolytics Biotech Inc. Options Thompson, Bradley 4, 5 14/12/2011 50 1,266,160 240,000 Oncolytics Biotech Inc. Options van Amersfoort, Ger 4 14/12/2011 50 155,000 30,000 ONEX CORPORATION Options Daly, Andrea Elizabeth 5 13/12/2011 50 33.11 115,000 20,000 ONEX CORPORATION Options Donaldson, Christine Maria 5 13/12/2011 50 33.11 130,000 20,000

ONEX CORPORATION Options Duncanson, Timothy Andrew Robert

5 13/12/2011 50 33.11 455,000 25,000

ONEX CORPORATION Options Gilis, Konstantin 5 13/12/2011 50 33.11 107,000 25,000 ONEX CORPORATION Options Govan, Christopher Allan 5 13/12/2011 50 33.11 260,000 25,000 ONEX CORPORATION Options Heersink, Ewout R. 4, 5 13/12/2011 50 33.11 200,000 25,000 ONEX CORPORATION Subordinate Voting Shares Heersink, Ewout R. 4, 5 16/12/2011 47 32.7 550,755 -15,225

ONEX CORPORATION Options Le Blanc, Robert Michael 7 13/12/2011 50 33.11 905,000 25,000 ONEX CORPORATION Options Lewtas, Donald William 5 13/12/2011 50 33.11 315,000 25,000 ONEX CORPORATION Options Mansell, David John 5 13/12/2011 50 33.11 175,000 25,000 ONEX CORPORATION Options Mersky, Seth Mitchell 5 13/12/2011 50 33.11 660,000 25,000 ONEX CORPORATION Options Munk, Anthony 7 13/12/2011 50 33.11 545,000 25,000 ONEX CORPORATION Options Sheiner, Andrew Jonathan 5 13/12/2011 50 33.11 655,000 25,000 OPAWICA EXPLORATIONS INC.

Common Shares CLARK, DONALD M. 4, 5 15/12/2011 90 230,000 -611,500

OPAWICA EXPLORATIONS INC.

Common Shares CLARK, DONALD M. 4, 5 15/12/2011 90 2,078,500 611,500

OPEL Technologies Inc. Warrants Inwentash, Sheldon 3, 6 13/12/2011 55 500,000 -750,000 OPEL Technologies Inc. Common Shares Middleton, Francisco 5 7/12/2011 10 0.31 -46,165 OPEL Technologies Inc. Common Shares Middleton, Francisco 5 7/12/2011 10 0.31 -45,165 OPEL Technologies Inc. Common Shares Middleton, Francisco 5 7/12/2011 10 0.31 233,330 -45,165 Open Range Energy Corp. Common Shares Dawson, A. Scott 4, 5 1/11/2011 22 -138,199 Open Range Energy Corp. Common Shares Dawson, A. Scott 4, 5 1/11/2011 22 -136,199 Open Range Energy Corp. Common Shares Dawson, A. Scott 4, 5 1/11/2011 22 0 -138,199 Open Range Energy Corp. Common Shares Dawson, A. Scott 5 1/11/2011 00 Open Range Energy Corp. Common Shares Dawson, A. Scott 5 1/11/2011 00 Open Range Energy Corp. Common Shares Dawson, A. Scott 5 1/11/2011 00 Open Range Energy Corp. Common Shares Dawson, A. Scott 5 1/11/2011 00 136,297 Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 13/12/2011 10 1.65 818,753 3,400 Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 13/12/2011 10 1.66 835,353 16,600 Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 15/12/2011 10 1.6 845,353 10,000 Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 15/12/2011 30 1.66 846,256 903 Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 14/12/2011 10 1.58 170,458 8,000 Open Text Corporation Deferred Share Units Fowlie, Randy 4 15/12/2011 56 2,648 1,564 Open Text Corporation Deferred Share Units Hamilton, Gail 4 15/12/2011 56 2,904 1,564 Open Text Corporation Deferred Share Units Jackman, Brian 4 12/12/2002 00 Open Text Corporation Deferred Share Units Jackman, Brian 4 15/12/2011 56 464 464 Open Text Corporation Options All OTEX Option

PlansJackman, Brian 4 15/12/2011 50 64,600 5,500

Open Text Corporation Deferred Share Units Sadler, Stephen 4 15/12/2011 56 4,124 1,564 Open Text Corporation Deferred Share Units Slaunwhite, Michael 4 15/12/2011 56 3,674 464

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12825



Acquired/ Disposed

Open Text Corporation Options All OTEX Option Plans

Slaunwhite, Michael 4 15/12/2011 50 87,900 5,500

Open Text Corporation Deferred Share Units Stevenson, Katharine Berghuis

4 15/12/2011 56 1,684 464

Open Text Corporation Options All OTEX Option Plans

Stevenson, Katharine Berghuis

4 15/12/2011 50 22,500 5,500

Open Text Corporation Deferred Share Units Weinstein, Deborah 4 15/12/2011 56 2,430 464 Open Text Corporation Options All OTEX Option

PlansWeinstein, Deborah 4 15/12/2011 50 18,300 5,500

Orezone Gold Corporation Common Shares Little, Ron 4, 5 25/2/2009 00 19,631 Orezone Gold Corporation Common Shares Little, Ron 4, 5 13/12/2011 10 2.74 21,482 1,851 Orezone Gold Corporation Common Shares Little, Ron 4, 5 14/12/2011 10 2.43 23,564 2,082 Orezone Gold Corporation Common Shares Little, Ron 4, 5 13/12/2011 10 2.74 1,641,351 1,851 Orezone Gold Corporation Common Shares Little, Ron 4, 5 14/12/2011 10 2.43 1,643,406 2,055 Orezone Gold Corporation Common Shares Little, Ron 4, 5 14/12/2011 10 2.44 1,655,906 12,500 Oro Mining Ltd. (formerly known as Oro Gold Resources Ltd.)

Options Brownlie, John 4 12/12/2011 50 0.14 1,700,000 1,500,000

Oro Mining Ltd. (formerly known as Oro Gold Resources Ltd.)

Options Costa Lima, Priscila 5 12/12/2011 50 0.14 800,000 500,000


Options Diaz Nieves, Laura Cristina 4 12/12/2011 50 0.14 512,500 300,000


Options Ewing, Ronald Allen 4 12/12/2011 50 0.14 700,000 300,000


Options Fernandez-Maldonado, Vilma

5 12/12/2011 50 0.14 600,000 300,000


Options Galindo Ramirez, Marco Antonio

5 12/12/2011 50 0.14 900,000 750,000


Options Kendrick, Robert 4 12/12/2011 50 0.14 1,000,000 600,000


Options Martin, Gregory John 4 12/12/2011 50 0.14 681,250 300,000

Orvana Minerals Corp. Restricted Share Units Ahlenius, Nils Agne 7 13/8/2010 00 Orvana Minerals Corp. Restricted Share Units Ahlenius, Nils Agne 7 9/12/2011 97 28,309 Orvana Minerals Corp. Restricted Share Units Ahlenius, Nils Agne 7 9/12/2011 97 28,309 28,309 Orvana Minerals Corp. Options Jacques, James Walter 5 5/12/2011 00 100,000 Orvana Minerals Corp. Options Jacques, James Walter 5 9/12/2011 00 Orvana Minerals Corp. Restricted Share Units Jacques, James Walter 5 5/12/2011 00 Orvana Minerals Corp. Restricted Share Units Jacques, James Walter 5 9/12/2011 97 12,679 12,679 Orvana Minerals Corp. Common Shares King, Duncan Malcolm 5 14/12/2011 51 0.6 171,000 50,000 Orvana Minerals Corp. Options King, Duncan Malcolm 5 14/12/2011 51 0 -50,000 Orvana Minerals Corp. Restricted Share Units King, Duncan Malcolm 5 9/12/2011 97 156,269 36,783 Orvana Minerals Corp. Common Shares Mirabal, Carlos 4 14/12/2011 51 0.6 270,000 200,000 Orvana Minerals Corp. Options Mirabal, Carlos 4 14/12/2011 51 0 -200,000 Orvana Minerals Corp. Restricted Share Units Mirabal, Carlos 4 9/12/2011 97 230,300 41,098 Orvana Minerals Corp. Restricted Share Units Williams, William Conard 4, 5 9/12/2011 97 190,700 62,550 Osisko Mining Corporation Common Shares Burzynski, John Feliks 5 14/12/2011 10 9.3522 649,600 10,000

Pacific North West Capital Corp.

Common Shares Hassanalizadeh, Ali 5 15/12/2011 00 13,334


Options Hassanalizadeh, Ali 5 15/12/2011 00


Options Hassanalizadeh, Ali 5 15/12/2011 00 280,000


Warrants Hassanalizadeh, Ali 5 15/12/2011 00 6,667

Pacific Therapeutics Ltd. Common Shares Unwin, Dougas Harry 3, 4, 5 13/12/2011 10 0.15 4,500,501 10,000 Painted Pony Petroleum Ltd. Common Shares Class A Ashton, Allan Kenneth 4 14/12/2011 10 10.3 164,600 5,000

Painted Pony Petroleum Ltd. Common Shares Class A Ward, Patrick Russell 4, 5 13/12/2011 47 10.77 974,288 -1,300

Paladin Labs Inc. Common Shares Raby, Joel 4 14/12/2011 10 40.465 20,900 -6,100 Palko Environmental Ltd. Common Shares Gibson Energy Inc. 3 8/12/2011 00 Palko Environmental Ltd. Common Shares Gibson Energy Inc. 3 8/12/2011 00 Palko Environmental Ltd. Common Shares Gibson Energy Inc. 3 8/12/2011 22 15,488,144 15,488,144 Palko Environmental Ltd. Common Shares JOHNSON, BRIAN

EDWARD 5 8/12/2011 51 163,880 118,971

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12826



Acquired/ Disposed

Palko Environmental Ltd. Common Shares JOHNSON, BRIAN EDWARD

5 8/12/2011 30 173,320 9,440

Palko Environmental Ltd. Common Shares JOHNSON, BRIAN EDWARD

5 8/12/2011 22 0 -173,320

Palko Environmental Ltd. Options JOHNSON, BRIAN EDWARD

5 9/12/2011 51 1.02 58,971 -80,000


5 9/12/2011 51 87 38,971 -20,000


5 9/12/2011 51 0.86 20,000 -18,971


5 9/12/2011 52 0 -20,000

Palko Environmental Ltd. Options Parrotta, Sam 4 8/12/2011 51 0.87 0 -25,000 Palko Environmental Ltd. Common Shares Peterson, Steven 4, 5 8/12/2011 51 1.1 530,897 181,066 Palko Environmental Ltd. Common Shares Peterson, Steven 4, 5 8/12/2011 30 534,501 3,604 Palko Environmental Ltd. Common Shares Peterson, Steven 4, 5 8/12/2011 22 0 -534,501 Palko Environmental Ltd. Common Shares Peterson, Steven 4, 5 8/12/2011 22 0 -550,175 Palko Environmental Ltd. Options Peterson, Steven 4, 5 8/12/2011 51 1.1 0 -181,066 Palko Environmental Ltd. Common Shares Rattanavong, Judy 5 14/6/2010 00 Palko Environmental Ltd. Common Shares Rattanavong, Judy 5 8/12/2011 51 0.87 20,432 20,432 Palko Environmental Ltd. Common Shares Rattanavong, Judy 5 8/12/2011 22 0 -20,432 Palko Environmental Ltd. Options Rattanavong, Judy 5 8/12/2011 51 0.87 1,000 -20,432 Palko Environmental Ltd. Options Rattanavong, Judy 5 8/12/2011 52 6.3 0 -1,000 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 11/6/2010 00 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 11/6/2010 00 1,284,391 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 8/12/2011 22 0 -1,284,391 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 11/6/2010 00 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 11/6/2010 00 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 8/12/2011 51 0.87 25,000 25,000 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 8/12/2011 22 0 -25,000 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 8/12/2011 22 -1,284,391 Palko Environmental Ltd. Common Shares Robinson, William Peter 4 8/12/2011 22 -1,284,391 Palko Environmental Ltd. Options Robinson, William Peter 4 11/6/2010 00 Palko Environmental Ltd. Options Robinson, William Peter 4 11/6/2010 00 40,000 Palko Environmental Ltd. Options Robinson, William Peter 4 7/12/2011 51 0.87 -25,000 Palko Environmental Ltd. Options Robinson, William Peter 4 8/12/2011 51 0.87 15,000 -25,000 Palko Environmental Ltd. Options Robinson, William Peter 4 8/12/2011 52 0 -15,000 Palko Environmental Ltd. Options Robinson, William Peter 4 8/12/2011 51 0.87 25,000 Palko Environmental Ltd. Options Robinson, William Peter 4 8/12/2011 51 0.87 25,000 Palko Environmental Ltd. Common Shares Simmons, Jay Bourque 4, 5 8/12/2011 51 0.87 681,455 161,066 Palko Environmental Ltd. Common Shares Simmons, Jay Bourque 4, 5 8/12/2011 22 0 -681,455 Palko Environmental Ltd. Common Shares Simmons, Jay Bourque 4, 5 8/12/2011 22 0 -46,875 Palko Environmental Ltd. Common Shares Simmons, Jay Bourque 4, 5 8/12/2011 22 0 -494,821 Palko Environmental Ltd. Common Shares Simmons, Jay Bourque 4, 5 8/12/2011 22 0 -68 Palko Environmental Ltd. Options Simmons, Jay Bourque 4, 5 8/12/2011 51 0.87 20,000 -161,066 Palko Environmental Ltd. Options Simmons, Jay Bourque 4, 5 8/12/2011 52 6.3 0 -20,000 Palko Environmental Ltd. Common Shares Versfeld, Niels 5 8/12/2011 30 14,000 13,302 Palko Environmental Ltd. Common Shares Versfeld, Niels 5 8/12/2011 51 164,000 150,000 Palko Environmental Ltd. Common Shares Versfeld, Niels 5 9/12/2011 22 3.05 0 -164,000 Palko Environmental Ltd. Options Versfeld, Niels 5 8/12/2011 51 1.11 0 -150,000 Palko Environmental Ltd. Options Versfeld, Niels 5 8/12/2011 51 1.11 150,000 Palko Environmental Ltd. Options Versfeld, Niels 5 8/12/2011 51 1.11 150,000 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 22 -50,000 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 51 1.05 256,871 200,000 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 10 12,918 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 30 269,789 12,918 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 22 0 -269,789 Palko Environmental Ltd. Common Shares Zahn, Corey Robert 5 8/12/2011 22 0 -50,000 Palko Environmental Ltd. Options Zahn, Corey Robert 5 8/12/2011 51 1.05 0 -200,000 Pan American Silver Corp. Common Shares Burns, Geoffrey Alan 5 9/12/2011 46 24.96 42,870 2,488 Pan American Silver Corp. Options Burns, Geoffrey Alan 5 9/12/2011 50 24.9 173,398 51,836 Pan American Silver Corp. Common Shares Busby, Steven 5 9/12/2011 46 24.96 14,312 1,939 Pan American Silver Corp. Options Busby, Steven 5 9/12/2011 50 24.9 147,219 40,389 Pan American Silver Corp. Common Shares Couturier, Ignacio Llerena 5 9/12/2011 46 24.96 1,143 Pan American Silver Corp. Common Shares Couturier, Ignacio Llerena 5 9/12/2011 46 24.96 2,072 686 Pan American Silver Corp. Options Couturier, Ignacio Llerena 5 9/12/2011 50 24.9 23,813 Pan American Silver Corp. Options Couturier, Ignacio Llerena 5 9/12/2011 50 24.9 24,752 4,767 Pan American Silver Corp. Common Shares Dasso, Andres Antonio 5 9/12/2011 46 24.96 25,668 3,843 Pan American Silver Corp. Options Dasso, Andres Antonio 5 9/12/2011 50 24.9 79,694 8,896 Pan American Silver Corp. Common Shares Doyle, Alun Robert 5 9/12/2011 46 24.96 12,426 3,519 Pan American Silver Corp. Options Doyle, Alun Robert 5 9/12/2011 50 24.9 72,269 8,147 Pan American Silver Corp. Common Shares Fisher, Delaney Joseph 5 9/12/2011 46 24.96 1,143 Pan American Silver Corp. Common Shares Fisher, Delaney Joseph 5 9/12/2011 46 24.96 2,264 699 Pan American Silver Corp. Options Fisher, Delaney Joseph 5 9/12/2011 50 24.9 23,813

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12827



Acquired/ Disposed

Pan American Silver Corp. Options Fisher, Delaney Joseph 5 9/12/2011 50 24.9 21,024 4,851 Pan American Silver Corp. Common Shares Greer, Georges 5 9/12/2011 46 24.96 4,746 1,562 Pan American Silver Corp. Options Greer, Georges 5 9/12/2011 50 24.9 31,311 10,846 Pan American Silver Corp. Common Shares McAleer, Sean 5 9/12/2011 46 24.96 6,492 1,251 Pan American Silver Corp. Options McAleer, Sean 5 9/12/2011 50 24.9 49,207 26,073 Pan American Silver Corp. Common Shares Pirooz, Robert Pirooz 5 9/12/2011 46 24.96 7,664 1,143 Pan American Silver Corp. Options Pirooz, Robert Pirooz 5 9/12/2011 50 24.9 94,164 23,813 Pan American Silver Corp. Common Shares Steinmann, Michael 5 9/12/2011 46 24.96 13,493 1,863 Pan American Silver Corp. Options Steinmann, Michael 5 9/12/2011 50 24.9 110,133 38,814 Pan American Silver Corp. Common Shares Vincent, Wayne 5 9/12/2011 46 24.96 4,056 495 Pan American Silver Corp. Options Vincent, Wayne 5 9/12/2011 50 24.9 38,258 10,306 Pan American Silver Corp. Common Shares Wafforn, Martin 5 9/12/2011 46 24.96 5,655 574 Pan American Silver Corp. Options Wafforn, Martin 5 9/12/2011 50 24.9 54,523 11,964 Parallel Energy Trust Trust Units Feuchuk, Dennis 4, 1, 5 15/12/2011 10 7.2 51,400 400 Parallel Energy Trust Trust Units Feuchuk, Dennis 4, 1, 5 15/12/2011 10 7.2 52,000 600 Paramount Resources Ltd. Options Bell, James Geral 4 14/12/2011 50 40.09 26,000 10,000

Paramount Resources Ltd. Options Claugus, Thomas Eugene 3, 4 14/12/2011 50 40.09 34,000 10,000

Paramount Resources Ltd. Common Shares Class A Doyle, Lloyd M. 5 12/12/2011 10 39.91 1,500 -1,000

Paramount Resources Ltd. Options Doyle, Lloyd M. 5 14/12/2011 50 40.09 58,500 12,500

Paramount Resources Ltd. Options Gorman, John C. 4 14/12/2011 50 40.09 29,500 10,000

Paramount Resources Ltd. Common Shares Class A Jungé, Dirk 4 13/12/2011 47 38.88 48,172 -2,500

Paramount Resources Ltd. Options Jungé, Dirk 4 14/12/2011 50 40.09 29,500 10,000

Paramount Resources Ltd. Options Kinvig, Paul Robert 5 14/12/2011 50 40.09 87,000 25,000

Paramount Resources Ltd. Options Knott, David M. 4 14/12/2011 50 40.09 41,000 10,000

Paramount Resources Ltd. Options Lee, Bernard K. 5 14/12/2011 50 40.09 225,000 50,000

Paramount Resources Ltd. Options McMillan, Geoffrey W. P. 5 14/12/2011 50 40.09 92,000 25,000

Paramount Resources Ltd. Options Purdy, Darrel S. 5 14/12/2011 50 40.09 137,500 50,000

Paramount Resources Ltd. Options Riddell Rose, Susan L. 4 14/12/2011 50 40.09 41,000 10,000

Paramount Resources Ltd. Options Riddell, Clayton H. 3, 4, 5 14/12/2011 50 40.09 900,000 150,000

Paramount Resources Ltd. Common Shares Class A Riddell, James H. T. 4, 5 13/12/2011 47 86,529 -65,000

Paramount Resources Ltd. Common Shares Class A Riddell, James H. T. 4, 5 3/6/2003 00

Paramount Resources Ltd. Common Shares Class A Riddell, James H. T. 4, 5 13/12/2011 47 65,000 65,000

Paramount Resources Ltd. Options Riddell, James H. T. 4, 5 14/12/2011 50 40.09 1,330,000 200,000

Paramount Resources Ltd. Options Riddell, Violet S. A. 4 14/12/2011 50 40.09 41,000 10,000

Paramount Resources Ltd. Options Roy, John B. 4 14/12/2011 50 40.09 41,000 10,000

Paramount Resources Ltd. Options Shier, E. Mitchell 5 14/12/2011 50 40.09 187,500 50,000

Paramount Resources Ltd. Options Thomson, Alistair 4 14/12/2011 50 40.09 35,000 10,000

Paramount Resources Ltd. Options Wittenberg, Joerg 5 14/12/2011 50 40.09 60,000 15,000

Paramount Resources Ltd. Options Wylie, Bernhard M. 4 14/12/2011 50 40.09 29,500 10,000

Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.76 11,200 200 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.772 11,900 700 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.73 12,000 100 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.78 12,090 90 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.73 12,690 600 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.73 12,890 200 Pason Systems Inc. Common Shares Holodinsky, David 5 14/12/2011 10 11.74 13,090 200 Passport Energy Ltd. Options Gulka, Christopher David 4, 5 13/12/2011 50 0.185 950,000 450,000 Passport Energy Ltd. Common Shares Murray, Bruce James 4 12/12/2011 10 0.175 520,000 20,000 Passport Energy Ltd. Common Shares Murray, Bruce James 4 13/12/2011 10 0.175 535,000 15,000 Passport Energy Ltd. Common Shares Murray, Bruce James 4 14/12/2011 10 0.175 550,000 15,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12828



Acquired/ Disposed

Passport Energy Ltd. Options Murray, Bruce James 4 13/12/2011 50 0.185 950,000 450,000 Passport Energy Ltd. Options Port, Frank 4, 5 13/12/2011 50 0.185 2,075,000 450,000 Pathfinder Convertible Debenture Fund

Trust Units Pathfinder Convertible Debenture Fund

1 9/12/2011 38 11.46 3,849,314 1,700

Peer 1 Network Enterprises, Inc.

