Clark Wilson Acted for Pure Multi-Family REIT LP in Closing US $35 Million Bought Deal
Clark Wilson LLP acted for Pure Multi-Family REIT LP (PURE) (TSXV: RUF.U) in closing its public offering of 7,000,000 class A units, on a bought ... Continued
Clark Wilson Acted for PIRET in Closing $184.1 Million Bought Deal
Vikram Dhir and James Speakman of Clark Wilson’s Corporate Finance & Securities Group acted for Pure Industrial Real Estate Trust (PIRET) (TSX: AAR.UN) in closing ... Continued
Regulation FD Applies to Disclosure made through Social Media Channels
The SEC concluded that Regulation FD applies to disclosure made through social media channels.
Regulation FD Applies to Disclosure made through Social Media Channels
On April 2, 2013 the United States Securities and Exchange Commission (“SEC”) published a report of its investigation on whether Netflix, Inc. (“Netflix”) and its Chief Executive Officer, Reed Hastings (“Hastings”), violated Regulation FD and Section 13(a) of the Securities Exchange Act of 1934 when on July 3, 2012, Hastings announced on his personal Facebook page that Netflix had streamed 1 billion hours of content in the month of June. Though the SEC did not pursue enforcement action in the matter, it clarified in its report that Regulation FD applies to issuer communications and disclosures through social media channels, and that SEC’s Commission Guidance on the Use of Company Web Sites, Release No. 34-58288 (Aug. 7, 2008) (the “Guide”) also applies to corporate disclosures made through social media channels. The report also suggests that Regulation FD and the Guide apply to “push” technologies, such as email alerts and RSS feeds, and “interactive” communication tools, such as blogs.
TSXV Extends Temporary Measures to Match Tough Financing Conditions
The TSXV extended temporary measures to match tough financing conditions.
Temporary relief from certain private placement pricing requirements
In a Bulletin dated April 12, 2013, the TSX Venture Exchange extended a program providing for temporary relief from certain private placement pricing requirements until August 31, 2013. These temporary measures will permit, in limited circumstances, an issuer listed on the TSX Venture Exchange to price a share/unit offering at an offering price below $0.05, to offer a convertible debenture with a conversion price below $0.10 and to offer a warrant with an exercise price below $0.10.
Ontario Court Confirms Binding Nature of Bought Deal Engagement Letters
The Ontario Superior Court of Justice (Commercial List) recently confirmed the binding nature of bought deal engagement letters when it awarded a judgment of $16,042,669 plus interest and costs in favour of Stetson Oil & Gas Ltd. (TSXV: SSN), a junior oil and gas exploration company, and against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) (“Weisel”), an investment bank and a securities dealer, for Weisel’s failure to close a bought deal private placement pursuant to an engagement letter with Stetson.
SEC Provides Guidance on Using Social Media for Corporate Communication
The United States Securities and Exchange Commission (the “SEC”) issued a report following an investigation into the use of social media, such as Facebook and Twitter, for corporate communication. The report clarifies that public companies can