Options Incentive Cytrynbaum, Michael 4 14/12/2011 50 225,000 50,000


Common Shares Detampel, Donald 4 20/12/2006 00


Common Shares Detampel, Donald 4 13/12/2011 51 0.65 100,000 100,000


Options Detampel, Donald 4 13/12/2011 51 0.65 175,000 -100,000


Options Detampel, Donald 4 14/12/2011 50 1.6 225,000 50,000


Common Shares Harrison, David Archiebald 4 16/1/2006 00


Common Shares Harrison, David Archiebald 4 12/12/2011 51 0.59 100,000 100,000


Options Incentive Harrison, David Archiebald 4 12/12/2011 51 0.59 175,000 -100,000


Options Incentive Harrison, David Archiebald 4 14/12/2011 50 1.6 225,000 50,000


Options Incentive Theodoropoulos, Chris 4 14/12/2011 50 1.6 225,000 50,000

Penn West Petroleum Ltd. Options Gegunde, Gregg 5 16/12/2011 38 290,000 -45,000 Penn West Petroleum Ltd. Restricted Share Rights Gegunde, Gregg 5 16/12/2011 57 165,000 -45,000 Penn West Petroleum Ltd. Options Jensen, Thane 5 16/12/2011 38 350,000 -35,000 Penn West Petroleum Ltd. Restricted Share Rights Jensen, Thane 5 16/12/2011 57 250,000 -35,000 Penn West Petroleum Ltd. Options Keller, Brian 5 9/12/2011 38 240,000 -50,000 Penn West Petroleum Ltd. Restricted Share Rights Keller, Brian 5 9/12/2011 57 165,000 -50,000 Penn West Petroleum Ltd. Options Takeyasu, Todd 5 16/12/2011 38 525,000 -33,333 Penn West Petroleum Ltd. Restricted Share Rights Takeyasu, Todd 5 16/12/2011 57 350,000 -33,333 People Corporation Common Shares Canning, Brevan 5 7/12/2011 10 0.4437 122,147 734 People Corporation Common Shares Canning, Brevan 5 9/12/2011 10 0.36 137,147 15,000 People Corporation Common Shares Canning, Brevan 5 9/12/2011 10 0.36 33,000 13,500 People Corporation Common Shares Chwartacki, Bonnie 5 7/12/2011 10 0.4437 30,604 939 People Corporation Common Shares Chwartacki, Bonnie 5 12/12/2011 10 0.35 59,104 28,500 People Corporation Common Shares Goldberg, Laurie Marc 3, 4, 5 7/12/2011 10 0.4437 3,683 1,702 People Corporation Common Shares Horner, Graeme Jeremy 5 7/12/2011 10 0.4437 22,507 558 People Corporation Common Shares Johnstone, Eric Roch 7 7/12/2011 10 0.4437 22,770 587 People Corporation Common Shares McFerran, John Ronald 3, 4, 5 7/12/2011 10 0.4437 1,588 734 Peregrine Diamonds Ltd. Common Shares Pell, Jennifer 5 9/12/2011 10 0.84 35,000 715 Perpetual Energy Inc. Options Green, Jeff 5 15/12/2011 50 1.26 632,500 125,000 Perpetual Energy Inc. Options Jackson, Gary C. 5 15/12/2011 50 1.26 760,000 125,000 Perpetual Energy Inc. Options Rapini, Marcello 5 15/12/2011 50 1.26 715,000 150,000 Perpetual Energy Inc. Common Shares Riddell Rose, Susan 4, 5 9/12/2011 10 1.3 949,686 65,700 Perpetual Energy Inc. Common Shares Riddell Rose, Susan 4, 5 12/12/2011 10 1.284 1,017,528 67,842 Perpetual Energy Inc. Common Shares Riddell Rose, Susan 4, 5 13/12/2011 10 1.22 1,219,800 8,600 Perpetual Energy Inc. Common Shares Riddell Rose, Susan 4, 5 14/12/2011 10 1.22 1,261,200 41,400 Perpetual Energy Inc. Options Riddell Rose, Susan 4, 5 15/12/2011 50 1.26 1,675,900 400,000 Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 16/12/2011 47 63,657 -1,966,825 Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 13/12/2011 10 1.24 836,081 -1,600,000 Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 16/12/2011 47 2,802,906 1,966,825 Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 13/12/2011 10 1.24 1,885,300 1,600,000 Perpetual Energy Inc. Options Sebastian, Cameron R. 5 15/12/2011 50 1.26 805,000 150,000 Perpetual Energy Inc. Restricted Rights Strong, James Christopher 5 15/12/2011 56 0.01 28,461 15,300

Perpetual Energy Inc. Options Thornton, R. William 5 15/12/2011 50 1.26 425,000 125,000 Perpetual Energy Inc. Common Shares Warters, Roderick 5 9/12/2011 57 46,378 28,337 Perpetual Energy Inc. Restricted Rights Warters, Roderick 5 9/12/2011 57 12,177 -28,337 Perpetual Energy Inc. Restricted Rights Warters, Roderick 5 9/12/2011 38 11,963 -214 Petaquilla Minerals Ltd. Common Shares Petaquilla Minerals Ltd. 1 14/12/2011 10 0.57 569,200 20,000 Petroamerica Oil Corp. Common Shares Keep, Gordon 5 13/12/2011 10 0.115 1,645,000 190,000 Petrobank Energy and Resources Ltd.

Common Shares Magus, Chad William 5 14/12/2011 57 0.05 6,849 526

Petrobank Energy and Resources Ltd.

Common Shares Magus, Chad William 5 14/12/2011 51 0.05 11,849 5,000


Options Magus, Chad William 5 14/12/2011 51 0.05 57,035 -5,000


Rights Incentives Magus, Chad William 5 14/12/2011 57 0.05 4,590 -526

Petrolympic Ltd. Common Shares Ekstein, Brocha 3 12/12/2011 10 0.136 13,114,707 10,000 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 13/12/2011 10 0.124 13,136,207 21,500 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 14/12/2011 10 0.135 13,139,207 3,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12829



Acquired/ Disposed

Petrolympic Ltd. Common Shares Ekstein, Brocha 3 15/12/2011 10 0.124 13,143,207 4,000 Phonetime Inc. Common Shares Dearman, Trevor 5 14/12/2011 10 0.071 4,908,333 -200,000 Pilot Gold Inc. Common Shares Holmes, Alexander 5 5/12/2011 00 10,000 Pilot Gold Inc. Common Shares REID, PATRICK GORDON 5 5/12/2011 00 91,725

Pilot Gold Inc. Options REID, PATRICK GORDON 5 5/12/2011 00 150,000

Platinex Inc. Common Shares PERRIN, JOANNA 4, 5 9/12/2011 10 0.07 698,500 7,000 Platinex Inc. Common Shares Reilly, Robert Bruce 5 9/12/2011 10 0.07 541,762 10,000 Platinex Inc. Common Shares Reilly, Robert Bruce 5 12/12/2011 10 0.07 551,762 10,000 Platinex Inc. Common Shares Reilly, Robert Bruce 5 13/12/2011 10 0.07 561,762 10,000 Platinex Inc. Common Shares Reilly, Robert Bruce 5 16/12/2011 10 0.06 571,762 10,000 Platinex Inc. Common Shares TRUSLER, JAMES

RICHARD 3, 4, 5 17/11/2011 10 0.08 19,000

Platinex Inc. Common Shares TRUSLER, JAMES RICHARD

3, 4, 5 17/11/2011 10 0.08 5,171,930 10,000


3, 4, 5 9/12/2011 10 0.07 5,183,930 7,000


3, 4, 5 12/12/2011 10 0.07 5,203,930 20,000


3, 4, 5 13/12/2011 10 0.07 5,215,930 12,000

Platinum Communications Corporation

Options Luttman, Timothy Paul 5 14/12/2011 50 0.1 386,000 100,000

Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 14/12/2011 10 0.9 1,499,990 10,000

Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 6/12/2011 10 0.04 1,027,167 50,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 6/12/2011 10 0.035 1,098,167 71,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 7/12/2011 10 0.035 1,196,167 98,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 9/12/2011 10 0.035 1,241,167 45,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 6/12/2011 10 0.035 3,682,425 -135,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 7/12/2011 10 0.035 3,584,425 -98,000 PMI Gold Corporation Common Shares Ennison, Thomas 4 12/12/2011 51 0.2 87,500 87,500 PMI Gold Corporation Common Shares Ennison, Thomas 4 13/12/2011 51 0.2 87,500 PMI Gold Corporation Options Ennison, Thomas 4 12/12/2011 51 0.2 312,500 -87,500 PMI Gold Corporation Options Ennison, Thomas 4 13/12/2011 51 0.2 -87,500 Porto Energy Corp. Common Shares Ash II, Joseph Patrick 4, 5 15/12/2011 10 0.105 5,260,238 45,238 Porto Energy Corp. Options Ash II, Joseph Patrick 4, 5 14/12/2011 50 5,000,000 1,000,000 Porto Energy Corp. Options Cleaver, Heath Woods 5 14/12/2011 50 1,100,000 350,000 Porto Energy Corp. Options Llana Rodriguez, Augustin

Horacio 4 14/12/2011 50 475,000 100,000

Porto Energy Corp. Options Monteleone, Patric Harold 4, 7, 5 14/12/2011 50 400,000 200,000

Porto Energy Corp. Options Pawluk, Richard Walter 5 14/12/2011 50 260,000 60,000 Porto Energy Corp. Options Roach, William 4 14/12/2011 50 475,000 100,000 Porto Energy Corp. Options ROMANZIN, GERALD A. 4 14/12/2011 50 475,000 100,000 Porto Energy Corp. Options Turnbull, Gregory George 4 14/12/2011 50 475,000 100,000 Poseidon Concepts Corp. (formerly Open Range Energy Corp.)

Common Shares Dawson, A. Scott 4, 5 1/11/2011 22 593,838

Poseidon Concepts Corp. (formerly Open Range Energy Corp.)





Common Shares Dawson, A. Scott 4, 5 1/11/2011 22 593,835 593,835


Common Shares Winger, Harley Lewis 4 15/12/2011 30 11.4 543,628 109

Posera-HDX Limited Common Shares Shulman, Allen 5 15/12/2011 10 0.32 1,683,758 1,000 Precision Drilling Corporation Common Shares Donovan, William T. 4 13/12/2011 48 - Acquisition

by inheritance or disposition by

bequest

0 -388

Precision Drilling Corporation Common Shares Donovan, William T. 4 13/12/2011 48 - Acquisition by inheritance

or disposition by bequest

82,970 97

Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 14/12/2011 10 4.4 2,683,024 10,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12830



Acquired/ Disposed

Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 14/12/2011 10 4.33 2,693,024 10,000

Premier Gold Mines Limited Common Shares Hall, Richard James 4, 5 14/12/2011 10 4.43 15,040 4,500

Premier Gold Mines Limited Common Shares Huet, Paul André 5 15/12/2011 10 4.2336 26,100 1,100

Premier Gold Mines Limited Common Shares Huet, Paul André 5 15/12/2011 10 4.2433 26,980 880

Premium Exploration Inc. Common Shares Dundee Corporation 3 9/12/2011 10 0.1619 6,678,000 -278,000 Premium Exploration Inc. Common Shares Dundee Corporation 3 13/12/2011 10 0.146 6,387,000 -291,000 Premium Exploration Inc. Common Shares Dundee Corporation 3 13/12/2011 10 0.155 6,000,000 -387,000 Premium Exploration Inc. Common Shares Dundee Corporation 3 15/12/2011 10 0.1323 5,558,000 -442,000 Prescient Neuropharma Inc. Options Keep, Gordon 4, 5 16/12/2011 50 450,000 100,000

Prescient Neuropharma Inc. Options Leitch, Peter D. 5 16/12/2011 50 300,000 100,000

Prescient Neuropharma Inc. Options Liland, Geir L. 4 16/12/2011 50 450,000 100,000

Prescient Neuropharma Inc. Options Whelan, David Craig 4 16/12/2011 50 450,000 100,000

Primary Corp. Common Shares Allan, Barry 4 9/12/2011 10 5.4 346,379 2,000 Primary Corp. Common Shares Allan, Barry 4 13/12/2011 10 5.2 348,379 2,000 Primary Corp. Common Shares Allan, Barry 4 15/12/2011 10 5.25 350,379 2,000 Primary Corp. Common Shares Mckay, Gordon 7 12/12/2011 10 5.3 1,300 500 Primary Corp. Common Shares Mckay, Gordon 7 15/12/2011 10 5.25 1,800 500 Primary Petroleum Corporation

Common Shares Bailey, Colleen Joyce 5 12/12/2011 10 0.63 51,834 -2,500

Primary Petroleum Corporation

Common Shares Marrandino, Michele 4, 5 14/12/2011 10 0.395 1,188,988 5,000

Primeline Energy Holdings Inc.

Common Shares Wang, Guang Ming 4, 5 12/12/2011 10 0.28 1,258,500 100,000





Prism Medical Ltd. Common Shares Meldrum, Stuart Gilmour 7 5/12/2011 10 5 24,412 200 Prism Medical Ltd. Common Shares Meldrum, Stuart Gilmour 7 6/12/2011 10 5 24,468 56 Probe Mines Limited Common Shares Marrelli, Carmelo 5 28/1/2008 00 Probe Mines Limited Common Shares Marrelli, Carmelo 5 12/12/2011 10 2.3 6,300 6,300 Probe Mines Limited Options Palmer, David Alexander

Stephen4, 5 7/12/2011 50 2.6 1,450,000 400,000

ProSep Inc. Common Shares Campbell, Douglas Alan 5 13/12/2011 10 0.0585 3,475,000 200,000 ProSep Inc. Common Shares Campbell, Douglas Alan 5 14/12/2011 10 0.0579 3,575,000 100,000 ProSep Inc. Common Shares Fontaine, Claude 4 13/12/2011 11 0.055 356,000 250,000 ProSep Inc. Common Shares Lint, Richard Elliott 4 14/12/2011 11 0.06 515,000 350,000 Provident Energy Ltd. Convertible Debentures

5.75%Billing, Grant Donald 4 1/1/2011 00 $2,000,000

Provident Energy Ltd. Convertible Debentures 6.50%

Billing, Grant Donald 4 26/5/2011 38 $0 -$1,000,000

Puma Exploration Inc. Common Shares Robillard, Marcel 5 12/12/2011 10 0.275 939,500 4,000 Puma Exploration Inc. Common Shares Robillard, Marcel 5 13/12/2011 10 0.27 943,000 3,500 Puma Exploration Inc. Common Shares Robillard, Marcel 5 14/12/2011 10 0.26 946,500 3,500 Puma Exploration Inc. Common Shares Robillard, Marcel 5 14/12/2011 10 0.26 950,000 3,500 Puma Exploration Inc. Common Shares Robillard, Marcel 5 15/12/2011 10 0.255 954,000 4,000 Puma Exploration Inc. Common Shares Robillard, Marcel 5 15/12/2011 10 0.255 958,000 4,000 Puma Exploration Inc. Common Shares Slivitzky, Anne 4 13/12/2011 10 0.27 284,000 -3,500 Quadra FNX Mining Ltd. Common Shares Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 36,300 Quadra FNX Mining Ltd. Common Shares Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 36,300 Quadra FNX Mining Ltd. Common Shares Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 36,300 Quadra FNX Mining Ltd. Common Shares Myckatyn, William Harry 4, 5 9/12/2011 10 15.75 263,700 -36,300 Quadra FNX Mining Ltd. Common Shares Myckatyn, William Harry 4, 5 9/12/2011 10 15.72 300,000 36,300 Quadra FNX Mining Ltd. Options Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 -36,300 Quadra FNX Mining Ltd. Options Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 -36,300 Quadra FNX Mining Ltd. Options Myckatyn, William Harry 4, 5 9/12/2011 51 9.5 -36,300 Questfire Energy Corp. Common Shares Class A Williams, Ronald Andrew 5 12/12/2011 10 1 535,000 -40,000

Questfire Energy Corp. Common Shares Class A Williams, Ronald Andrew 5 12/12/2011 10 1 620,000 40,000

RDM Corporation Common Shares Fowlie, Randy 4, 5 12/12/2011 10 0.86 27,400 5,000 Red Eagle Mining Corporation

Options Banger, Surita 5 6/12/2011 50 1 75,000 35,000

Red Eagle Mining Corporation

Options Howson, James 5 6/12/2011 50 1 150,000 50,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12831



Acquired/ Disposed

Red Tiger Mining Inc. - Formerly Zaruma Resources Inc.

Options Hulley, Keith Robert 4 8/12/2011 50 1 575,000 75,000

Red Tiger Mining Inc. - Formerly Zaruma Resources Inc.

Options Major, Daniel John 4 8/12/2011 50 1 575,000 75,000

Redline Communications Group Inc.

Warrants Second Warrants exercisable at $1.15 per Common Share

de Gaspé Beaubien, François

3 10/6/2010 16 1.15 853,261


Warrants Second Warrants exercisable at $1.15 per Common Share

de Gaspé Beaubien, François

3 10/6/2011 16 1.15 1,088,044 853,261


Options Kypreos, George 5 11/5/2011 00


Options Kypreos, George 5 13/12/2011 50 0.59 200,000 200,000


Options Rheaume, Alain 4 13/12/2011 00


Options Rheaume, Alain 4 13/12/2011 50 100,000 100,000


Common Shares van Berkom, Joannes Sebastian

3 12/12/2011 10 0.59 1,200,000 100,000

REIT INDEXPLUS Income Fund

Trust Units REIT Indexplus Income Fund

1 9/12/2011 38 10.16 572,300 1,800



1 9/12/2011 38 10.2 576,600 4,300



1 12/12/2011 38 10.19 580,100 3,500



1 12/12/2011 38 10.14 582,100 2,000



1 13/12/2011 38 10.25 584,500 2,400

Reitmans (Canada) Limited Non-Voting Shares Cerantola, Nadia 5 9/12/2011 51 12.225 20,000 20,000

Reitmans (Canada) Limited Non-Voting Shares Cerantola, Nadia 5 9/12/2011 10 15.9 0 -20,000

Reitmans (Canada) Limited Options Class A non-voting

Cerantola, Nadia 5 9/12/2011 51 12.225 105,000 -20,000

Reitmans (Canada) Limited Non-Voting Shares Schumpert, Kimberly 5 9/12/2011 51 12.225 39,300 23,300

Reitmans (Canada) Limited Non-Voting Shares Schumpert, Kimberly 5 9/12/2011 10 16.049 16,000 -23,300

Reitmans (Canada) Limited Non-Voting Shares Schumpert, Kimberly 5 12/12/2011 51 12.225 38,700 22,700

Reitmans (Canada) Limited Non-Voting Shares Schumpert, Kimberly 5 12/12/2011 10 16 16,000 -22,700


Schumpert, Kimberly 5 9/12/2011 51 12.225 111,700 -23,300


Schumpert, Kimberly 5 12/12/2011 51 12.225 89,000 -22,700

Reliable Energy Ltd. (formerly Ceres Capital Corp.)

Common Shares Laird, Allan Douglas 4 8/12/2011 10 0.22 500,000 90,000

Richelieu Hardware Ltd. Common Shares Auclair, Antoine 5 12/12/2011 30 28.568 563 13 Richelieu Hardware Ltd. Common Shares Dion, Christian 5 12/12/2011 30 28.568 717 13 Richelieu Hardware Ltd. Common Shares Grenier, Guy 5 12/12/2011 30 28.568 31,980 50 Richelieu Hardware Ltd. Common Shares Guindon, Normand 5 12/12/2011 30 28.568 19,750 118 Richelieu Hardware Ltd. Common Shares Ladouceur, Christian 5 12/12/2011 30 28.568 260 34 Richelieu Hardware Ltd. Common Shares Lord, Richard 4, 5 12/12/2011 30 28.568 1,410,111 67 Richelieu Hardware Ltd. Common Shares Quevillon, Geneviève 5 12/12/2011 30 28.568 1,503 25 Richmont Mines Inc. Options Pichette, Christian 5 9/12/2011 50 5.97 12,000 Richmont Mines Inc. Options Pichette, Christian 5 9/12/2011 50 12.03 12,000 Richmont Mines Inc. Options Pichette, Christian 5 9/12/2011 50 12.03 98,400 12,000 Richmont Mines Inc. Options Rivard, Martin 5 9/12/2011 50 5.97 25,000 Richmont Mines Inc. Options Rivard, Martin 5 9/12/2011 50 12.03 25,000 Richmont Mines Inc. Options Rivard, Martin 5 9/12/2011 50 12.03 274,000 25,000 Richmont Mines Inc. Options Tardif, Mélissa 5 8/12/2011 00 Richmont Mines Inc. Options Tardif, Mélissa 5 9/12/2011 50 5.97 10,000 Richmont Mines Inc. Options Tardif, Mélissa 5 9/12/2011 50 12.03 10,000 Richmont Mines Inc. Options Tardif, Mélissa 5 9/12/2011 50 12.03 10,000 10,000 Richmont Mines Inc. Options Veilleux, Nicole 5 9/12/2011 50 5.97 3,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12832



Acquired/ Disposed

Richmont Mines Inc. Options Veilleux, Nicole 5 9/12/2011 50 12.03 3,500 Richmont Mines Inc. Options Veilleux, Nicole 5 9/12/2011 50 12.03 102,500 3,500 Ridgeline Energy Services Inc.

Common Shares Johnson, Douglas Brian 3, 4 9/3/2009 10 0.08 18,000

Ridgeline Energy Services Inc.

Common Shares Johnson, Douglas Brian 3, 4 9/3/2009 10 0.08 2,462,500 17,250


Common Shares Straub, Brian Edward 4 14/1/2011 16 0.37 125,000 125,000


Common Shares Straub, Brian Edward 4 2/2/2011 16 0.37 125,000


Warrants Straub, Brian Edward 4 14/1/2011 16 0.65 125,000 125,000


Warrants Straub, Brian Edward 4 2/2/2011 16 0.65 125,000

Ridgewood Canadian Investment Grade Bond Fund

Units Frketich, Jeffrey R. 5 9/12/2011 10 11.327 8,432 1,857


Units Frketich, Jeffrey R. 5 13/12/2011 10 11.447 8,775 343


Units Meyer, Paul W. 5 9/12/2011 10 11.327 2,743 2,743


Units Meyer, Paul W. 5 13/12/2011 10 11.447 3,250 507

Ring of Fire Resources Inc. (formerly Hawk Uranium Inc.)

Common Shares White, Vance 3, 4, 5 9/12/2011 10 0.095 3,736,631 50,000







RIOCAN REAL ESTATE INVESTMENT TRUST

Options MacKinnon, Donald Richard 5 12/12/2011 51 21.16 443,300 -56,700






Trust Units MacKinnon, Donald Richard 5 9/12/2011 10 25.5 40,000 -10,000






Trust Units MacKinnon, Donald Richard 5 9/12/2011 10 25.61 21,100 -500








Trust Units MacKinnon, Donald Richard 5 9/12/2011 10 25.74 1,600 -400


Trust Units MacKinnon, Donald Richard 5 9/12/2011 10 25.75 0 -1,600


Trust Units MacKinnon, Donald Richard 5 9/12/2011 10 25.72 -4,800 -4,800




Trust Units MacKinnon, Donald Richard 5 12/12/2011 51 21.16 50,000 56,700





Insider Reporting

December 23, 2011 (2011) 34 OSCB 12833



Acquired/ Disposed
















Options Rico, Maria 5 12/12/2011 51 19.06 181,250 -18,750


Trust Units Rico, Maria 5 9/12/2011 10 25.61 1,524 -400


Trust Units Rico, Maria 5 9/12/2011 10 25.6 -16,826 -18,350


Trust Units Rico, Maria 5 12/12/2011 51 19.06 1,924 18,750

Ritchie Bros. Auctioneers Incorporated

Options Hinkelman, Curt 5 12/12/2011 59 20.172 142,850 -15,000

Rockcliff Resources Inc. Common Shares Constable, David Wayne 4 13/12/2011 16 0.11 335,000 135,000 Rockcliff Resources Inc. Warrants Common Shares Constable, David Wayne 4 11/8/2010 00

Rockcliff Resources Inc. Warrants Common Shares Constable, David Wayne 4 13/12/2011 16 0.18 67,500 67,500

Rockcliff Resources Inc. Common Shares Smethurst, Mark Trevelyan 5 13/12/2011 10 0.085 259,300 10,000







Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 9/12/2011 10 0.105 1,122,000 500 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 13/12/2011 10 0.105 1,122,500 500 Rocky Mountain Liquor Inc. Common Shares Byrne, Joan 3 7/12/2011 10 0.29 412,806 10,000

Rocky Mountain Liquor Inc. Common Shares Byrne, Joan 3 8/12/2011 10 0.29 416,806 4,000

Rocky Mountain Liquor Inc. Common Shares Byrne, Joan 3 14/12/2011 10 0.29 417,806 1,000

Rocky Mountain Liquor Inc. Common Shares Byrne, Peter 3, 5 7/12/2011 10 0.29 478,336 10,000



Rogers Sugar Inc. Convertible Debentures 5.75% fifth series (RSI.DB.D)

Lafrance, Daniel 5 1/1/2011 00

Rogers Sugar Inc. Convertible Debentures 5.75% fifth series (RSI.DB.D)

Lafrance, Daniel 5 16/12/2011 15 100 $2,500 $2,500

Rogers Sugar Inc. Convertible Debentures RSI.bd.d

Lafrance, Daniel 5 1/1/2011 00

RONA inc. Common Shares Caisse de dépôt et placement du Québec

3 13/12/2011 00 11,277,600

RONA inc. Common Shares Caisse de dépôt et placement du Québec

3 13/12/2011 10 10.06 13,277,600 2,000,000

RONA inc. Common Shares RONA inc. 1 9/12/2011 38 9.7055 45,000 45,000 RONA inc. Common Shares RONA inc. 1 9/12/2011 38 0 -45,000 RONA inc. Common Shares RONA inc. 1 13/12/2011 38 10.05 435,000 435,000 RONA inc. Common Shares RONA inc. 1 13/12/2011 38 0 -435,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12834



Acquired/ Disposed

Route1 Inc. Common Shares Busseri, Tony P 4 13/12/2011 10 0.0928 870,334 35,000 Royal Bank of Canada Options Friis, Morten Nicolai 5 14/12/2011 50 48.933 415,106 42,576 Royal Bank of Canada Rights Performance

Deferred Share Units Friis, Morten Nicolai 5 14/12/2011 56 49.02 87,195 30,600

Royal Bank of Canada Rights Performance Deferred Share Units

Friis, Morten Nicolai 5 15/12/2011 59 48.75 69,583 -17,612

Royal Bank of Canada Options Fukakusa, Janice Rose 5 14/12/2011 50 48.933 573,202 50,560 Royal Bank of Canada Rights Performance

Deferred Share Units Fukakusa, Janice Rose 5 14/12/2011 56 49.02 111,201 36,337


Fukakusa, Janice Rose 5 15/12/2011 59 48.75 83,982 -27,219

Royal Bank of Canada Options Hirji-Nowaczynski, Zabeen 5 14/12/2011 50 48.933 253,822 25,546


Hirji-Nowaczynski, Zabeen 5 14/12/2011 56 49.02 54,608 18,360


Hirji-Nowaczynski, Zabeen 5 15/12/2011 59 48.75 41,799 -12,809

Royal Bank of Canada Options Lewis, Melville George 5 14/12/2011 50 48.933 477,661 53,220 Royal Bank of Canada Rights Performance

Deferred Share Units Lewis, Melville George 5 14/12/2011 56 49.02 115,962 38,250


Lewis, Melville George 5 15/12/2011 59 48.75 83,938 -32,024

Royal Bank of Canada Options McGregor, Alex Douglas 5 14/12/2011 50 48.933 577,894 106,546 Royal Bank of Canada Rights Performance

Deferred Share Units McGregor, Alex Douglas 5 14/12/2011 56 49.02 252,929 76,576

Royal Bank of Canada Rights RBC Capital Markets Unit Awards

McGregor, Alex Douglas 5 15/12/2011 59 48.84 0 -14,705

Royal Bank of Canada Options McKay, David Ian 5 14/12/2011 50 48.933 493,520 58,542 Royal Bank of Canada Rights Performance

Deferred Share Units McKay, David Ian 5 14/12/2011 56 49.02 125,305 42,075


McKay, David Ian 5 15/12/2011 59 48.75 93,282 -32,023

Royal Bank of Canada Options Nixon, Gordon Melbourne 4, 5 14/12/2011 50 48.933 1,408,052 145,822 Royal Bank of Canada Rights Performance

Deferred Share Units Nixon, Gordon Melbourne 4, 5 14/12/2011 56 49.02 262,341 104,804

Royal Bank of Canada Common Shares O'Brien, David Peter 4 1/12/2011 30 164,269 1,308 Royal Bank of Canada Common Shares O'Brien, David Peter 4 1/12/2011 30 166,183 1,914 Royal Bank of Canada Options Standish, Mark Allan 5 14/12/2011 50 597,002 108,206 Royal Bank of Canada Rights Performance

Deferred Share Units Standish, Mark Allan 5 14/12/2011 56 261,354 78,301

Royal Bank of Canada Rights RBC Capital Markets Unit Awards

Standish, Mark Allan 5 15/12/2011 59 0 -18,182

Royal Bank of Canada Options Westlake, William James 5 14/12/2011 50 48.933 893,860 46,834 Royal Bank of Canada Rights Performance

Deferred Share Units Westlake, William James 5 14/12/2011 56 49.02 116,530 33,660


Westlake, William James 5 15/12/2011 59 48.75 81,305 -35,225

Royal Host Inc. Common Shares Armoyan, George 3 8/12/2011 10 1.26 892,600 553,100 Royal Host Inc. Common Shares Armoyan, George 3 12/12/2011 10 1.2908 927,700 35,100 Royal Host Inc. Common Shares Armoyan, George 3 13/12/2011 10 1.2902 1,011,400 83,700 Royal Host Inc. Convertible Debentures

5.90% unsecured subordinated, Series D, due June 30, 2014

Armoyan, George 3 7/12/2011 10 81.146 $2,073,000 $82,000

Royal Host Inc. Convertible Debentures 5.90% unsecured subordinated, Series D, due June 30, 2014

Armoyan, George 3 8/12/2011 10 80.75 $2,103,000 $30,000


Royal Host Inc. 1 1/12/2011 38 82 $3,025,000 $3,025,000


Royal Host Inc. 1 6/12/2011 38 $0 -$3,025,000

Royal Host Inc. Convertible Debentures 6.00% unsecured subordinated, Series B, due October 31, 2015

Royal Host Inc. 1 1/12/2011 38 76 $1,679,000 $1,679,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12835



Acquired/ Disposed

Royal Host Inc. Convertible Debentures 6.00% unsecured subordinated, Series B, due October 31, 2015

Royal Host Inc. 1 6/12/2011 38 $0 -$1,679,000

Rubicon Minerals Corporation Common Shares Adamson, David William 4, 5 9/12/2011 51 0.74 527,522 31,250

Rubicon Minerals Corporation Options Adamson, David William 4, 5 9/12/2011 51 0.74 1,225,000 -31,250

Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 14/12/2011 10 0.105 6,590,300 400,000

Russel Metals Inc. Common Shares Baker, Jennifer Ellen 5 9/12/2011 30 22.92 539 56 Russel Metals Inc. Common Shares Baker, Jennifer Ellen 5 9/12/2011 30 22.94 483 -56 Russel Metals Inc. Rights Deferred Share

Units (cash settled) Benedetti, Alain 4 15/12/2011 56 11,845 154

Russel Metals Inc. Rights Restricted Share Units (cash settled)

Britton, Marion Eleanor 5 15/12/2011 56 78,674 1,019

Russel Metals Inc. Rights Deferred Share Units (cash settled)

Dinning, James Francis 4 15/12/2011 56 11,431 148


Fiora, Carl 4 15/12/2011 56 11,431 148


Griffiths, Anthony Frear 4 15/12/2011 56 11,431 148

Russel Metals Inc. Rights Restricted Share Units (cash settled)

Hedges, Brian Robie 5 15/12/2011 56 162,064 2,099

Russel Metals Inc. Common Shares Kelly, Maureen Ann 5 13/12/2011 10 3.75 9,375 2,000 Russel Metals Inc. Options Kelly, Maureen Ann 5 13/12/2011 51 3.75 161,000 -2,000 Russel Metals Inc. Rights Deferred Share

Units (cash settled) Laberge, Alice D. 4 15/12/2011 56 6,304 82


Lachapelle, Lise 4 15/12/2011 56 11,431 148


O'Reilly, William Michael 5 15/12/2011 56 5,227 68


Robinson, John Wayne 4 15/12/2011 56 11,431 148

RX EXPLORATION INC. Common Shares Agro, Hugh 4 9/12/2011 10 0.4 200,000 100,000 RX EXPLORATION INC. Common Shares Blasutti, Darren John 4, 5 9/12/2011 10 0.4 219,000 RX EXPLORATION INC. Common Shares Blasutti, Darren John 4, 5 9/12/2011 10 0.4 1,250,000 250,000 RX EXPLORATION INC. Common Shares Davidson, Alexander John 4 9/12/2011 10 0.4 600,000 100,000

RX EXPLORATION INC. Common Shares Parisotto, Paul Anthony 4 6/7/2011 00 RX EXPLORATION INC. Common Shares Parisotto, Paul Anthony 4 7/7/2011 00 RX EXPLORATION INC. Common Shares Parisotto, Paul Anthony 4 9/12/2011 10 0.4 600,000 100,000 RX EXPLORATION INC. Options 2006 Stock Option

PlanParisotto, Paul Anthony 4 6/7/2011 00

RX EXPLORATION INC. Options 2006 Stock Option Plan

Parisotto, Paul Anthony 4 7/7/2011 00

RX EXPLORATION INC. Warrants Parisotto, Paul Anthony 4 6/7/2011 00 RX EXPLORATION INC. Warrants Parisotto, Paul Anthony 4 7/7/2011 00 RX EXPLORATION INC. Common Shares Taylor, Robert Michael 5 1/9/2011 00 RX EXPLORATION INC. Common Shares Taylor, Robert Michael 5 9/12/2011 10 0.4 125,000 125,000 Rye Patch Gold Corp. Common Shares Poznanski, Bernard 5 22/6/2007 00 Rye Patch Gold Corp. Common Shares Poznanski, Bernard 5 13/12/2011 10 0.66 30,000 30,000 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 9/12/2011 10 4.12 22,250,600 -51,000 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 12/12/2011 10 4.2 20,922,600 -1,328,000 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 13/12/2011 10 4.07 78,772 -2,700 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 13/12/2011 10 4.06 77,772 -1,000 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 13/12/2011 10 4.05 73,972 -3,800 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 13/12/2011 10 4.03 69,872 -4,100 Sabina Gold & Silver Corp. Common Shares Hean, Scott Bradbury 4 13/12/2011 10 4.02 66,472 -3,400 Savanna Energy Services Corp.

Common Shares MULLEN, Kenneth Brandon 4, 5 13/12/2011 10 7.49 15,900 3,000

Savanna Energy Services Corp.

Common Shares MULLEN, Kenneth Brandon 4, 5 14/12/2011 10 7.07 18,400 2,500

Savaria Corporation Common Shares BOURASSA, JEAN-MARIE 4, 6, 5 16/12/2011 47 1.4 135,500 -50,000

Savaria Corporation Common Shares Bourassa, Marcel 4, 6, 5 2/12/2011 47 1.44 270,900 -20,000 Savaria Corporation Common Shares Savaria Corporation 1 12/12/2011 38 1.44 1,000 1,000 Savaria Corporation Common Shares Savaria Corporation 1 13/12/2011 38 1.42 2,000 1,000 Savaria Corporation Common Shares Savaria Corporation 1 15/12/2011 38 1.45 3,000 1,000 Seabridge Gold Inc. Options Layman, Jay Scott 5 12/12/2011 50 300,000 100,000 Seabridge Gold Inc. Options Murphy, Robert Brent 5 12/12/2011 50 21.98 171,000 50,000 Seabridge Gold Inc. Common Shares Reynolds, Christopher Justin 5 9/12/2011 11 26.13 10,000 3,200

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12836



Acquired/ Disposed

Seabridge Gold Inc. Options Reynolds, Christopher Justin 5 12/12/2011 50 21.98 225,000 75,000

Seabridge Gold Inc. Options Threlkeld, William Earl II 5 12/12/2011 50 21.98 285,000 50,000 Seabridge Gold Inc. Options Trujillo, Gloria M. 8 12/12/2011 50 21.98 70,000 20,000 Search Minerals Inc. Common Shares Clucas, James David 4 12/12/2011 10 0.2677 753,200 8,700 Search Minerals Inc. Common Shares Dreisinger, David Bruce 4 12/12/2011 51 0.1 765,000 100,000 Search Minerals Inc. Options Dreisinger, David Bruce 4 12/12/2011 51 0.1 343,000 -100,000 Search Minerals Inc. Common Shares Patterson, James Matthew 4 21/10/2008 00

Search Minerals Inc. Common Shares Patterson, James Matthew 4 12/12/2011 10 0.27 40,000 40,000

Search Minerals Inc. Common Shares Saunders, Raymond James 4 12/12/2011 10 0.25 1,041,000 10,000



Secure Energy Services Inc. Common Shares Amirault, Rene 3, 4, 5 12/12/2011 51 1 2,209,000 210,000

Secure Energy Services Inc. Common Shares Amirault, Rene 3, 4, 5 12/12/2011 10 6.85 2,009,000 -200,000

Secure Energy Services Inc. Common Shares Employee Share Ownership Plan

Amirault, Rene 3, 4, 5 15/12/2011 30 6.8 8,849 568

Secure Energy Services Inc. Options Amirault, Rene 3, 4, 5 12/12/2011 51 1 317,450 -210,000


Gransch, Allen Peter 5 15/12/2011 30 6.8 5,054 264


Myrheim, Karen Margaret 5 15/12/2011 30 6.8 5,212 279


Parkinson, Dean 7 28/10/2011 00


Parkinson, Dean 7 15/12/2011 30 6.8 175 175

Secure Energy Services Inc. Common Shares Perras, Gary Gaetan 5 14/12/2011 51 1 34,700 30,000

Secure Energy Services Inc. Common Shares Perras, Gary Gaetan 5 14/12/2011 54 1.5 64,700 30,000

Secure Energy Services Inc. Common Shares Perras, Gary Gaetan 5 14/12/2011 54 1.5 82,199 17,499


Perras, Gary Gaetan 5 15/12/2011 30 6.8 5,501 232

Secure Energy Services Inc. Options Perras, Gary Gaetan 5 14/12/2011 51 1 272,875 -30,000

Secure Energy Services Inc. Options Perras, Gary Gaetan 5 14/12/2011 51 1 30,000

Secure Energy Services Inc. Options Perras, Gary Gaetan 5 14/12/2011 51 1 30,000

Secure Energy Services Inc. Warrants Performance Warrants

Perras, Gary Gaetan 5 14/12/2011 54 1.5 24,999 -30,000


Perras, Gary Gaetan 5 14/12/2011 54 1.5 30,000




Perras, Gary Gaetan 5 14/12/2011 54 1.5 7,500 -17,499





Secure Energy Services Inc. Common Shares Steinke, Daniel 5 14/12/2011 51 1 500,000 60,000

Secure Energy Services Inc. Common Shares Steinke, Daniel 5 14/12/2011 54 1.5 560,000 60,000

Secure Energy Services Inc. Common Shares Steinke, Daniel 5 14/12/2011 54 1.5 584,999 24,999

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12837



Acquired/ Disposed


Steinke, Daniel 5 15/12/2011 30 6.8 5,142 265

Secure Energy Services Inc. Options Steinke, Daniel 5 14/12/2011 51 1 312,875 -60,000


Steinke, Daniel 5 14/12/2011 54 1.5 24,999 -60,000


Steinke, Daniel 5 14/12/2011 54 1.5 0 -24,999


WADSWORTH, GEORGE 7 15/12/2011 30 6.8 775 408


Wieler, Ronald Nicholas 5 15/12/2011 30 6.8 5,819 355

Selwyn Resources Ltd. Common Shares Resource Capital Fund IV LP

3 6/12/2011 11 67,461,948 17,479

Seprotech Systems Incorporated

Options Marshall, Harry John 4 9/12/2011 50 0.1 1,900,000 1,500,000


Options Stirling, John Mark 4 4/8/2011 00


Options Stirling, John Mark 4 9/12/2011 50 0.1 100,000 100,000

Serica Energy PLC Common Shares Flegg, Mitchell Robert 5 13/12/2011 10 0.18 46,798 2,082 Serica Energy PLC Common Shares Hearne, Christopher James 4, 5 13/12/2011 10 0.18 33,325 2,082

Serica Energy PLC Common Shares Sadler, Peter 5 13/12/2011 10 0.18 36,181 2,082 SHAW COMMUNICATIONS INC.

Non-Voting Shares Class "B"

Shaw, Bradley 4, 5 16/12/2011 30 20.2 11,623 684

SHAW COMMUNICATIONS INC.


Shaw, JR 3, 4, 5 16/12/2011 30 20.26 74,595 664

SHAW COMMUNICATIONS INC.


Shaw, Julie 5 16/12/2011 30 20.2 3,319 179

ShawCor Ltd. Options Class A Graham, Garry Lee 5 16/12/2011 51 16.68 61,000 -8,000 ShawCor Ltd. Subordinate Voting Shares

Class A Graham, Garry Lee 5 16/12/2011 51 16.68 9,179 8,000

ShawCor Ltd. Subordinate Voting Shares Class A

ShawCor Ltd 1 28/11/2011 10 24.99 10,000


ShawCor Ltd 1 28/11/2011 10 24.975 10,000 10,000


Tikkanen, John Douglas 5 1/12/2011 10 27.06 600


Tikkanen, John Douglas 5 1/12/2011 10 27.06 600


Tikkanen, John Douglas 5 1/2/2003 00


Tikkanen, John Douglas 5 1/12/2011 10 27.06 600 600

Shelby Ventures Inc. Common Shares Ricci, Antonio 4, 5 5/12/2011 37 200,000 -200,000 Sheltered Oak Resources Corp.

Common Shares Hanson, Robert K. 4 13/12/2011 10 0.025 277,684 -200,000

Shield Gold Inc. Common Shares ANKCORN, PAUL RUSSELL

4, 5 7/12/2011 10 0.07 610,710 15,000

Shoppers Drug Mart Corporation

Common Shares PILLA, DOMENICO 4, 5 1/11/2011 00

Shoppers Drug Mart Corporation

Common Shares PILLA, DOMENICO 4, 5 15/12/2011 10 43.15 1,000 1,000

Shoreline Energy Corp. Common Shares Shippen, Peter James 4 24/11/2011 22 10 5,546 3,046 Shoreline Energy Corp. Warrants Shippen, Peter James 4 24/11/2011 22 12 5,546 3,046 SIERRA MADRE DEVELOPMENTS INC.

Common Shares von Einsiedel, Carl Alexander

4, 5 2/12/2011 10 0.155 2,545,642 5,000

SIERRA MADRE DEVELOPMENTS INC.


4, 5 7/12/2011 10 0.155 2,564,642 19,000



4, 5 8/12/2011 10 0.15 2,584,642 20,000



4, 5 8/12/2011 10 0.145 2,589,642 5,000



4, 5 12/12/2011 10 0.145 2,599,642 10,000

Silver Mountain Mines Inc. Options Gordon, Daryn Brian 5 17/11/2010 00 Silver Mountain Mines Inc. Options Gordon, Daryn Brian 5 22/6/2011 00 Silver Predator Corp. Common Shares Sheriff, William Morris 4 14/12/2011 10 0.3 1,390,208 30,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12838



Acquired/ Disposed

SilverBirch Energy Corporation

Common Shares Douglas, Kevin 3 12/12/2011 10 6.448 1,321,665 3,689


Common Shares Douglas, Kevin 3 13/12/2011 10 6.452 1,322,634 969


Common Shares Douglas, Kevin 3 14/12/2011 10 6.513 1,323,195 561












Common Shares Douglas, Kevin 3 12/12/2011 10 6.448 777,450 2,170


Common Shares Douglas, Kevin 3 13/12/2011 10 6.452 778,020 570


Common Shares Douglas, Kevin 3 14/12/2011 10 6.513 778,350 330


Common Shares Douglas, Kevin 3 15/12/2011 10 6.51 780,400 2,050









Silvermet Inc. Common Shares Atacan, Ian D 5 15/12/2011 10 0.075 50,000 10,000 Silvermet Inc. Common Shares Spurr, Keith 4 23/2/2009 00 Silvermet Inc. Common Shares Spurr, Keith 4 9/12/2011 10 0.07 100,000 100,000 Skylon Growth & Income Trust

Trust Units Skylon Growth & Income Trust

1 7/12/2011 38 7.5981 1,600 1,600

Skylon Growth & Income Trust


1 7/12/2011 38 0 -1,600



1 8/12/2011 38 7.57 1,600 1,600



1 8/12/2011 38 0 -1,600



1 14/12/2011 38 7.47 1,600 1,600



1 14/12/2011 38 0 -1,600

SkyWest Acquisitions Ltd. Common Shares Alexander, Richard M. 4 5/12/2011 22 0 -500,000 SkyWest Acquisitions Ltd. Common Shares Alexander, Richard M. 4 8/10/2009 00 33,334 SkyWest Acquisitions Ltd. Common Shares Alexander, Richard M. 4 5/12/2011 22 0 -33,334 SkyWest Acquisitions Ltd. Options Alexander, Richard M. 4 5/12/2011 22 95,000 -63,000 SkyWest Acquisitions Ltd. Options Alexander, Richard M. 4 5/12/2011 22 29,000 -66,000 SkyWest Acquisitions Ltd. Options Alexander, Richard M. 4 5/12/2011 22 0 -29,000 SkyWest Acquisitions Ltd. Common Shares Burke-Gaffney, Mary

Elizabeth 5 5/12/2011 22 0 -577,359

SkyWest Acquisitions Ltd. Options Burke-Gaffney, Mary Elizabeth

5 5/12/2011 22 0 -600,000

SkyWest Acquisitions Ltd. Warrants exercisable at $0.20 per share, expiring June 14, 2016

Burke-Gaffney, Mary Elizabeth

5 5/12/2011 22 0 -377,359

SkyWest Acquisitions Ltd. Options Rath, Trevor Helmut 5 5/12/2011 22 0 -100,000 SkyWest Acquisitions Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 22 0 -3,217,331

SkyWest Acquisitions Ltd. Common Shares Thompson, Richard David 4, 5 5/12/2011 22 0 -2,037,735

SkyWest Acquisitions Ltd. Options Thompson, Richard David 4, 5 5/12/2011 22 0 -600,000


Thompson, Richard David 4, 5 5/12/2011 22 0 -1,735,850


Thompson, Richard David 4, 5 5/12/2011 22 0 -2,037,735

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12839



Acquired/ Disposed

SNC-Lavalin Group Inc. Common Shares BEN AISSA,, Riadh 5 16/12/2011 51 37.64 32,400 24,000 SNC-Lavalin Group Inc. Common Shares BEN AISSA,, Riadh 5 16/12/2011 51 31.59 38,400 6,000 SNC-Lavalin Group Inc. Common Shares BEN AISSA,, Riadh 5 16/12/2011 51 37.53 40,400 2,000 SNC-Lavalin Group Inc. Options BEN AISSA,, Riadh 5 16/12/2011 51 97,800 -24,000 SNC-Lavalin Group Inc. Options BEN AISSA,, Riadh 5 16/12/2011 51 91,800 -6,000 SNC-Lavalin Group Inc. Options BEN AISSA,, Riadh 5 16/12/2011 51 89,800 -2,000 SNC-Lavalin Group Inc. Restricted Share

Units/Unités d'actions incessibles

CARON, Darleen 5 13/12/2011 56 4,119 4,119

SNC-Lavalin Group Inc. Restricted Share Units/Unités d'actions incessibles

CARON, Darleen 5 13/12/2011 56 4,119

SNC-Lavalin Group Inc. Restricted Share Units/Unités d'actions incessibles

CARON, Darleen 5 13/12/2011 56 4,119

SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 12/12/2011 90 50,860 19,014 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 12/12/2011 90 74,825 23,965 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 14/12/2011 51 29.2 82,825 8,000 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 14/12/2011 10 48.389 74,825 -8,000 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 15/12/2011 51 29.2 82,825 8,000 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 15/12/2011 10 48.75 74,825 -8,000 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 16/12/2011 51 29.2 82,825 8,000 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 16/12/2011 10 48.5 75,125 -7,700 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 16/12/2011 10 48.53 74,825 -300 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 12/12/2011 90 9,137 -23,965 SNC-Lavalin Group Inc. Common Shares DUHAIME, Pierre 4 12/12/2011 90 5,160 -19,014 SNC-Lavalin Group Inc. Options DUHAIME, Pierre 4 14/12/2011 51 290,100 -8,000 SNC-Lavalin Group Inc. Options DUHAIME, Pierre 4 15/12/2011 51 282,100 -8,000 SNC-Lavalin Group Inc. Options DUHAIME, Pierre 4 16/12/2011 51 274,100 -8,000 SNC-Lavalin Group Inc. Common Shares NOVAK, Michael C. 5 12/12/2011 47 49.33 57,313 -2,000 Sniper Resources Ltd. Common Shares Baxter, Scott David 3, 4, 5 9/12/2011 11 0.1 4,861,880 -100,000 Softchoice Corporation Common Shares Reesor, Allan James 4 13/12/2011 10 10.25 15,000 -4,800 Solomon Resources Limited Options Rogers, Randall Stewart 4, 7, 5 16/12/2011 50 0.1 485,000 150,000

Solvista Gold Corporation Common Shares Bullet Holding Corporation 3 14/12/2011 10 0.54 14,206,331 3,500

Sonde Resources Corp. Common Shares Riddell, Clayton H. 3 13/12/2011 10 2.3396 449,255 45,000 South American Silver Corp. Common Shares Doran, Richard 5 12/12/2011 51 0.5 912,608 16,776

South American Silver Corp. Common Shares Doran, Richard 5 12/12/2011 10 1.48 912,541 -67

South American Silver Corp. Common Shares Doran, Richard 5 12/12/2011 10 1.5 906,941 -5,600

South American Silver Corp. Options with tandem share appreciation right

Doran, Richard 5 12/12/2011 51 325,000 -25,000

Southeast Asia Mining Corp. Common Shares Oliveira, Johnny 5 25/11/2011 00

Southeast Asia Mining Corp. Options Oliveira, Johnny 5 25/11/2011 00

Spartan Oil Corp. Common Shares Stark, Albert Jason 5 1/6/2011 00 Spartan Oil Corp. Common Shares Stark, Albert Jason 5 8/12/2011 16 3.2 125,000 125,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 9/12/2011 10 0.211 6,022,040 2,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 12/12/2011 10 0.2089 6,075,040 53,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 13/12/2011 10 0.205 6,076,540 1,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 14/12/2011 10 0.1878 6,140,040 63,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 15/12/2011 10 0.1925 6,159,540 19,500 Sprott Power Corp. Options Estill, Glen Robert 4 15/12/2011 50 0.72 125,000 25,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 7/12/2011 10 0.75 3,696,394 5,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 8/12/2011 10 0.72 3,698,394 2,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 12/12/2011 10 0.71 3,701,394 3,000 ST ANDREW GOLDFIELDS LTD.

Common Shares Abramson, Randall 3 8/12/2011 11 0.53 24,791,512 -11,079

ST ANDREW GOLDFIELDS LTD.

Common Shares Abramson, Randall 3 8/12/2011 11 0.53 24,802,591 11,079


Common Shares Abramson, Randall 3 13/12/2011 97 24,776,370 -26,221


Common Shares Au, Ben 5 12/12/2011 30 0.45 184,916 5,072


Common Shares Michaud, Michael Julien 5 12/12/2011 30 0.45 109,368 4,684


Common Shares Michaud, Michael Julien 5 12/12/2011 51 0.37 225,868 116,500


Common Shares Michaud, Michael Julien 5 12/12/2011 10 0.45 109,368 -116,500

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12840



Acquired/ Disposed


Common Shares Michaud, Michael Julien 5 13/12/2011 51 0.37 109,535 167


Common Shares Michaud, Michael Julien 5 13/12/2011 10 0.45 109,368 -167


Options Michaud, Michael Julien 5 12/12/2011 51 0.37 1,100,167 -116,500


Options Michaud, Michael Julien 5 13/12/2011 51 0.37 1,100,000 -167


Common Shares Middlemiss, Duncan Kenneth

5 12/12/2011 30 0.45 39,043 4,758

Stantec Inc. Common Shares Gomes, Robert 4, 7, 5 12/12/2011 51 26 8,000 Stantec Inc. Common Shares Gomes, Robert 4, 7, 5 12/12/2011 51 12.25 73,426 8,000 Stantec Inc. Common Shares Gomes, Robert 4, 7, 5 12/12/2011 10 26 65,426 -8,000 Stantec Inc. Options Gomes, Robert 4, 7, 5 12/12/2011 51 12.25 27,500 -8,000 Stellar Pharmaceuticals Inc. Common Shares Goldman, Steven Harold 4 14/12/2011 10 0.65 586,706 3,200

Stellar Pharmaceuticals Inc. Common Shares Goldman, Steven Harold 4 14/12/2011 10 0.66 603,706 17,000


Stellar Pharmaceuticals Inc. Common Shares Goldman, Steven Harold 4 8/4/2010 00





Stem Cell Therapeutics Corp. Common Shares ALLAN, DAVID G. P. 4 9/12/2011 10 0.045 26,000

Stem Cell Therapeutics Corp. Common Shares ALLAN, DAVID G. P. 4 9/12/2011 10 0.045 26,000

Stem Cell Therapeutics Corp. Common Shares ALLAN, DAVID G. P. 4 27/6/2011 00

Stem Cell Therapeutics Corp. Common Shares ALLAN, DAVID G. P. 4 9/12/2011 10 0.045 26,000 26,000

Strata-X Ltd. Common Shares Prepet Pty Ltd. 3 8/12/2011 10 0.18 5,820,000 34,000 Strata-X Ltd. Common Shares Prepet Pty Ltd. 3 15/12/2011 10 0.18 5,836,000 16,000 Strike Gold Corp. Common Shares Biagioni, Robert Adrian 4, 5 13/12/2011 10 0.15 20,000 10,000 Strike Gold Corp. Common Shares Biagioni, Robert Adrian 4, 5 14/12/2011 10 0.135 28,500 8,500 Sulliden Gold Corporation Ltd.

Common Shares Bharti, Stan 4 13/12/2011 10 4,211,055 -97,300

Sulliden Gold Corporation Ltd.

Common Shares Milbourne, Joe 5 18/11/2009 00


Common Shares Milbourne, Joe 5 12/12/2011 10 3,500 3,500


Common Shares Tagliamonte, Peter Wilson 4, 5 9/12/2011 10 292,981 20,000

SunOpta Inc. Common Shares Tavares, Antonio 5 12/12/2011 51 1.64 42,478 22,800 SunOpta Inc. Common Shares Tavares, Antonio 5 14/12/2011 10 5.0602 19,678 -22,800 SunOpta Inc. Options Tavares, Antonio 5 12/12/2011 51 1.64 214,200 -22,800 Supremex Inc. Common Shares Armoyan, Sime 3 7/12/2011 10 1.55 3,298,600 2,100 Supremex Inc. Common Shares Armoyan, Sime 3 8/12/2011 10 1.55 3,306,500 7,900 Supremex Inc. Common Shares Armoyan, Sime 3 9/12/2011 10 1.55 3,310,200 3,700 Surge Energy Inc. Common Shares Mitchell, Bruce 3 5/3/2010 10 4.4478 -55,000 Surge Energy Inc. Common Shares Mitchell, Bruce 3 5/3/2010 10 4.4478 -55,000 SXC Health Solutions Corp. Common Shares Burke, Terrence Charles 4 14/12/2011 97 55.27 18,259 2,800

SXC Health Solutions Corp. Common Shares Burke, Terrence Charles 4 14/12/2011 97 55.27 20,509 2,250



SXC Health Solutions Corp. Common Shares Burke, Terrence Charles 4 15/12/2011 10 55.19 22,595 -3,039

SXC Health Solutions Corp. Options Burke, Terrence Charles 4 14/12/2011 51 5.675 0 -2,500

SXC Health Solutions Corp. Restricted stock units Burke, Terrence Charles 4 14/12/2011 97 4,875 -2,800

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12841



Acquired/ Disposed

SXC Health Solutions Corp. Restricted stock units Burke, Terrence Charles 4 14/12/2011 97 2,625 -2,250

SXC Health Solutions Corp. Restricted stock units Burke, Terrence Charles 4 14/12/2011 97 0 -2,625

TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 14/12/2011 10 6.77 342,956 -400 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 14/12/2011 10 6.76 342,256 -700 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 14/12/2011 10 6.75 323,356 -18,900 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7.05 322,356 -1,000 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7.04 321,656 -700 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7.03 321,056 -600 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7.02 320,756 -300 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7.01 319,456 -1,300 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 16/12/2011 10 7 313,356 -6,100 TAG Oil Ltd Common Shares Cadenhead, Drew 5 13/12/2011 51 1.25 66,400 50,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 13/12/2011 51 2.6 166,400 100,000 TAG Oil Ltd Options Cadenhead, Drew 5 13/12/2011 51 1.25 375,000 -50,000 TAG Oil Ltd Options Cadenhead, Drew 5 13/12/2011 51 2.6 275,000 -100,000 TAG Oil Ltd Common Shares Elliott International Capital

Advisors Inc. 3 5/12/2011 10 5.675 107,247

TAG Oil Ltd Common Shares Elliott International Capital Advisors Inc.

3 5/12/2011 10 5.7265 3,555,536 131,256


3 5/12/2011 10 5.6433 3,589,276 33,740


3 8/12/2011 10 7.0129 3,524,276 -65,000


3 8/12/2011 10 7.3093 3,508,744 -15,532

TAG Oil Ltd Common Shares Johnson, Garth Evan 4 13/12/2011 10 7.25 14,000 -10,000 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 9/12/2011 10 7.25 4,500 -7,500 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 9/12/2011 10 7.3 3,500 -1,000 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 9/12/2011 10 7.1 0 -3,500 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 5/12/2011 10 5.675 57,749 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 5/12/2011 10 5.675 57,749 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 8/12/2011 10 7.0129 2,214,520 -35,000 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 8/12/2011 10 7.3093 2,206,156 -8,364 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 13/12/2011 10 7.2335 2,147,656 -58,500 Tajiri Resources Corp. Common Shares Gillis, Michael Stephen 4 28/11/2011 59 0.09 406,000 -27,000 Talisman Energy Inc. Preferred Shares

Cumulative Redeemable Rate Reset First Pref Shares, Series 1

BERGEVIN, Christiane 4 29/4/2009 00

Talisman Energy Inc. Preferred Shares Cumulative Redeemable Rate Reset First Pref Shares, Series 1

BERGEVIN, Christiane 4 13/12/2011 10 25 300 300

Talisman Energy Inc. Common Shares BLAKELEY, Alexander Paul 5 13/12/2011 10 12.1 154,184 10,000

Talisman Energy Inc. Common Shares BLAKELEY, Alexander Paul 5 16/12/2011 10 11.73 164,184 10,000

Talmora Diamond Inc. Common Shares Davies, Raymond 3, 4, 5 9/12/2011 51 0.05 8,621,866 449,000 Talmora Diamond Inc. Options Davies, Raymond 3, 4, 5 9/12/2011 51 0.05 425,000 -449,000 Tamarack Valley Energy Ltd. Common Shares Screen, Kevin 5 14/12/2011 10 0.315 159,500 55,500

Tamarack Valley Energy Ltd. Common Shares Screen, Kevin 5 15/12/2011 10 0.315 179,000 19,500

Tanzanian Royalty Exploration Corporation

Common Shares HANSEN, HELEN ELIZABETH

5 12/12/2011 30 2.95 2,118 276


Common Shares Ngunangwa, Florian Eustack 5 12/12/2011 30 2.95 16,522 565


Common Shares Van Tongeren, Steven Petrus

5 12/12/2011 30 2.95 22,395 1,144

Taranis Resources Inc. Common Shares Kent, George Robert 4, 5 7/12/2011 10 0.1803 3,553,000 15,000 Taranis Resources Inc. Common Shares Kent, George Robert 4, 5 8/12/2011 10 0.1517 3,596,000 43,000 Tawsho Mining Inc. Common Shares Baer, Eduardo 5 9/12/2011 10 0.24 10,000 5,000 Tawsho Mining Inc. Options Baer, Eduardo 5 24/11/2011 50 225,000 Tawsho Mining Inc. Options Baer, Eduardo 5 24/11/2011 50 250,000 250,000 Tawsho Mining Inc. Options Baer, Eduardo 5 24/11/2011 50 225,000 Tawsho Mining Inc. Options Baer, Eduardo 5 24/11/2011 50 500,000 250,000 TELUS Corporation Non-Voting Shares Woodley, Donald 4 9/12/2011 10 52.61 2,264 900 TELUS Corporation Non-Voting Shares Woodley, Donald 4 9/12/2011 10 52.62 2,464 200 TELUS Corporation Non-Voting Shares Woodley, Donald 4 9/12/2011 10 52.66 2,564 100 TELUS Corporation Non-Voting Shares Woodley, Donald 4 9/12/2011 10 52.67 3,364 800

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12842



Acquired/ Disposed

Terra Energy Corp. Common Shares Evans, Ralph G. 4 8/12/2011 10 0.46 75,000 -1,000 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 14/12/2011 10 0.65 8,262,976 37,500 TerraVest Income Fund Trust Units Armoyan, George 3 7/12/2011 10 2.16 2,347,300 9,000 TerraVest Income Fund Trust Units Armoyan, George 3 7/12/2011 10 2.14 2,348,800 1,500 TerraVest Income Fund Trust Units Armoyan, George 3 7/12/2011 10 1.55 2,100 TerraVest Income Fund Trust Units Armoyan, George 3 7/12/2011 10 1.55 2,100 TerraVest Income Fund Trust Units Armoyan, George 3 9/12/2011 10 2.1927 2,382,900 34,100 TerraVest Income Fund Trust Units Armoyan, George 3 12/12/2011 10 2.15 2,383,700 800 TerraVest Income Fund Trust Units Armoyan, George 3 13/12/2011 10 2.15 2,385,000 1,300 TerraVest Income Fund Trust Units Armoyan, George 3 14/12/2011 10 2.15 2,385,300 300 Tesla Exploration Ltd. (formerly Norex Exploration Services Inc.)

Common Shares Tesla Exploration Ltd. 1 13/12/2011 38 2.85 2,000 1,000

Tesla Exploration Ltd. (formerly Norex Exploration Services Inc.)

Common Shares Tesla Exploration Ltd. 1 14/12/2011 38 2.85 2,200 200

Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 15/12/2011 10 0.45 29,789,292 97,000 Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 16/12/2011 10 0.46 29,839,292 50,000 The Brick Ltd. Common Shares Grondin, Kenneth Joseph 5 2/8/2011 00 The Brick Ltd. Common Shares Grondin, Kenneth Joseph 5 14/12/2011 10 3 10,000 10,000 The Churchill Corporation Rights Deferred Share

Units (DSUs) Houck, James Curtis 5 9/12/2011 56 10.38 11,821 107

The Churchill Corporation Rights Deferred Share Units (DSUs)

Johnston, Evan 5 9/12/2011 56 10.38 608 122


LeMay, David 5 9/12/2011 56 10.38 1,270 24


Sands, Daryl 5 9/12/2011 56 10.38 2,505 71

The Toronto-Dominion Bank Options Ahmed, Riaz 5 12/12/2011 50 179,836 33,504

The Toronto-Dominion Bank Rights Deferred Share Units (DSU)

Ahmed, Riaz 5 12/12/2011 56 86,818 7,848

The Toronto-Dominion Bank Rights Performance Share Units (PSU)

Ahmed, Riaz 5 11/12/2011 56 42,603 2,683


Ahmed, Riaz 5 11/12/2011 59 73.27 26,507 -16,096


Ahmed, Riaz 5 12/12/2011 56 41,248 14,741


Bennett, William E. 4 12/12/2011 56 28,006 1,228


Bennett, William E. 4 13/12/2011 56 28,914 908


Bolton, Hugh John 4 12/12/2011 56 21,185 1,228


Bragg, John 4 12/12/2011 56 21,763 1,228


Brinkley, Amy Woods 4 12/12/2011 56 4,338 1,228

The Toronto-Dominion Bank Options capozzolo, John 5 12/12/2011 50 73.27 50,169 4,952

The Toronto-Dominion Bank Options capozzolo, John 5 16/12/2011 51 73.27 35,237 -14,932

The Toronto-Dominion Bank Options capozzolo, John 5 16/12/2011 51 73.27 50,169 14,932

The Toronto-Dominion Bank Options Chauvin, Mark Russell 5 12/12/2011 50 213,836 35,364


Chauvin, Mark Russell 5 11/12/2011 56 45,028 2,706


Chauvin, Mark Russell 5 11/12/2011 59 73.27 28,792 -16,236


Chauvin, Mark Russell 5 12/12/2011 56 44,351 15,559

The Toronto-Dominion Bank Options Clark, William Edmund 4 12/12/2011 50 1,789,812 161,608


Clark, William Edmund 4 12/12/2011 56 397,119 26,546




Clark, William Edmund 4 11/12/2011 59 73.27 146,412 -84,708



Insider Reporting

December 23, 2011 (2011) 34 OSCB 12843



Acquired/ Disposed

The Toronto-Dominion Bank Options Currie, Theresa Lynn 5 12/12/2011 50 172,180 29,780


Currie, Theresa Lynn 5 11/12/2011 56 34,718 2,236


Currie, Theresa Lynn 5 11/12/2011 59 73.27 21,304 -13,414


Currie, Theresa Lynn 5 12/12/2011 56 34,407 13,103


Dobson, Wendy K. 4 12/12/2011 56 19,347 512

The Toronto-Dominion Bank Options Dorrance, Robert E 5 12/12/2011 50 1,021,460 88,716


Dorrance, Robert E 5 11/12/2011 57 159,925 49,414






Dorrance, Robert E 5 11/12/2011 57 73.27 93,261 -49,414



The Toronto-Dominion Bank Options Hockey, Timothy 5 12/12/2011 50 394,272 58,936


Hockey, Timothy 5 11/12/2011 56 96,026 7,530


Hockey, Timothy 5 11/12/2011 59 73.27 50,846 -45,180


Hockey, Timothy 5 12/12/2011 56 76,642 25,796

The Toronto-Dominion Bank Options Johnston, Colleen 5 12/12/2011 50 294,680 37,224


Johnston, Colleen 5 12/12/2011 56 45,543 4,743




Johnston, Colleen 5 11/12/2011 59 73.27 32,425 -24,707




KETCHAM, HENRY HOLMAN III

4 12/12/2011 56 34,614 1,228


LESSARD, Pierre H. 4 12/12/2011 56 37,177 512


Levitt, Brian 4 12/12/2011 56 12,563 2,047


MacKay, Harold H. 4 12/12/2011 56 22,592 1,228


Maidment, Karen 4 12/12/2011 56 1,634 1,228

The Toronto-Dominion Bank Options Masrani, Bharat 5 12/12/2011 50 718,192 79,604


Masrani, Bharat 5 11/12/2011 56 143,065 12,166


Masrani, Bharat 5 11/12/2011 59 73.27 70,071 -72,994


Masrani, Bharat 5 12/12/2011 56 105,096 35,025

The Toronto-Dominion Bank Options McKenna, Frank Joseph 5 12/12/2011 50 410,364 45,288


McKenna, Frank Joseph 5 11/12/2011 57 153,048 36,000




McKenna, Frank Joseph 5 11/12/2011 57 73.27 40,833 -36,000




Miller, Irene Ruth 4 12/12/2011 56 18,509 1,228


Mohamed, Nadir 4 12/12/2011 56 10,746 1,228

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12844



Acquired/ Disposed

The Toronto-Dominion Bank Options Pedersen, Mike 5 12/12/2011 50 327,656 57,696


Pedersen, Mike 5 11/12/2011 56 84,065 6,000


Pedersen, Mike 5 11/12/2011 59 73.27 48,065 -36,000


Pedersen, Mike 5 12/12/2011 56 73,451 25,386


Prezzano, Wilbur J 4 12/12/2011 56 34,751 1,228


Sinclair, Helen K 4 12/12/2011 56 19,594 1,228


Taylor, Carole S. 4 12/12/2011 56 4,065 1,228


Thompson, John Munro 4 12/12/2011 56 19,878 1,228

THÉBEX INC. Common Shares Bussières, Martin 6 29/4/2011 00 660,000 THÉBEX INC. Common Shares Lyfra Capital Inc. 3 29/4/2011 00 401,920 THÉBEX INC. Common Shares Vallières, Nicole 6 29/4/2011 00 401,920 THÉBEX INC. Common Shares Welch, Bussières, Avocats

Inc. 3 29/4/2011 00 660,000

THÉBEX INC. Common Shares Welch, Jean-François 4, 6, 5 29/4/2011 00 660,000 Theralase Technologies Inc. Common Shares Bruder, Randall 4 14/12/2011 10 0.45 951,360 500

Theralase Technologies Inc. Common Shares Bruder, Randall 4 16/12/2011 10 0.45 951,860 500

Theratechnologies Inc. Unites d'actions avec restrictions

Huss, John-Michel 4, 5 1/12/2010 00



Theratechnologies Inc. Unités d'actions avec restrictions



Huss, John-Michel 4, 5 14/2/2011 36 5.41 44,248 44,248


Huss, John-Michel 4, 5 9/12/2011 56 2.38 105,042


Huss, John-Michel 4, 5 9/12/2011 56 2.38 105,042


Huss, John-Michel 4, 5 9/12/2011 56 2.38 149,290 105,042

Theratechnologies Inc. Unités d'actions différées (DSU)

Huss, John-Michel 4, 5 14/2/2011 36 0 -44,248

Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 1/12/2011 10 2.1325 6,101,295 -700 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 8/12/2011 10 2.2433 6,164,995 2,700 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 9/12/2011 10 2.2613 6,177,295 12,300 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 13/12/2011 10 2.1753 6,227,295 50,000 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 14/12/2011 10 2.1393 6,243,395 16,100 Thomson Reuters Corporation

Options Beattie, William Geoffrey 4, 6, 5 13/12/2011 52 48.4 50,000 -50,000

Thomson Reuters Corporation

Options Daleo, Robert 5 13/12/2011 52 48.4 846,940 -133,000


Options Smith, James Clifton 5 13/12/2011 52 48.4 985,445 -42,500


Common Shares The Woodbridge Company Limited

3 14/12/2011 47 27.05 458,236,698 -1,870

Tim Hortons Inc. Restricted Stock Units Aebker, Jill E. 5 14/12/2011 35 49.15 2,998 10 Tim Hortons Inc. Restricted Stock Units Anthony, Douglas G. 7 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Deferred Stock Units

(DSU)Atkins, Margaret Shan 4 14/12/2011 35 49.15 10,317 36

Tim Hortons Inc. Restricted Stock Units Blackmore, David J.G. 7 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Bonikowsky, Scott 5 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Clanachan, David F. 5 14/12/2011 35 49.15 11,811 42 Tim Hortons Inc. Restricted Stock Units Devine, Cynthia Jane 5 14/12/2011 35 49.15 12,971 45 Tim Hortons Inc. Restricted Stock Units Dimmel, D. Bruce 7 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Deferred Stock Units

(DSU)Endres, Michael 4 14/12/2011 35 49.15 14,489 51

Tim Hortons Inc. Restricted Stock Units Fife, Diana 5 14/12/2011 35 49.15 2,998 10 Tim Hortons Inc. Restricted Stock Units Fraser, Garry 7 14/12/2011 35 49.15 1,524 5 Tim Hortons Inc. Restricted Stock Units Fryday, Jeff 7 14/12/2011 35 49.15 2,349 8 Tim Hortons Inc. Deferred Stock Units

(DSU)Greene, Moya Marguerite 4 14/12/2011 35 49.15 10,549 36

Tim Hortons Inc. Restricted Stock Units Hemeon, John M. 5 14/12/2011 35 49.15 6,732 24 Tim Hortons Inc. Restricted Stock Units Hills, John B. 7 14/12/2011 35 49.15 2,350 8

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12845



Acquired/ Disposed

Tim Hortons Inc. Restricted Stock Units Hollis, Glenn O. 7 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units House, Paul 4, 5 14/12/2011 35 49.15 9,512 33 Tim Hortons Inc. Deferred Stock Units

(DSU)Iacobucci, Frank 4 14/12/2011 35 49.15 26,514 91

Tim Hortons Inc. Restricted Stock Units Javor, Nikola S. 5 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Johnston, Stephen A. 5 14/12/2011 35 49.15 4,577 16 Tim Hortons Inc. Restricted Stock Units Kahansky, Steven A. 5 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Kipker, Mira 7 14/12/2011 35 49.15 596 6 Tim Hortons Inc. Deferred Stock Units

(DSU)Lederer, John A. 4 14/12/2011 35 49.15 17,096 59

Tim Hortons Inc. Deferred Stock Units (DSU)

Lees, David 4 14/12/2011 35 49.15 16,950 59

Tim Hortons Inc. Restricted Stock Units McMullen, David H. 7 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Meilleur, Mike 5 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Michetti, Meredith 5 14/12/2011 35 49.15 1,890 6 Tim Hortons Inc. Restricted Stock Units Moir, William A. 5 14/12/2011 35 49.15 11,805 41 Tim Hortons Inc. Restricted Stock Units Montgomery, John R. 7 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Mortimer, Glen A. 7 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Myskiw, Michael J. 5 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Nadeau, Michael G. 7 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Nesbitt, James C. 5 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Deferred Stock Units

(DSU)Osborne, Ronald Walter 4 14/12/2011 35 49.15 8,936 31

Tim Hortons Inc. Restricted Stock Units Pelino, Brigid V. 5 14/12/2011 35 49.15 4,808 17 Tim Hortons Inc. Restricted Stock Units Piggot, Cara M. 7 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Restricted Stock Units Preston, James H. 7 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Deferred Stock Units

(DSU)Sales, Wayne Carlyle 4 14/12/2011 35 49.15 16,802 58

Tim Hortons Inc. Restricted Stock Units Toop, R. Scott 5 14/12/2011 35 49.15 6,732 24 Tim Hortons Inc. Restricted Stock Units Vogeli, Gregory A. 7 14/12/2011 35 49.15 596 6 Tim Hortons Inc. Restricted Stock Units Walton, Roland M. 5 14/12/2011 35 49.15 11,811 41 Tim Hortons Inc. Restricted Stock Units Wettlaufer, Michelle 5 14/12/2011 35 49.15 3,812 13 Tim Hortons Inc. Restricted Stock Units Wiant, James A. 5 14/12/2011 35 49.15 2,350 8 Tim Hortons Inc. Deferred Stock Units

(DSU)Williams, Catherine 4 14/12/2011 35 49.15 8,897 31

Tim Hortons Inc. Restricted Stock Units Wisch, Gesa 7 14/12/2011 35 49.15 1,610 5 Times Three Wireless Inc. Common Shares Fielding, Bruce Allen 5 1/12/2011 00 54,000 Times Three Wireless Inc. Common Shares Henschel, Robert William 4 30/11/2011 00 376,667 Times Three Wireless Inc. Options Henschel, Robert William 4 30/11/2011 00 120,000 Times Three Wireless Inc. Options Henschel, Robert William 4 30/11/2011 50 0.1 390,000 270,000 Times Three Wireless Inc. Warrants Henschel, Robert William 4 30/11/2011 00 291,667 Titan Uranium Inc. Common Shares FUNSTON, BEV 5 1/4/2011 00 Titan Uranium Inc. Common Shares FUNSTON, BEV 5 13/12/2011 10 0.155 50,000 50,000 Tolima Gold Inc. (Formerly FMX Ventures Inc.)

Common Shares DeFrancesco, Andrew A. 4, 7, 5 26/9/2011 00

Tolima Gold Inc. (Formerly FMX Ventures Inc.)

Common Shares DeFrancesco, Andrew A. 4, 7, 5 5/12/2011 16 2,275,000 2,275,000


Convertible Debentures DeFrancesco, Andrew A. 4, 7, 5 26/9/2011 00


Employee Options DeFrancesco, Andrew A. 4, 7, 5 26/9/2011 00


Employee Options DeFrancesco, Andrew A. 4, 7, 5 5/12/2011 50 1,250,000 1,250,000


Warrants DeFrancesco, Andrew A. 4, 7, 5 26/9/2011 00


Warrants DeFrancesco, Andrew A. 4, 7, 5 5/12/2011 16 500,000 500,000


Common Shares Lopez, Jaime Alberto 4, 5 5/12/2011 00 733,333


Employee Options Lopez, Jaime Alberto 4, 5 5/12/2011 00 750,000


Common Shares Martin, John William 7, 5 5/12/2011 00 500,000


Employee Options Martin, John William 7, 5 5/12/2011 00 250,000

TORO RESOURCES CORP. Common Shares ATLAS, RONALD J. 4 13/12/2011 10 0.17 1,720,000 9,000

Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 51 12.38 67,400 6,000 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.45 65,100 -2,300 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.46 64,500 -600 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.47 63,500 -1,000 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.49 62,700 -800 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.52 61,600 -1,100 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 13/12/2011 10 20.53 61,400 -200

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12846



Acquired/ Disposed

Toromont Industries Ltd. Options McLeod, Steven Douglas 5 13/12/2011 51 68,000 -6,000 Toromont Industries Ltd. Common Shares Toromont Industries Ltd. 1 12/12/2011 38 20 3,800 3,800 Toromont Industries Ltd. Common Shares Toromont Industries Ltd. 1 12/12/2011 38 20 0 -3,800 Torquay Oil Corp. Common Shares Class A Little, Darwin Keith 3, 5 12/12/2011 10 0.27 676,677 100,000

Torquay Oil Corp. Common Shares Class A McCallum, Terry Ross 4, 5 12/12/2011 10 0.27 615,000 105,000

Torquay Oil Corp. Common Shares Class A McCallum, Terry Ross 4, 5 12/12/2011 10 0.28 665,000 50,000

Total Energy Services Inc. Common Shares Gorbach, Yuliya 5 15/12/2011 10 16.4 825 570 Total Energy Services Inc. Common Shares Gorbach, Yuliya 5 16/12/2011 10 16.9 2,305 1,480 Total Energy Services Inc. Common Shares KEARL, MARK ANTHONY 5 8/12/2011 10 17.1 0 -3,500

Total Energy Services Inc. Common Shares KEARL, MARK ANTHONY 5 7/12/2011 10 17.07 30,000 -5,000

Total Energy Services Inc. Common Shares KEARL, MARK ANTHONY 5 8/12/2011 10 17.09 25,000 -5,000

Total Energy Services Inc. Common Shares Total Energy Services Inc 1 30/11/2011 10 30,000 -60,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/12/2011 10 17.03 45,000 15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 14/12/2011 10 16.422 60,000 15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 15/12/2011 10 16.383 71,100 11,100 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 16/12/2011 10 16.684 75,000 3,900 Total Energy Services Inc. Common Shares Wiswell, Andrew B. 4 15/12/2011 10 16.35 25,858 1,880 Total Energy Services Inc. Common Shares Wiswell, Andrew B. 4 15/12/2011 10 16.34 26,058 200 Touchstone Exploration Inc. Common Shares Baay, Paul Raymond 5 15/12/2011 30 0.35 3,328,024 5,357

Touchstone Exploration Inc. Common Shares Bryant, Ronald 4 15/12/2011 30 0.35 3,238,631 2,678

Touchstone Exploration Inc. Common Shares Bryant, Ronald 4 15/12/2011 30 0.35 20,660 2,678

Touchstone Exploration Inc. Common Shares Durfy, Sean Michael 4 15/12/2011 30 0.35 311,413 2,380

Touchstone Exploration Inc. Common Shares MARR, GREGORY 5 15/12/2011 30 0.35 27,967 4,285

Touchstone Exploration Inc. Common Shares Mitzel, Trevor 4 15/12/2011 30 0.35 21,413 2,380

Touchstone Exploration Inc. Common Shares Shipka, James 5 15/12/2011 30 0.35 31,730 4,284

Touchstone Exploration Inc. Common Shares ZANG, JOHN CHARLES 4 15/12/2011 30 0.35 397,599 2,380

Tourmaline Oil Corp. Common Shares Riddell, Clayton H. 4 16/12/2011 47 375,000 -175,000 Tourmaline Oil Corp. Common Shares Riddell, Clayton H. 4 16/12/2011 47 675,100 175,000 Tourmaline Oil Corp. Common Shares Rose, Mike 5 14/12/2011 51 10,050,185 100,000 Tourmaline Oil Corp. Common Shares Rose, Mike 5 14/12/2011 10 26.96 10,055,185 5,000 Tourmaline Oil Corp. Options Rose, Mike 5 14/12/2011 51 7 700,000 -100,000 Tourmaline Oil Corp. Common Shares Yurkovich, Robert 5 8/12/2011 51 9,586,813 200,000 Tourmaline Oil Corp. Options Yurkovich, Robert 5 8/12/2011 51 7 200,000 -200,000 TransAlta Corporation Common Shares Reinhart, Gregory 5 12/12/2011 10 20.85 10,085 -500 TransCanada Corporation Common Shares Anderson, Ronald D. 5 15/12/2011 51 21.43 27,835 20,000 TransCanada Corporation Common Shares Anderson, Ronald D. 5 15/12/2011 10 43.1 7,835 -20,000 TransCanada Corporation Common Shares Anderson, Ronald D. 5 16/12/2011 10 43.5 2,835 -5,000 TransCanada Corporation Common Shares Anderson, Ronald D. 5 16/12/2011 51 21.43 7,835 5,000 TransCanada Corporation Common Shares Anderson, Ronald D. 5 16/12/2011 51 30.09 27,835 20,000 TransCanada Corporation Common Shares Anderson, Ronald D. 5 16/12/2011 10 43.5 7,835 -20,000 TransCanada Corporation Options Granted Feb. 28,

2005 @ $30.09 Expiry Feb. 28, 2012

Anderson, Ronald D. 5 16/12/2011 51 30.09 0 -20,000

TransCanada Corporation Options Options granted Feb. 25, 2002 @ $21.430 CDN

Anderson, Ronald D. 5 15/12/2011 51 21.43 5,000 -20,000


Anderson, Ronald D. 5 16/12/2011 51 21.43 0 -5,000

TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 51 21.43 20,721 5,000 TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 10 42.56 19,321 -1,400 TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 10 42.55 18,621 -700 TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 10 42.54 17,921 -700 TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 10 42.53 16,321 -1,600 TransCanada Corporation Common Shares Becker, Steven D. 5 14/12/2011 10 42.52 15,721 -600 TransCanada Corporation Common Shares Becker, Steven D. 5 16/12/2011 51 30.09 20,721 5,000 TransCanada Corporation Common Shares Becker, Steven D. 5 16/12/2011 10 43.84 16,784 -3,937 TransCanada Corporation Options Granted Feb. 28,

2005 @ $30.09 Expiry Feb. 28, 2012

Becker, Steven D. 5 16/12/2011 51 30.09 9,000 -5,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12847



Acquired/ Disposed


Becker, Steven D. 5 14/12/2011 51 0 -5,000

TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 51 21.43 20,430 17,500 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 10 42.94 19,830 -600 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 10 42.93 19,530 -300 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 10 42.92 18,930 -600 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 10 42.91 17,830 -1,100 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 15/12/2011 10 42.9 2,930 -14,900 TransCanada Corporation Options Options granted

Feb. 25, 2002 @ $21.430 CDN

Clark, Stephen M.V. 5 15/12/2011 51 0 -17,500

TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 51 30.09 14,500 4,000 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.48 13,900 -600 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.27 13,600 -300 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.46 13,100 -500 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.45 11,000 -2,100 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.43 10,900 -100 TransCanada Corporation Common Shares Cook, Ronald L. 5 13/12/2011 10 42.44 10,500 -400 TransCanada Corporation Options Granted Feb. 28,

2005 @ $30.09 Expiry Feb. 28, 2012

Cook, Ronald L. 5 13/12/2011 51 30.09 0 -4,000

TransCanada Corporation Common Shares King, Dan A. 7 14/12/2011 51 21.43 2,027 2,000 TransCanada Corporation Common Shares King, Dan A. 7 14/12/2011 10 42.7 27 -2,000 TransCanada Corporation Options Options granted

Feb. 25, 2002 @ $21.430 CDN

King, Dan A. 7 14/12/2011 51 0 -2,000

TransCanada Corporation Common Shares Kohlenberg, David M. 5 16/12/2011 51 30.09 15,000 14,000 TransCanada Corporation Common Shares Kohlenberg, David M. 5 16/12/2011 10 43.47 6,811 -8,189 TransCanada Corporation Common Shares Kohlenberg, David M. 5 16/12/2011 10 43.46 5,611 -1,200 TransCanada Corporation Common Shares Kohlenberg, David M. 5 16/12/2011 10 43.45 3,911 -1,700 TransCanada Corporation Options Granted Feb. 28,

2005 @ $30.09 Expiry Feb. 28, 2012

Kohlenberg, David M. 5 16/12/2011 51 30.09 0 -14,000

TransCanada Corporation Common Shares McConaghy, Dennis John 5 16/12/2011 51 21.43 50,025 45,000 TransCanada Corporation Common Shares McConaghy, Dennis John 5 16/12/2011 10 42.92 5,025 -45,000 TransCanada Corporation Common Shares McConaghy, Dennis John 5 16/12/2011 51 30.09 45,025 40,000 TransCanada Corporation Common Shares McConaghy, Dennis John 5 16/12/2011 10 42.92 5,025 -40,000 TransCanada Corporation Options Granted Feb. 28,

2005 @ $30.09 Expiry Feb. 28, 2012

McConaghy, Dennis John 5 16/12/2011 51 30.09 0 -40,000


McConaghy, Dennis John 5 16/12/2011 51 21.43 0 -45,000

TransCanada Corporation Common Shares Van der Put, Jan 7 16/12/2011 51 31.97 1,000 1,000 TransCanada Corporation Common Shares Van der Put, Jan 7 16/12/2011 10 43.5 0 -1,000 TransCanada Corporation Options Granted Feb. 23,

2009 @ $31.97 CDN Expiry Feb. 23, 2016

Van der Put, Jan 7 16/12/2011 51 31.97 3,000 -1,000

TransCanada PipeLines Limited

Common Shares TransCanada Corporation 3 15/12/2011 11 42.61 731,998,733 56,324,806

Transcontinental Inc. Participation Units d'actions restreintes (UAR) / Restricted share unit (RSU)

Desaulniers, Christine 7, 5 13/12/2011 57 11.09 -5,233


Desaulniers, Christine 7, 5 13/12/2011 59 11.09 14,004 -5,233


Desaulniers, Christine 7, 5 13/12/2011 58 - Expiration

ofrights

11.09 -3,064


Desaulniers, Christine 7, 5 13/12/2011 38 11.09 10,940 -3,064

Transcontinental Inc. Convertible Preferred Shares de 1er rang à taux révisé et à dividende cumulatif, série D

Gentiletti, Nelson 7, 5 14/12/2011 10 25.7 2,000 2,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12848



Acquired/ Disposed

Transcontinental Inc. Subordinate Voting Shares Catégorie A



Gentiletti, Nelson 7, 5 14/12/2011 10 10.79 5,000 600



Transcontinental Inc. Participation Units d'actions différées (UAD)/Deferred share unit (DSU)

Larivière, Natalie 7, 5 13/12/2011 56 11.09 12,188 5,675


Larivière, Natalie 7, 5 13/12/2011 57 11.09 -5,912


Larivière, Natalie 7, 5 13/12/2011 59 11.09 30,430 -5,912


Larivière, Natalie 7, 5 13/12/2011 57 11.09 -3,784




Larivière, Natalie 7, 5 13/12/2011 58 - Expiration

ofrights

11.09 -5,675




Laviolette, Katya 5 13/12/2011 10 10.93 1,000 1,000


Marcoux, Isabelle 4, 7, 5 13/12/2011 56 11.09 2,786


Marcoux, Isabelle 4, 7, 5 13/12/2011 56 11.09 4,515 1,790


Marcoux, Isabelle 4, 7, 5 13/12/2011 57 11.09 -2,969


Marcoux, Isabelle 4, 7, 5 13/12/2011 59 11.09 13,525 -2,969


Marcoux, Isabelle 4, 7, 5 13/12/2011 57 11.09 -1,790




Marcoux, Isabelle 4, 7, 5 13/12/2011 58 - Expiration

ofrights

11.09 -2,786



Insider Reporting

December 23, 2011 (2011) 34 OSCB 12849



Acquired/ Disposed


Marcoux, Pierre 4, 7 13/12/2011 57 11.09 -2,425


Marcoux, Pierre 4, 7 13/12/2011 59 11.09 14,081 -2,425


Marcoux, Pierre 4, 7 13/12/2011 58 - Expiration

ofrights

11.09 -1,984


Marcoux, Pierre 4, 7 13/12/2011 38 11.09 12,097 -1,984


Olivier, François 4, 7, 5 13/12/2011 57 11.09 -39,932


Olivier, François 4, 7, 5 13/12/2011 59 11.09 96,349 -39,932


Olivier, François 4, 7, 5 13/12/2011 58 - Expiration

ofrights

11.09 -21,781


Olivier, François 4, 7, 5 13/12/2011 38 11.09 74,568 -21,781


Reid, Brian 7, 5 13/12/2011 56 11.09 7,233 3,336


Reid, Brian 7, 5 13/12/2011 57 11.09 -5,212


Reid, Brian 7, 5 13/12/2011 59 11.09 30,650 -5,212


Reid, Brian 7, 5 13/12/2011 57 11.09 -3,336


Reid, Brian 7, 5 13/12/2011 36 11.09 27,314 -3,336


Reid, Brian 7, 5 13/12/2011 58 - Expiration

ofrights

11.09 -5,003


Reid, Brian 7, 5 13/12/2011 38 11.09 22,311 -5,003

TriAusMin Limited Common Shares Killinger, William Frederick 4 9/12/2011 11 0.085 342,000 300,000 TriAusMin Limited Common Shares Taylor, Wayne Russell 4 1/5/2011 00 TriAusMin Limited Common Shares Taylor, Wayne Russell 4 9/12/2011 30 0.085 350,000 350,000 TriAusMin Limited Common Shares Taylor, Wayne Russell 4 1/5/2011 00 TriAusMin Limited Common Shares Taylor, Wayne Russell 4 9/12/2011 30 0.085 350,000 350,000 Trican Well Service Ltd. Common Shares Browne, David James 5 7/12/2011 51 2.0416 15,057 9,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12850



Acquired/ Disposed

Trican Well Service Ltd. Options Employee Stock Options

Browne, David James 5 7/12/2011 51 2.0416 53,000 -9,000

Trilogy Energy Corp. Options Dilger, Michael H. 4 9/12/2011 50 38.74 47,000 15,000 Trilogy Energy Corp. Options Garner, Don A. 4 9/12/2011 50 38.74 91,000 15,000 Trilogy Energy Corp. Options Gobert, Wilfred Arthur 4 9/12/2011 50 38.74 73,000 15,000 Trilogy Energy Corp. Options Kohut, Michael G 5 9/12/2011 50 38.74 435,000 100,000 Trilogy Energy Corp. Options MacDonald, Robert M. 4 9/12/2011 50 38.74 61,000 15,000 Trilogy Energy Corp. Options Riddell, Clayton H. 3, 4, 6 9/12/2011 50 38.74 700,000 150,000 Trilogy Energy Corp. Common Shares Riddell, James H. T. 4, 6, 5 13/12/2011 47 269,533 -65,000 Trilogy Energy Corp. Common Shares Riddell, James H. T. 4, 6, 5 5/2/2010 00 Trilogy Energy Corp. Common Shares Riddell, James H. T. 4, 6, 5 13/12/2011 47 65,000 65,000 Trilogy Energy Corp. Options Riddell, James H. T. 4, 6, 5 9/12/2011 50 38.74 912,500 200,000 Trilogy Energy Corp. Options Shier, E. Mitchell 4, 6 9/12/2011 50 38.74 63,000 15,000 Trilogy Energy Corp. Options Textor, Donald F. 4 9/12/2011 50 38.74 73,000 15,000 Trilogy Energy Corp. Options Williams, John B. 5 9/12/2011 50 38.74 550,000 150,000 Trilogy Energy Corp. Options Yester, Gail 5 9/12/2011 50 38.74 330,000 75,000 TriOil Resources Ltd. (formerly, One Exploration Inc.)

Options Gretzky, Glen 4 14/12/2011 50 2.57 80,000 20,000

TriOil Resources Ltd. (formerly, One Exploration Inc.)

Options Haavardsrud, Craig Donald 5 14/12/2011 50 2.57 420,000 100,000


Options Hockley, Glenn Douglas 4 14/12/2011 50 2.57 80,000 20,000


Options Johnson, Cheryne 5 14/12/2011 50 2.57 420,000 100,000


Options Mah, Andy 4 14/12/2011 50 2.57 80,000 20,000


Options McGarvey, Paul 4 14/12/2011 50 2.57 80,000 20,000


Options Mychaluk, Keith Allen 5 14/12/2011 50 2.57 367,000 100,000


Common Shares Class A Tripp, Russell J. 4, 5 14/12/2011 10 2.43 141,982 17,700


Options Tripp, Russell J. 4, 5 14/12/2011 50 2.57 615,000 140,000


Options Wiacek, Andrew Zbigniew 5 14/12/2011 50 2.57 520,000 120,000


Options Wyzykoski, Shaun Larry 5 14/12/2011 50 2.57 420,000 100,000


Options Zimmerman, Korby D. 4 14/12/2011 50 2.57 80,000 20,000

TTM Resources Inc. Common Shares Clarke, Warring Kennedy Crichton

4 9/12/2011 10 0.08 5,270,543 20,000


4 15/12/2011 10 0.08 5,346,543 76,000


4 15/12/2011 10 0.08 5,349,543 3,000

Tyhee Gold Corp. Common Shares Interinvest Corporation 3 14/12/2011 11 7,246,000 -2,589,500 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 7/12/2011 10 0.093 29,071,000 200,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 8/12/2011 10 0.092 29,971,000 900,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 12/12/2011 10 0.092 30,071,000 100,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 13/12/2011 11 29,971,000 -100,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 13/12/2011 10 0.091 30,194,000 223,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 14/12/2011 11 32,783,500 2,589,500 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 14/12/2011 10 0.086 33,462,500 679,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 15/12/2011 10 0.086 33,583,500 121,000 U.S. Geothermal Inc. Common Shares Glaspey, Douglas J 4, 5 14/2/2003 00 U.S. Geothermal Inc. Common Shares Glaspey, Douglas J 4, 5 12/12/2011 47 15,000 15,000 U.S. Geothermal Inc. Common Shares Glaspey, Douglas J 4, 5 12/12/2011 47 542,891 -40,000 UEX Corporation Common Shares Thody, Graham Campbell 4, 5 8/12/2011 10 0.6 285,500 47,000 UEX Corporation Common Shares Thody, Graham Campbell 4, 5 12/12/2011 10 0.61 385,500 100,000 UEX Corporation Common Shares Thody, Graham Campbell 4, 5 12/12/2011 10 0.6 438,500 53,000 UEX Corporation Common Shares Thody, Graham Campbell 4, 5 13/12/2011 10 0.59 493,500 55,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12851



Acquired/ Disposed

UEX Corporation Common Shares Thody, Graham Campbell 4, 5 14/12/2011 10 0.59 538,500 45,000 Undur Tolgoi Minerals Inc. Common Shares Rapello, Paul 4 6/12/2011 36 0.2 59,225 2,975 Undur Tolgoi Minerals Inc. Options Rapello, Paul 4 6/12/2011 50 0.25 350,000 350,000 Uni-Sélect Inc. Common Shares Dulac, Jean-Louis 4 12/12/2011 10 26.34 31,465 -40 Uni-Sélect Inc. Common Shares Dulac, Jean-Louis 4 12/12/2011 10 26.26 31,265 -200 Uni-Sélect Inc. Common Shares Dulac, Jean-Louis 4 12/12/2011 10 26.25 29,650 -1,615 Uni-Sélect Inc. Common Shares Labrecque, Martin 5 12/12/2011 51 15.05 4,623 3,223 Uni-Sélect Inc. Options Labrecque, Martin 5 12/12/2011 51 15.05 3,223 Uni-Sélect Inc. Options Labrecque, Martin 5 12/12/2011 51 15.05 3,223 Uni-Sélect Inc. Options Labrecque, Martin 5 12/12/2011 51 15.05 0 -3,223 United Corporations Limited Common Shares United-Connected Holdings

Corp. 3 9/12/2011 10 43 2,708,842 300

United Corporations Limited Common Shares United-Connected Holdings Corp.

3 12/12/2011 10 42.789 2,710,642 1,800


3 14/12/2011 10 42.556 2,716,142 5,500


3 15/12/2011 10 42.6 2,717,342 1,200

Uranium Focused Energy Fund

Trust Units Uranium Focused Energy Fund

1 9/12/2011 38 2.57 18,344,485 5,000



1 12/12/2011 38 2.45 18,344,985 500



1 12/12/2011 38 2.5 18,347,285 2,300



1 13/12/2011 38 2.49 18,349,885 2,600

Uranium Participation Corporation

Common Shares Uranium Participation Corporation

1 15/12/2011 38 5.5267 724,400 15,000

Uranium Participation Corporation

Common Shares Uranium Participation Corporation

1 16/12/2011 38 5.52 879,400 155,000

Valeant Pharmaceuticals International, Inc.

Bonds Bond 7.25% due 07/15/2022

Melas-Kyriazi, Theo 4 28/9/2010 00

Valeant Pharmaceuticals International, Inc.

Bonds Bond 7.25% due 07/15/2022

Melas-Kyriazi, Theo 4 12/12/2011 10 96.25 $1,000,000 $1,000,000

Vecima Networks Inc. Options Incentive Stock Options

Briggs, Mark Andrew 7 8/12/2011 52 0 -2,222

Veraz Petroleum Ltd. Common Shares Baay, Paul Raymond 4 15/12/2011 30 0.45 548,595 2,777 Veraz Petroleum Ltd. Common Shares Cosijn, Gerardjan (Oppe) 4, 5 15/12/2011 30 0.45 2,000,836 4,166 Veraz Petroleum Ltd. Common Shares Mitzel, Trevor 4 15/12/2011 30 0.45 172,366 1,851 Vero Energy Inc. Common Shares Bachynski, Robert 5 13/12/2011 30 2.03 97,986 868 Vero Energy Inc. Common Shares Bartole, Doug 4, 5 13/12/2011 30 2.03 944,161 1,187 Vero Energy Inc. Common Shares Gilewicz, Gerald 5 13/12/2011 30 2.03 98,423 868 Vero Energy Inc. Common Shares Manchester, Shane 5 13/12/2011 30 2.03 300,126 868 Vero Energy Inc. Common Shares Yakiwchuk, Kevin 5 13/12/2011 30 2.03 408,290 868 Viking Gold Exploration Inc. Common Shares Hansuld, John Alexander 4 12/12/2011 47 285,000 -20,000

Viking Gold Exploration Inc. Options Supol, George 5 8/12/2011 50 425,000 75,000

Village Farms International, Inc.

Common Shares Ruffini, Stephen 5 22/11/2011 10 1.28 31,500 5,000




Common Shares Ruffini, Stephen 5 15/12/2011 10 1.24 34,900 400



Volcanic Metals Corp. Options Kenwood, Stephen 4 16/9/2011 00 150,000 Volcanic Metals Corp. Common Shares LaGourgue, John 5 15/12/2011 10 0.05 1,171,411 1,000 Volcanic Metals Corp. Common Shares LaGourgue, John 5 16/12/2011 10 0.05 1,201,411 30,000 Volta Resources Inc. Common Shares Bullock, Kevin 4, 5 13/12/2011 10 55,000 10,000 Wedge Energy International Inc.

Convertible Notes Rapello, Paul 4 27/1/2010 00

Wedge Energy International Inc.

Convertible Notes Rapello, Paul 4 27/1/2010 00


Options Rapello, Paul 4 1/2/2010 50 0.1 100,000


Options Rapello, Paul 4 1/2/2010 50 0.1 100,000


Warrants Rapello, Paul 4 27/1/2010 00


Warrants Rapello, Paul 4 27/1/2010 00

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12852



Acquired/ Disposed

West Fraser Timber Co. Ltd. Options KETCHAM, William Peters 3, 4 9/12/2011 59 6,050 -6,050

West Isle Energy Inc. Options MARR, GREGORY 5 28/6/2011 52 0 -100,000 Westcore Energy Ltd. Common Shares Bolger, Paul Anthony 5 14/12/2011 10 0.165 103,500 30,000 Western Wind Energy Corp. Common Shares Craig, Kevin 5 12/12/2011 54 1.25 70,500 23,500 Western Wind Energy Corp. Common Shares Craig, Kevin 5 12/12/2011 51 1.11 97,500 27,000 Western Wind Energy Corp. Common Shares Craig, Kevin 5 12/12/2011 51 1.09 123,485 25,985 Western Wind Energy Corp. Options Stock Craig, Kevin 5 12/12/2011 51 1.11 124,969 -27,000 Western Wind Energy Corp. Options Stock Craig, Kevin 5 12/12/2011 52 1.09 98,984 -25,985 Western Wind Energy Corp. Warrants Craig, Kevin 5 12/12/2011 54 1.25 0 -23,500 WesternOne Equity Income Fund

Options Gardner, Chris 7 14/12/2011 50 6.29 135,000 52,500

WesternOne Equity Income Fund

Options Ridley, Mike 7 14/12/2011 50 6.29 150,000 52,500

White Pine Resources Inc. Common Shares Cudney, Robert Douglas 3, 4, 5 6/12/2011 10 0.2 4,809,522 12,500 White Pine Resources Inc. Common Shares Cudney, Robert Douglas 3, 4, 5 12/12/2011 11 0.2 4,829,522 20,000 Whiterock Real Estate Investment Trust

Convertible Debentures Series F

Bucys, Frank 4 3/8/2005 00

Whiterock Real Estate Investment Trust


Bucys, Frank 4 12/12/2011 90 $75,000 $75,000



Bucys, Frank 4 12/12/2011 90 $0 -$75,000


Trust Units Bucys, Frank 4 12/12/2011 90 23,105 13,973


Trust Units Bucys, Frank 4 12/12/2011 90 0 -13,973

Wi-LAN Inc. Options Warrants McEwan, Michael Shaun 5 13/12/2011 50 725,067 200,000 Wi-LAN Inc. Common Shares Watchmaker, Prashant 5 12/12/2011 10 5.25 10,973 2,600 Wi-LAN Inc. Common Shares Watchmaker, Prashant 5 12/12/2011 10 5.26 12,000 1,027 Wi-LAN Inc. Options Warrants Watchmaker, Prashant 5 13/12/2011 50 465,600 120,000 World Energy Solutions, Inc. Common Shares Libbey, Edward 4 9/12/2011 46 3.15 115,697 397

World Energy Solutions, Inc. Common Shares Wellard, John 4 9/12/2011 46 3.15 14,251 1,191

World Energy Solutions, Inc. Common Shares Wolfe, Thad 4 9/12/2011 46 3.15 18,292 1,191

WPC Resources Inc. Common Shares Fabbro, Allan John 4, 5 2/12/2011 11 0.12 802,240 462,500

WPC Resources Inc. Warrants Fabbro, Allan John 4, 5 12/2/2010 00

WPC Resources Inc. Warrants Fabbro, Allan John 4, 5 2/12/2011 11 462,500 462,500

WPC Resources Inc. Common Shares Macdonald, Glen Colin 4 5/12/2011 10 0.165 1,076,640 -10,000

WPC Resources Inc. Common Shares Macdonald, Glen Colin 4 6/12/2011 10 0.16 1,061,640 -15,000

Xmet Inc. Common Shares Dulmage, Stephen 4 12/12/2011 10 580,000 -60,000

Xtreme Coil Drilling Corp. Options Havinga, Richard 5 9/12/2011 50 3.04 450,000 100,000

Xtreme Coil Drilling Corp. Options Uchytil, Rodney J. 5 15/12/2011 52 1.82 661,666 -73,334








Yaletown Capital Corp. Common Shares Kind, Douglas 3, 4, 5 7/12/2011 10 0.17 3,945,340 6,000



Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 7/12/2011 10 0.62 5,819,606 10,000

Yangarra Resources Ltd. Common Shares Faminow, Randall 5 13/12/2011 11 0.6 232,000 6,000



Insider Reporting

December 23, 2011 (2011) 34 OSCB 12853



Acquired/ Disposed

Yield Advantaged Convertible Debentures Fund

Trust Units O'Leary, Terence Kevin 4 15/12/2011 10 8.456 17,500 5,000

Yukon-Nevada Gold Corp. Common Shares Baldock, Robert Frederick 4, 5 22/5/2009 00

Yukon-Nevada Gold Corp. Common Shares Baldock, Robert Frederick 4, 5 1/12/2011 10 0.31 60,000 60,000

Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 14/10/2011 30 13.177 870 141


Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 31/10/2011 30 14.042 1,006 132




Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 9/12/2011 10 13.057 375 -300


Zedi Inc. Common Shares Ito, Tokunosuke 5 12/12/2011 10 0.52 877,600 -20,800

Zedi Inc. Common Shares Zedi Inc. 1 9/12/2011 10 0.55 490,000 10,000

Insider Reporting

December 23, 2011 (2011) 34 OSCB 12854


December 23, 2011 (2011) 34 OSCB 12855

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

11/17/2011 1 Abcourt Mines Inc. - Common Shares 57,500.00 500,000.00

11/30/2011 16 Alderon Iron Ore Corp. - Flow-Through Shares 6,000,000.00 2,000,000.00

12/01/2011 22 Aquila Resources Inc. - Common Shares 784,000.00 1,568,000.00

12/06/2011 1 Bank of Montreal - Debt 1,560,000.00 1.00

11/24/2011 45 Batero Gold Corp. - Units 7,245,000.00 3,450,000.00

11/30/2011 200 Bennett Jones Services Trust - Trust Units 40,527,129.00 40,527,129.00

11/17/2011 21 Beringer Capital Fund II L.P. - Limited Partnership Interest

35,800,000.00 21.00

11/25/2011 56 Blackbird Energy Inc. - Common Shares 1,090,000.00 5,450,000.00

12/02/2011 19 Brigus Gold Corp. - Flow-Through Shares 8,170,001.10 4,805,883.00

11/24/2011 16 Cadillac Ventures Inc. - Flow-Through Units 2,539,015.20 11,039,196.00

12/01/2011 13 Caledonian Royalty Corporation - Units 1,175,000.00 117,500.00

11/24/2011 12 Canadian Horizons Blended Mortgage Investment Corporation - Preferred Shares

220,887.00 220,887.00

12/01/2011 8 Capital Direct I Income Trust - Trust Units 304,000.00 30,400.00

11/24/2011 11 CareVest Capital Blended Mortgage Investment Corp. - Preferred Shares

1,404,830.00 1,404,830.00

11/24/2011 4 CareVest Capital First Mortgage Investment Corp. - Preferred Shares

89,971.00 89,971.00

11/30/2011 1 Carrie Arran Resources Inc. - Common Shares 3,750.00 25,000.00

11/18/2011 76 Cayden Resources Inc. - Common Shares 7,850,000.00 3,925,000.00

11/23/2011 9 Chemaphor Inc. - Common Shares 500,000.00 10,000,000.00

11/22/2011 1 CHS/Community Health Systems, Inc. - Note 2,080,000.00 1.00

11/14/2011 1 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. - Note

70,337,235.04 1.00

11/25/2011 25 Creso Exploration Inc. - Common Shares 636,480.00 5,304,000.00

11/25/2011 2 Creso Exploration Inc. - Units 500,000.00 3,333,334.00

11/21/2011 1 Delta Uranium Inc. - Common Shares 12,500.00 250,000.00

03/22/2011 to 08/11/2011

12 Diversified Assets III LP - Limited Partnership Units 375,000.00 75.00


December 23, 2011 (2011) 34 OSCB 12856

Transaction Date

No. of Purchasers


No. of Securities

Distributed

11/22/2011 2 Dunkin' Brands Group, Inc. - Common Shares 796,884.48 30,000.00

11/29/2011 62 Elgin Mining Inc. - Flow-Through Shares 8,999,990.40 6,428,571.00

11/22/2011 40 EnergyFields 2011 Special Flow-Through Limited Partnership - Limited Partnership Units

1,811,000.00 18,110.00

12/02/2011 30 Envoy Capital Group Inc. - Receipts 8,393,000.00 4,196,500.00

11/28/2011 3 General Mills, Inc. - Notes 10,284,556.03 3.00

12/01/2011 23 Ginguro Exploration Inc. - Flow-Through Shares 2,015,000.00 N/A

12/01/2011 2 Glenview Capital Partners (Cayman), Ltd. - Common Shares

6,104,400.00 N/A

11/22/2011 46 Gryphon Gold Corporation - Units 4,479,000.00 4,479.00

03/10/2011 to 10/31/2011

5 GS Strategic International EQ Fund A - Common Shares

67.95 5.59

11/03/2010 to 10/31/2011

23 GS Structured Small Cap Growth Fund A - Common Shares

917.16 43.00

11/03/2010 to 10/31/2011

23 GS Structured U.S. Equity Fund A - Common Shares 917.06 38.07

11/15/2011 3 Health Innovation Technologies, Inc. - Common Shares

155,325.00 40,032.22

11/24/2011 1 HitecVision VI, L.P. - Limited Partnership Interest 102,960,000.00 1.00

11/21/2011 1 HRG Healthcare Resources Group Inc. - Common Shares

5,000.00 5,000.00

11/23/2011 8 Hy Lake Gold Inc. - Non-Flow Through Units 500,000.00 2,000,000.00

11/21/2011 to 11/25/2011

32 IGW Real Estate Investment Trust - Units 1,100,730.99 1,091,477.83

11/23/2011 1 Intermolecular, Inc. - Common Shares 2,620,000.00 250,000.00

11/28/2011 7 IPeak networks Incorporated - Common Shares 904,699.25 2,584,855.00

11/23/2011 60 Iron Creek Capital Corp. - Units 3,405,000.00 8,785,000.00

09/01/2011 to 11/01/2011

1 Janchor Partners Pan Asian Fund - Common Shares 77,030,000.00 750,000.00

11/25/2011 36 Jonathan Financial Inc. - Debentures 3,376,708.16 36.00

11/23/2011 5 Kodiak oil & Gas Corp. - Common Shares 40,397,000.00 4,975,000.00

11/23/2011 2 Kodiak oil & Gas Corp. - Notes 6,288,000.00 2.00

11/21/2011 39 LED Medical Diagnostics Inc. - Units 1,065,908.25 1,421,211.00

12/01/2011 1 Lord Lansdowne Inc. - Common Shares 2,500,001.00 350.00

12/02/2011 1 Mag Copper Limited - Flow-Through Shares 99,999.90 285,714.00

12/02/2011 1 Mariana Resources Limited - Common Shares 236,228.00 1,687,345.00


December 23, 2011 (2011) 34 OSCB 12857

Transaction Date

No. of Purchasers


No. of Securities

Distributed

12/07/2011 22 Melkior Resources Inc. - Units 569,000.00 5,690,000.00

12/01/2011 36 Metallum Resources Inc. - Common Shares 2,478,678.04 13,770,432.00

12/01/2011 1 Mineral Mountain Resources Ltd. - Common Shares 1,120,000.00 2,000,000.00

12/01/2011 1 Mineral Mountain Resources Ltd. - Common Shares 1,120,000.00 2,000,000.00

11/23/2011 17 Mission Ready Services Inc. - Units 815,000.00 3,260,000.00

11/23/2011 2 MoneyGram International, Inc. - Common Shares 10,643,750.00 625,000.00

05/19/2011 1 NBCG Fund SICAV p.l.c. - Common Shares 97,255,000.00 10,000,000.00



11/01/2011 to 12/01/2011

2 New Haven Mortgage Income Fund (1) Inc. - Special Shares

414,000.00 414,000.00

11/24/2011 to 12/02/2011

5 Newport Balanced Fund - Trust Units 74,435.55 228.00

11/24/2011 to 12/02/2011

4 Newport Canadian Equity Fund - Trust Units 177,000.00 1,347.00

11/24/2011 to 12/02/2011

6 Newport Fixed Income Fund - Trust Units 427,434.37 4,028.00

11/24/2011 to 12/02/2011

2 Newport Real Estate LPU - Trust Units 979,936.10 100,090.00

11/24/2011 to 12/02/2011

16 Newport Yield Fund - Trust Units 863,564.91 7,472.00

02/09/2011 1 Niam Nordic V LP - Limited Partnership Interest 39,954,000.00 1.00

09/27/2011 1 Niam Nordic V LP - Limited Partnership Interest 69,325,000.00 1.00

11/23/2011 1 Och-Ziff Capital Management Group LLC - Common Shares

7,860,000.00 1,000,000.00

12/01/2011 1 Oremex Gold Inc. - Common Shares 0.00 200,000.00

12/02/2011 5 OSI Geospatial Inc. - Common Shares 2,000,000.00 40,000,000.00

12/01/2011 1 OZ Europe Overseas Fund II, Ltd. - Common Shares 614,510.00 604.00

12/01/2011 3 OZ Overseas Fund II, Ltd. - Common Shares 8,655,022.00 8,507.00

11/22/2011 1 Pangaea Two Parallel, LP - Limited Partnership Interest

10,368,000.00 1.00

11/18/2011 36 Pennant Pure Yield Fund - Trust Units 1,787,970.00 178,797.00

11/28/2011 to 12/02/2011

19 Pharmagap Inc. - Units 634,210.00 0.00

11/30/2011 2 ProMetic Life Sciences Inc. - Common Shares 260,000.00 2,363,636.00

11/25/2011 2 Rainy River Resources Ltd. - Common Shares 56,912.00 8,000.00


December 23, 2011 (2011) 34 OSCB 12858

Transaction Date

No. of Purchasers


No. of Securities

Distributed



11/21/2011 12 REBgold Corporation - Units 1,000,000.00 20,000,000.00

12/02/2011 102 Reservoir Capital Corp. - Units 4,344,920.00 6,207,028.00

12/07/2011 5 RJK Explorations Ltd. - Units 351,000.00 2,700,000.00

11/18/2011 to 11/25/2011

4 Rockland Minerals Corp. - Units 653,380.00 4,789,619.00

11/21/2011 26 Royal Bank of Canada - Notes 2,817,000.00 28,170.00

11/22/2011 5 Royal Bank of Canada - Notes 3,281,472.00 31,650.00

09/27/2011 to 11/14/2011

15 Sage Gold Inc. - Flow-Through Units 1,216,945.00 8,112,967.00

09/27/2011 to 11/14/2011

24 Sage Gold Inc. - Units 684,600.00 5,071,107.00

11/11/2011 1 Saratoga Asia III L.P. - Limited Partnership Interest 20,470,000.00 1.00

01/01/2011 3 SFCS Sentinels One Fund - Units 196,900.00 2,009.78

11/25/2011 to 11/30/2011

16 Shoal Point Enegy Ltd. - Units 564,600.00 3,528,750.00

11/25/2011 to 11/30/2011

11 Shoal Point Energy Ltd. - Flow-Through Units 708,880.32 3,938,224.00

11/24/2011 2 Sigma Dek Ltd. - Debentures 75,000.00 2.00

11/25/2011 to 11/30/2011

2 Sinclair Cockburn Mortgage Investment Corporation - Common Shares

312,900.00 312,900.00

11/14/2011 1 Smart Employee Solutions Inc. - Notes 45,000.00 45,000.00

07/29/2011 15 Spire US Limited Partnership - Units 1,144,560.00 12,000.00

11/30/2011 78 Spire US Limited Partnership - Units 10,044,044.50 98,980.00

12/01/2011 2 Stacey Muirhead Limited Partnership - Limited Partnership Units

12,500.00 383.16

12/01/2011 3 Stellar Pharmaceuticals Inc. - Common Shares 7,381,400.00 13,000,000.00

11/22/2011 23 Strike Minerals Inc. - Units 419,999.89 5,882,623.00

11/30/2011 35 Terrance Energy Corp. - Common Shares 2,250,000.00 9,000,000.00

11/25/2011 7 Terrapro Mat Investors Group Limited Partnership #1 - Limited Partnership Units

1,150,000.00 1,150.00

11/14/2011 to 11/18/2011

22 Threegold Resources Inc. - Flow-Through Units 600,000.00 4,000,000.00

12/01/2011 21 Tourmaline Oil Corp. - Common Shares 6,621,500.00 161,500.00

11/29/2011 12 Trillium North Minerals Ltd. - Units 369,170.00 6,811,000.00


December 23, 2011 (2011) 34 OSCB 12859

Transaction Date

No. of Purchasers


No. of Securities

Distributed

11/14/2011 5 Undur Tolgoi Minerals Inc. - Common Shares 85,000.00 29,985,500.00

11/17/2011 33 Unigold Inc. - Common Shares 2,080,000.00 20,800,000.00

12/01/2011 1 Uragold Bay Resources Inc. - Units 250,000.00 5,000.00

12/01/2011 1 Value Partners Group Inc. - Common Shares 10,005.00 745.00

12/01/2011 3 Viking Gold Exploration Inc. - Flow-Through Units 78,000.00 6,991,667.00

11/23/2011 16 Vintage Investment Partners V (Cayman) LP - Limited Partnership Interest

9,358,640.00 16.00

11/22/2011 to 11/25/2011

21 Vive Nano Inc. - Units 2,213,000.00 2,213,000.00

11/30/2011 230 Walton Income 3 Investment Corporation - Units 514,000.00 2,000.00

11/30/2011 7 Walton Income 4 Corporation - Notes 3,408,000.00 6,816.00

11/23/2011 13 Wolverine Exploration Inc. - Common Shares 262,000.00 8,733,333.00

12/01/2011 4 Zorzal Incorporated - Common Shares 125,400.00 208,999.00


December 23, 2011 (2011) 34 OSCB 12860


December 23, 2011 (2011) 34 OSCB 12861

Chapter 11

IPOs, New Issues and Secondary Financings

Issuer Name: Balanced Portfolio Class Shares, Series 1 (Formerly: Connor, Clark & Lunn Capital Class Inc. (Balanced Portfolio Class Shares)) Natural Resources Class Shares (Formerly: Connor, Clark & Lunn Capital Class Inc. (Natural Resources Class Shares) Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectuses dated December 12, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: Natural Resources Class Shares and Balanced Portfolio Class Shares Underwriter(s) or Distributor(s): -Promoter(s):Connor, Clark & Lunn Capital Markets Inc. Project #1839327

_______________________________________________ Issuer Name: Bell Aliant Regional Communications, Limited Partnership Principal Regulator - Nova Scotia Type and Date: Preliminary Base Shelf Prospectus dated December 13, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: $1,000,000,000.00 - Medium Term Note Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC.BEACON SECURITIES LIMITED CASGRAIN & COMPANY LIMITED CIBC WORLD MARKETS INC. DESJARDINS SECURITIES INC. NATIONAL BANK FINANCIAL INC. RBC DOMINION SECURITIES INC. SCOTIA CAPITAL INC. TD SECURITIES INC. Promoter(s):-Project #1839853

_______________________________________________

Issuer Name: CANADIAN ZINC CORPORATION Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 15, 2011 NP 11-202 Receipt dated December 15, 2011 Offering Price and Description: $5,098,700.00 - 7,610,000 Units at a Price of $0.67 per UnitUnderwriter(s) or Distributor(s): CANACCORD GENUITY CORP. NORTHERN SECURITIES INC. OCTAGON CAPITAL CORPORATION RAYMOND JAMES LTD. Promoter(s):-Project #1840680

_______________________________________________ Issuer Name: First Trust Global Capital Strength Portfolio Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 19, 2011 Offering Price and Description: Series A and Series F Units Underwriter(s) or Distributor(s): -Promoter(s):FIRST DEFINED PORTFOLIO MANAGEMENT CO. Project #1841384

_______________________________________________


December 23, 2011 (2011) 34 OSCB 12862

Issuer Name: Matrix 2012-I FT National Class Matrix 2012-I FT Québec Class Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 19, 2011 Offering Price and Description: Maximum Offering: $25,000,000 (2,500,000 Matrix 2012-I FT National Class Units) Price: $10.00 per Matrix 2012-I FT National Class Unit Minimum Subscription: $2,500 (250 National Class Units) Underwriter(s) or Distributor(s): DESJARDINS SECURITIES INC. NATIONAL BANK FINANCIAL INC. BMO NESBITT BURNS INC.TD SECURITIES INC. INDUSTRIAL ALLIANCE SECURITIES INC. MANULIFE SECURITIES INCORPORATED CANACCORD GENUITY CORP. LAURENTIAN BANK SECURITIES INC. DUNDEE SECURITIES LTD. GMP SECURITIES L.P.MACQUARIE PRIVATE WEALTH INC. RAYMOND JAMES LTD. ROTHENBERG CAPITAL MANAGEMENT INC. UNION SECURITIES LTD. Promoter(s):Matrix Funds Management Project #1841293;1841292

_______________________________________________

Issuer Name: MRF 2012 Resource Limited Partnership Principal Regulator - Alberta Type and Date: Preliminary Long Form Prospectus dated December 19, 2011 NP 11-202 Receipt dated December 19, 2011 Offering Price and Description: $100,000,000.00 (maximum) (maximum 4,000,000 Units); $5,000,000.00 (minimum) (minimum 200,000 Units) Price: $25.00 per Unit Minimum Subscription: $2,500 (One Hundred Units) Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. NATIONAL BANK FINANCIAL INC. SCOTIA CAPITAL INC. TD SECURITIES INC. MACQUARIE PRIVATE WEALTH INC. MANULIFE SECURITIES INCORPORATED CANACCORD GENUITY CORP. GMP SECURITIES L.P. DUNDEE SECURITIES LTD. MIDDLEFIELD CAPITAL CORPORATION RAYMOND JAMES LTD. Promoter(s):MIDDLEFIELD LIMITED Project #1841502

_______________________________________________ Issuer Name: Norrep Performance 2012 Flow-Through Limited Partnership Principal Regulator - Alberta Type and Date: Preliminary Long Form Prospectus dated December 19, 2011 NP 11-202 Receipt dated December 19, 2011 Offering Price and Description: $50,000,000 (Maximum Offering) $5,000,000 (Minimum Offering)A minimum of 500,000 Limited Partnership Units and a maximum of 5,000,000 Limited Partnership Units Purchase Price: $10.00 per Unit Minimum Purchase: 500 Units ($5,000) Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC.NATIONAL BANK FINANCIAL INC. TD SECURITIES INC. GMP SECURITIES L.P.CANACCORD GENUITY CORP. DUNDEE SECURITIES LTD. MACQUARIE PRIVATE WEALTH INC. RAYMOND JAMES LTD. Promoter(s):HESPERIAN CAPITAL MANAGEMENT LTD. Project #1841702

_______________________________________________


December 23, 2011 (2011) 34 OSCB 12863

Issuer Name: NovaGold Resources Inc. Principal Regulator - British Columbia Type and Date: Preliminary Base Shelf Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: US$500,000,000.00: Debt Securities Preferred Shares Common Shares Warrants to Purchase Equity Securities Warrants to Purchase Debt Securities Share Purchase Contracts Share Purchase or Equity Units Underwriter(s) or Distributor(s): -Promoter(s):-Project #1841024

_______________________________________________ Issuer Name: Premium Exploration Inc. Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated December 13, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: $7,500,000.00 - * Units Price: $ * per Unit Underwriter(s) or Distributor(s): INDUSTRIAL ALLIANCE SECURITIES INC. CASIMIR CAPITAL LTD. Promoter(s):-Project #1839860

_______________________________________________ Issuer Name: Rogers Communications Inc. Principal Regulator - Ontario Type and Date: Preliminary Base Shelf Prospectus dated December 15, 2011 NP 11-202 Receipt dated December 15, 2011 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):-Project #1840485

_______________________________________________

Issuer Name: Rogers Communications Inc. Type and Date: Preliminary Base Shelf Prospectus dated December 15, 2011 Receipted on December 15, 2011 Offering Price and Description: US$4,000,000,000.00: Debt Securities Underwriter(s) or Distributor(s): -Promoter(s):-Project #1840491

_______________________________________________ Issuer Name: Shoppers Drug Mart Corporation Principal Regulator - Ontario Type and Date: Preliminary Base Shelf Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: Up to $1,000,000,000.00 - Medium Term Notes (unsecured) Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. Scotia Capital Inc. CIBC World Markets Inc. TD Securities Inc. BMO Nesbitt Burns Inc. National Bank Financial Inc. Desjardins Securities Inc. Promoter(s):-Project #1841026

_______________________________________________


December 23, 2011 (2011) 34 OSCB 12864

Issuer Name: Trilogy Energy Corp. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated December 14, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: $189,500,000.00 - 5,000,000 Common Shares Price: $37.90 per Common Share Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. PETERS & CO. LIMITED STIFEL NICOLAUS CANADA INC. SCOTIA CAPITAL INC. CIBC WORLD MARKETS INC. FIRSTENERGY CAPITAL CORP. GMP SECURITIES L.P. TD SECURITIES INC. Promoter(s):-Project #1840228

_______________________________________________ Issuer Name: Yoho Resources Inc. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: $15,000,150.00 - 4,545,500 Common Shares Price: $3.30 per Common Share Underwriter(s) or Distributor(s): FirstEnergy Capital Corp. Acumen Capital Finance Partners Limited Haywood Securities Inc. Paradigm Capital Inc. Peters & Co. Limited CIBC World Markets Inc. Promoter(s):-Project #1841059

_______________________________________________

Issuer Name: Aston Hill Strategic Yield Class (formerly Aston Hill Global Convertible Bond Class) (Series A, F, I and Y shares) Aston Hill Strategic Yield Fund (formerly Aston Hill Global Convertible Bond Fund) (Series A, F, I and Y units) Aston Hill Strategic Yield Trust (formerly Aston Hill Global Convertible Bond Trust) (Series I units) Principal Regulator - Ontario Type and Date: Amendment #2 dated December 9, 2011 to the Simplified Prospectuses and Annual Information Form dated August 11, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: -Underwriter(s) or Distributor(s): Aston Hill Asset Management Inc. Promoter(s):Aston Hill Asset Management Inc. Project #1755111

_______________________________________________ Issuer Name: CI Financial Corp. Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated December 14, 2011 NP 11-202 Receipt dated December 15, 2011 Offering Price and Description: $1,500,000,000.00: Debt Securities (unsecured) Subscription Receipts Preference Shares Common Shares Underwriter(s) or Distributor(s): -Promoter(s):-Project #1838202

_______________________________________________


December 23, 2011 (2011) 34 OSCB 12865

Issuer Name: Class A-1 Income* (Series A, F and I) Class B-1 Canadian Equity* (Series A, F and I) Class C-1 U.S. Equity* (Series A, F and I) Class D-1 International Equity* (Series A, F and I) Class E-1 Emerging Markets Equity* (Series A, F and I) Class F-1 Alternative Strategies* (Series A, F and I) * Classes of shares of PIE Portfolio Index Evolution Corporation Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated December 15, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: -Underwriter(s) or Distributor(s): -Promoter(s):R. N. Croft Financial Group Inc. Project #1823666

_______________________________________________ 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 13, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: Class A, C, I, and O units Underwriter(s) or Distributor(s): -Promoter(s):-Project #1814421

_______________________________________________

Issuer Name: InterRent Real Estate Investment Trust Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 16, 2011 NP 11-202 Receipt dated December 16, 2011 Offering Price and Description: $25,421,199.00 Treasury Offering (8,473,733 trust units) $19,578,801 Secondary Offering (6,526,267 trust units) Price: $3.00 per Initial Unit Underwriter(s) or Distributor(s): GMP SECURITIES L.P. DUNDEE SECURITIES LTD. CANACCORD GENUITY CORP. DESJARDINS SECURITIES INC. SCOTIA CAPITAL INC. Promoter(s):-Project #1838752

_______________________________________________ Issuer Name: Pelangio Exploration Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 14, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: -Underwriter(s) or Distributor(s): FRASER MACKENZIE LIMITED RAYMOND JAMES LTD. JONES, GABLE & COMPANY LIMITED MAISON PLACEMENTS CANADA INC. Promoter(s):-Project #1829515

_______________________________________________ Issuer Name: THÉBEX INC. Principal Regulator - Quebec Type and Date: Final Long Form Prospectus dated December 14, 2011 NP 11-202 Receipt dated December 14, 2011 Offering Price and Description: -Underwriter(s) or Distributor(s): CTI CAPITAL VALEURS MOBILIÈRES INC. Promoter(s):Donald Théberge Project #1817393

_______________________________________________


December 23, 2011 (2011) 34 OSCB 12866


December 23, 2011 (2011) 34 OSCB 12867

Chapter 12

Registrations

12.1.1 Registrants

Type Company Category of Registration Effective Date

Consent to Suspension (s. 30 of the Act – Surrender of Registration)

AFC Capital Ltee Portfolio Manager Exempt Market Dealer November 30, 2011

Change of Name

From: Sprung & Co. Investment Counsel Inc.

To: Sprung Investment Management Inc.

Portfolio Manager December 1, 2011

Consent to Suspension (s. 30 of the Act – Surrender of Registration)

CR Advisors Corporation Portfolio Manager December 2, 2011

Change of Category Performance Capital Ltd.

From: Exempt Market Dealer

To: Exempt Market Dealer Investment Fund Manager

December 6, 2011

New Registration Tridelta Investment Counsel Inc. Portfolio Manager Exempt Market Dealer December 9, 2011

Suspension Blueport Capital Corp. Exempt Market Dealer December 13, 2011

Voluntary Surrender Ace Financial Corporation Exempt Market Dealer December 15, 2011

Change of Category Bimcor Inc.

From: Portfolio Manager

To: Portfolio Manager and Investment Fund Manager

December 16, 2011

Name Change

From: Euroglobal Capital Partners Inc.

To: Bellotti Goodman Capital Inc.

Exempt Market Dealer December 16, 2011

Registrations

December 23, 2011 (2011) 34 OSCB 12868

Type Company Category of Registration Effective Date

Voluntary Surrender Morgan Bay Capital Inc. Portfolio Manager December 16, 2011

New Registration Entreprises Greg Pompeo Inc. Mutual Fund Dealer December 19, 2011

Consent to Suspension (Pending Surrender) Integra Capital Corporation Mutual Fund Dealer December 19, 2011

Consent to Suspension (Pending Surrender)

Integra Capital Financial Corporation Investment Fund Manager December 19, 2011

December 23, 2011 (2011) 34 OSCB 12869

Chapter 13

SROs, Marketplaces and Clearing Agencies

13.2 Marketplaces

13.2.1 Amendments to TSX Company Manual – Request for Comments

TORONTO STOCK EXCHANGE

REQUEST FOR COMMENTS

AMENDMENTS TO THE TORONTO STOCK EXCHANGE (“TSX”) COMPANY MANUAL

(THE “MANUAL”)

TSX is publishing proposed changes to Parts I, IV and VI of the Manual, and in Appendix H of the Manual (the “Amendments”). The Amendments are being published for a 30-day comment period.

The Amendments will be effective upon approval by the Ontario Securities Commission (the “OSC”) following public notice and comment. Comments should be in writing and delivered by January 23, 2012 to:

Michal Pomotov Legal Counsel

Toronto Stock Exchange The Exchange Tower 130 King Street West

Toronto, Ontario M5X 1J2 Fax: (416) 947-4461

Email: [email protected]

A copy should also be provided to:

Susan Greenglass Director

Market Regulation Ontario Securities Commission

20 Queen Street West Toronto, Ontario M5H 3S8

Fax: (416) 595-8940 Email: [email protected]

Comments will be publicly available unless confidentiality is requested.

Overview

TSX is seeking public comment on Amendments to the Manual. This Request for Comments explains the reasons for the Amendments. Following the comment period, TSX will review and consider the comments received and implement the Amendments, as proposed or as modified as a result of comments.

Summary of the Amendments

TSX is proposing amendments in Parts I, IV and VI of the Manual, and in Appendix H – Form 5 – Dividend/Distribution Declaration, to put the Due Bill tracking system into practice for its listed issuers.

1. Part I – add a definition of “Due Bill”.

2. Part IV – provide procedures for the use of Due Bills.


December 23, 2011 (2011) 34 OSCB 12870

3. Parts IV and VI – indicate when Due Bill trading may be used in the context of material corporate action events undertaken by listed issuers, such as stock splits.

4. Appendix H – Form 5 – Dividend/Distribution Declaration – add a check box for a Due Bill alert.

Rationale and Discussion of the Amendments

Representatives of the Canadian securities industry have endorsed and approved a Canadian Due Bill initiative. A Due Bill process is being introduced in Canada to help improve the accuracy and timeliness of the valuation reporting of clients’ holdings when securities undergo certain material corporate events. The Canadian Depository for Securities Limited (“CDS”) currently expects to implement Due Bill processing in February 2012. The Amendments are necessary to enable TSX to implement the Due Bill process.

Due Bills are entitlements which attach to listed securities undergoing certain material corporate events. Due Bills attach to such securities between the second trading day prior to the record date and payment date, for trading purposes, to allow listed securities to carry their appropriate value until the entitlement has been paid.

Under the current Canadian process, listed securities normally start trading on an ex-distribution basis at the opening two trading days prior to the record date (the ex date). For example, in the event of a material corporate event, such as a stock split,listed securities begin to trade on a post-split basis at the opening of trading on the ex date. Since regular settlement occursthree trading days after the trade date (T+3), purchases that occur on or after the ex date are settled without entitlement to theadditional securities. Valuation issues may occur because the market price drops on the ex date, but the receipt of the additional split securities does not occur until the payment date. The client’s account position may therefore not be adjusted until the payment date, which can lead to confusion. With Due Bills, trading on an ex-distribution basis is deferred as Due Bills are attached to the listed security until the payment date of the distribution. Trades until the payment date settle on a pre-split basis. The Due Bills represent the right to receive the additional entitlement at the payment date.

Due Bill trading is currently used in the United States. Due Bills are used for material corporate actions to set the ex date on the first trading day after the payment date. For TSX listed issuers also listed on a U.S. exchange, the differences between Canadaand the U.S. are particularly problematic as listed securities will trade on TSX at a different price than the U.S. market during the Due Bill period, which causes confusion. Implementing a Due Bill process in Canada will align the process for TSX listed securities with the U.S. process, whether or not such securities are also listed in the U.S.

Due Bill trading will be determined at the discretion of the Exchange, based on factors relevant to the distribution. For securities interlisted on a U.S. exchange, if the U.S. exchange implements Due Bill trading for a particular corporate event, TSX expects toalso implement Due Bill trading. Due Bills will typically be used when the distribution per security represents 25% or more of the value of the listed security, consistent with rules in the U.S. Due Bills may be used for events such as stock splits, distributions, spin-offs or other security issuances that are subject to a condition. In the case of a conditional distribution, the use of Due Bills and deferral of the ex date may prevent losses if the condition is not met. Sellers of the listed security prior to the ex date are able to realize the value of the distribution to which they are entitled as security holders on the record date, as well as the value of the listed securities they hold. The use of Due Bills will avoid confusion regarding the market value of the listed security. Sellers will deliver Due Bills to purchasers together with the listed securities being sold. Other relevant factors that the Exchange may consider in determining whether to implement Due Bill trading may include, without limitation, the estimated value of the distribution relative to the value of the listed securities, the absolute value of the distribution, the liquidity of the listed security, the nature of the corporate transaction, the mechanics of the distribution, and any impact on the quality of the market

Text of the Amendments

TSX is proposing the Amendments as set out in Appendix A.

Timing

TSX is publishing the Amendments for a 30-day comment period, which expires January 23, 2012. The Amendments will only become effective following public notice and the approval of the OSC.


December 23, 2011 (2011) 34 OSCB 12871

APPENDIX A

PROPOSED AMENDMENTS TO THE TSX COMPANY MANUAL

Part I – Interpretation

“Due Bill” means an instrument used to evidence the transfer of title to any dividend, distribution, interest, security or right to a listed security contracted for, or evidencing, the obligation of a seller to deliver such dividend, distribution, interest, security or right to a subsequent purchaser.

*****

Section 429.1.

Due Bill Trading

For the purposes of this Section 429.1, “distribution” means any dividend, distribution, interest, security or right to which holders of listed securities have an entitlement, based on a specific record date.

Due Bill trading may be used at the discretion of the Exchange based on various relevant factors. However, the Exchange will normally defer ex-distribution trading and use Due Bills when the distribution per listed security represents 25% or more of thevalue of the listed security on the declaration date. Without the use of Due Bills, trading on an ex-distribution basis would commence two trading days prior to the record date for the distribution and could result in a significant adjustment of the marketprice of the security. Security holders will then be deprived of the value of the distribution between the ex-distribution date and the payment date. By deferring the ex-distribution date through the use of Due Bills, sellers of the listed securities during this period can realize the full value of the listed securities they hold, by selling the securities with the Due Bills attached. The use of Due Bills will also avoid confusion regarding the market value of the listed securities.

When Due Bills are used, ex-distribution trading usually commences at the opening on the first trading day after the payment date. In the event that the Exchange receives late notification of the payment date and the payment date has passed, ex-distribution trading will generally commence on the first trading day following such notification.

The Exchange may also use Due Bills for distributions which are subject to a condition which may not be satisfied before the normal ex-distribution trading date (i.e., two trading days before the record date). When Due Bills are used for conditional distributions, the condition must be met prior to the payment date.

Listed issuers should contact the Exchange to discuss the use of Due Bills well in advance of any contemplated record date for a distribution.

*****

Section 435.2.

A listed company must not, without the prior consent of the Exchange, establish a firm record date for a dividend or other prorata distribution to holders of listed securities if such dividend or distribution is subject to a condition which has not been met.Due Bill trading may be used for conditional dividends and distributions as determined at the discretion of the Exchange. See Section 429.1.

*****

Section 614.

(j) Rights are listed on TSX on the second trading day preceding the record date. At the same time, the underlying listed securities of the listed issuer commence trading on an ex-rights basis, which means that purchasers of the listed securities at that time are not entitled to receive the rights. Due Bill trading may be used in certain circumstances for conditional rights offerings as determined at the discretion of the Exchange. See Section 429.1.

*****


December 23, 2011 (2011) 34 OSCB 12872

Section 620. Stock Split

(d) Where the push-out method is used, the securities will commence trading on TSX on a split basis at the opening of business on the second trading day preceding the record date. Due Bill trading may be used in certain circumstances as determined at the discretion of the Exchange. See Section 429.1.

*****

Form 5

Click here if Amount per Share is or exceeds 10% of the share value as at Declaration Date (Call Dividend Administrator at (416) 947-4663 to determine if Due Bill trading will apply)


December 23, 2011 (2011) 34 OSCB 12873

13.3 Clearing Agencies

13.3.1 CDS – Notice of Effective Date – Technical Amendments to CDS Procedures – Annual Issuance and Custodial Certification Forms

TECHNICAL AMENDMENTS TO CDS PROCEDURES

ANNUAL ISSUANCE AND CUSTODIAL CERTIFICATION FORMS

NOTICE OF EFFECTIVE DATE

A. DESCRIPTION OF THE PROPOSED CDS PROCEDURE AMENDMENTS

The proposed procedure amendments are available for review and download on the User Documentation page on the CDS website at www.cds.ca/cdsclearinghome.nsf/Pages/-EN-UserDocumentation?Open.

Description of the proposed amendments

Each CDS participant that issues money market or non-money market instruments in CDSX is expected to maintain minimum internal control standards on the issuance and handling processes of those notes, and to perform periodic reviews of these controls. The standards are described in the documents “Minimum Internal Control Standards on Money Market Securities Issuance (Standards)” and “Minimum Internal Control Standards on Non-Money Market Securities Issuance (Standards)”, which can be found on the CDS website, www.cds.ca.

Participants with issuance functionality are asked to provide annual certification of their controls, by submitting the following forms to CDS:

• CDSX852 – Annual Money Market Participation Certification

• CDSX853 – Annual Custodian Certification

• CDSX855 – Annual Certification by a Participant Issuing Non-Money Market Securities

The proposed amendments are formatting and descriptive changes to the above certification forms. These changes came about as a result of participant feedback on the ease of use of these forms.

CDS procedure amendments are reviewed and approved by CDS’s strategic development review committee (SDRC). The SDRC determines or reviews, prioritizes and oversees CDS-related systems development and other changes proposed by participants and CDS. The SDRC’s membership includes representatives from the CDS participant community and it meets on a monthly basis.

These amendments were reviewed and approved by the SDRC on November 24, 2011.

B. REASONS FOR TECHNICAL CLASSIFICATION

The amendments proposed pursuant to this Notice are considered technical amendments as they are matters of a technical nature in routine operating procedures and administrative practices relating to the settlement service.

C. EFFECTIVE DATE OF THE CDS PROCEDURE AMENDMENTS

Pursuant to Appendix A (“Rule Protocol Regarding The Review And Approval Of CDS Rules By The OSC”) of the Recognition and Designation Order, as amended on November 1, 2006, and Annexe A (“Protocole d’examen et d’approbation des Règles de Services de Dépot et de Compensation CDS Inc. par l’Autorité des marchés financiers”) of AMF Decision 2006-PDG-0180, made effective on November 1, 2006, CDS has determined that the proposed amendments will become effective on December 30, 2011.


December 23, 2011 (2011) 34 OSCB 12874

D. QUESTIONS

Questions regarding this notice may be directed to:

Laura Ellick Manager, Business Systems

CDS Clearing and Depository Services Inc. 85 Richmond Street West Toronto, Ontario M5H 2C9

Telephone: (416) 365-3872 Email: [email protected]

December 23, 2011 (2011) 34 OSCB 12875

Chapter 25

Other Information

25.1 Consents

25.1.1 Envoy Capital Group Inc. – s. 4(b) of the Regulation

Headnote

Consent given to an offering corporation under the Business Corporations Act (Ontario) to continue under the Business Corporations Act (British Columbia).

Statutes Cited

Business Corporations Act, R.S.O. 1990, c. B.16, as am., s. 181. Securities Act, R.S.O. 1990, c. S.5, as am.

Regulations 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 ENVOY CAPITAL GROUP INC.

CONSENT(Subsection 4(b) of the Regulation)

UPON the application (the “Application”) of Envoy Capital Group 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 was formed pursuant to the laws of British Columbia on December 28, 1973 under the name of Envoy Communications Group Inc. and continued into Ontario on December 5, 1997. The Applicant changed its name to Envoy Capital Group Inc. on March 30, 2007.

2. The Applicant’s registered office is located at 30 St. Patrick Street, Suite 301, Toronto, Ontario M5T 3A3.

3. The Applicant’s authorized share capital consists of an unlimited number of common shares (the “Common Shares”) of which 8,028,377 Common Shares are issued and outstanding as at November 18, 2011.

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 Business Corporations Act (British Columbia) (the “BC Act”).

5. The Continuance is being made in connection with a proposed amalgamation of the Company and Merus Labs International Inc. (“Merus”) to occur no later than December 13, 2011 pursuant to a plan of arrangement whereby all of the outstanding common shares of Merus will be exchanged on a 4:1 basis for common shares of the amalgamated company (“Amalco”) and all outstanding common shares of the Company will be exchanged on a 1:1 basis for common shares of Amalco (the “Arrangement”). Upon completion of the Arrangement the existing shareholders of the Company will, in the aggregate, hold approximately 50.1% of the issued and outstanding common shares of Amalco on a non-diluted basis and the existing shareholders of Merus will hold approximately 49.9% of the issued and outstanding shares on a non-diluted basis. Holders of options and warrants of Merus and the Company shall receive options and warrants to purchase Amalco shares on the same terms and conditions after adjustment for the foregoing share exchange ratios.

6. As a result of the amalgamation the name of Amalco will be Merus Labs International Inc.

7. 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.

8. 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 intends to remain a reporting issuer under the Act following the Continuance.

Other Information

December 23, 2011 (2011) 34 OSCB 12876

9. The Applicant is not in default of any of the provisions of the Act or the regulations or rules made under the Act.

10. The Applicant is not a party to any proceeding or, to the best of its knowledge, information and belief, pending proceeding under the Act.

11. The holders of the Common Shares of the Applicant authorized the Continuance at the special meeting of shareholders (the “Meeting”) held on December 9, 2011. The special resolution authorizing the Continuance was approved at the Meeting by ____% of the votes cast. None of the shareholders of the Applicant exercised dissent rights pursuant to section 185 of the OBCA.

12. The management information circular dated November 10, 2011 (the “Information Circular”) 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 BC Act 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.

13. The Continuance has been proposed to facilitate the Arrangement and the future business of the resulting issuer. The Continuance will allow the Applicant to facilitate the Arrangement under the BC Act.

14. The material rights, duties and obligations of a company governed by the laws of the the province of British Columbia and the Articles of Continuance are substantially similar to those approved by the shareholders of the Applicant at the Meeting (the “Continuation Application”) are substantially similar to those of a corporation governed by the OBCA. Such rights provided by the Continuance Application 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,subject to the approval of the shareholders of the Applicant of the Application for Continuance, to the continuance of the Applicant as a company under the BC Act.

DATED at Toronto, Ontario this 13th day of December, 2011.

“James Turner” Vice-Chair

“Sarah B. Kavanagh” Commissioner

December 23, 2011 (2011) 34 OSCB 12877

Index

2195043 Ontario Inc. News Release.........................................................12678Notice of Hearing – ss. 127, 127.1..........................12674

Notice from the Office of the Secretary ...................12679 Notice from the Office of the Secretary ...................12681 Order – ss. 127. 127.1 ............................................12699 Settlement Agreement ............................................12732

Acadian Energy Inc. Order – s. 144 .........................................................12711

Ace Financial Corporation Voluntary Surrender................................................12867

AFC Capital Ltee Consent to Suspension (s. 30 of the Act

– Surrender of Registration)...................................12867

Ahluwalia, Balbir Notice of Correction ................................................12673

Temporary Order – ss. 127(1), 127(5) ....................12714

Ahluwalia, Mohinder Notice of Correction ................................................12673 Temporary Order – ss. 127(1), 127(5) ....................12714

Arconti, Alexander Flavio Notice from the Office of the Secretary ...................12680

Order – ss. 127(7), 127(8).......................................12697

Arconti, Luigino Notice from the Office of the Secretary ...................12680

Order – ss. 127(7), 127(8).......................................12697

Bajovski, Nikola Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Bellotti Goodman Capital Inc. Name Change.........................................................12867

Bimcor Inc. Change of Category................................................12867

Blueport Capital Corp. Suspension .............................................................12867

Boily, Bernard Notice from the Office of the Secretary ...................12684

Order – Rule 6.7 of the OSC Rules of Procedure .................................................12716

Brikman, Vyacheslav Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Brookfield Renewable Energy Partners L.P. Decision.................................................................. 12685

CDS Procedures – Annual Issuance and Custodial Certification Forms

Clearing Agencies .................................................. 12873

Ciccone, Vincent Notice from the Office of the Secretary .................. 12683

Order – Rule 6.7 of the OSC Rules of Procedure................................................. 12712

Cohen, Bruce Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

CR Advisors Corporation Consent to Suspension (s. 30 of the Act

– Surrender of Registration) .................................. 12867

Da Silva, Abel Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Diadamo, Marco Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Entreprises Greg Pompeo Inc. New Registration .................................................... 12867

Envoy Capital Group Inc. Consent – s. 4(b) of the Regulation........................ 12875

Euroglobal Capital Partners Inc. Name Change ........................................................ 12867

Falcon Trust Decision.................................................................. 12696

Feder, Elliot Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

Financial Industry Regulatory Authority, Inc. Notice ..................................................................... 12674

Gahunia, Gurdip Singh Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Gahunia, Michael Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Index

December 23, 2011 (2011) 34 OSCB 12878

Global Energy Group, Ltd. Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Groberman, Herbert Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Grossman, Abraham Herbert Notice from the Office of the Secretary ...................12681

Order – ss. 127(1), 127(8).......................................12702

Grossman, Allen Notice from the Office of the Secretary ...................12681

Order – ss. 127(1), 127(8).......................................12702

Harper, Christina Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Higgins, Gregory William Notice from the Office of the Secretary ...................12680

OSC Reasons – s. 127 ...........................................12717

Homeserve Technologies Inc. Cease Trading Order ..............................................12745

Innovative Wireline Solutions Inc. Cease Trading Order ..............................................12745

Integra Capital Corporation Consent to Suspension (Pending Surrender)..........12867

Integra Capital Financial Corporation Consent to Suspension (Pending Surrender)..........12867

JonesTrading Canada Inc. Decision ..................................................................12689

JonesTrading Institutional Services LLC Decision ..................................................................12689

Lehman Brothers & Associates Corp. Notice from the Office of the Secretary ...................12680

OSC Reasons – s. 127 ...........................................12717

Lounds, Kent Emerson Notice from the Office of the Secretary ...................12680

OSC Reasons – s. 127 ...........................................12717

Maloney, Omar Notice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Mankofsky, William Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Marks, Greg Notice from the Office of the Secretary .................. 12680

OSC Reasons – s. 127........................................... 12717

MBS Group (Canada) Ltd. Notice of Correction................................................ 12673

Temporary Order – ss. 127(1), 127(5).................... 12714

McNicoll, Lewis & Vlak LLC Decision.................................................................. 12689

McQuarrie, GordNotice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Medra Corp. Notice from the Office of the Secretary .................. 12683

Order – Rule 6.7 of the OSC Rules of Procedure... 12712

Memorandum of Understanding between the OSC and FINRA

Notice ..................................................................... 12674

Microsemi Semicondcutor Corp. Decision.................................................................. 12695

Morgan Bay Capital Inc. Voluntary Surrender ............................................... 12867

New Gold Limited Partnerships Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

New Hudson Television Corporation Notice from the Office of the Secretary .................. 12683


New Hudson Television L.L.C. Notice from the Office of the Secretary .................. 12683


North American Capital Inc. Notice from the Office of the Secretary .................. 12680

Order – ss. 127(7), 127(8) ...................................... 12697

North American Financial Group Inc. Notice from the Office of the Secretary .................. 12680

Order – ss. 127(7), 127(8) ...................................... 12697

O’Brien, Eric Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Ontario Securities Commission Notice ..................................................................... 12674

Index

December 23, 2011 (2011) 34 OSCB 12879

Pasternak, Oded Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Performance Capital Ltd. Change of Category................................................12867

Petrozza, VincenzoNotice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Phoenix Capital Resources Inc. Notice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Phoenix Credit Risk Management Consulting Inc. Notice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Phoenix Pension Services Inc. Notice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Quach, Hao Notice of Hearing – ss. 127(7), 127(8) ....................12677

Notice from the Office of the Secretary ...................12682 Temporary Order – ss. 127(1), 127(5) ....................12704

Rash, Howard Notice from the Office of the Secretary ...................12682

Order – ss. 127(7), 127(8).......................................12706

Rathore & Associates Asset Management Ltd. Notice of Hearing – ss. 127, 127.1..........................12674News Release.........................................................12678


Rathore, Jawad Notice of Hearing – ss. 127, 127.1 ......................... 12674News Release ........................................................ 12678

Notice from the Office of the Secretary .................. 12679 Notice from the Office of the Secretary .................. 12681 Order – ss. 127. 127.1............................................ 12699 Settlement Agreement............................................ 12732

Resverlogix Corp. Decision.................................................................. 12689

Revolution Technologies Inc. Cease Trading Order.............................................. 12745

Robinson, Peter Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

Rodocanachi Capital Inc. Cease Trading Order.............................................. 12745

Salganov, James Dmitry Notice from the Office of the Secretary .................. 12683


Schaumer, Michael Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

Shallow Oil & Gas Inc. Notice from the Office of the Secretary .................. 12681

Order – ss. 127(1), 127(8) ...................................... 12702

Shiff, Andrew Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

Silverstein, Alan Notice from the Office of the Secretary .................. 12682Notice from the Office of the Secretary .................. 12684

Order – ss. 127(7), 127(8) ...................................... 12706

Sprung & Co. Investment Counsel Inc. Change of Name .................................................... 12867

Sprung Investment Management Inc. Change of Name .................................................... 12867

Systematech Solutions Inc. Notice of Hearing – ss. 127(7), 127(8) ................... 12677

Notice from the Office of the Secretary .................. 12682 Temporary Order – ss. 127(1), 127(5).................... 12704

Tridelta Investment Counsel Inc. New Registration .................................................... 12867

Index

December 23, 2011 (2011) 34 OSCB 12880

Tsatskin, Vadim Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

TSX Company Manual Marketplaces...........................................................12869

Vuong, April Notice of Hearing – ss. 127(7), 127(8) ....................12677

Notice from the Office of the Secretary ...................12682 Temporary Order – ss. 127(1), 127(5) ....................12704

Walker, Allan Notice from the Office of the Secretary ...................12682Notice from the Office of the Secretary ...................12684

Order – ss. 127(7), 127(8).......................................12706

Wash, Kevin Notice from the Office of the Secretary ...................12681

Order – ss. 127(1), 127(8).......................................12702

Zarlink Semiconductor Inc.) Decision ..................................................................12695

OSC Bulletin · Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban s. 127 and 127.1 C....

Documents

Transcript of OSC Bulletin · Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban s. 127 and 127.1 C....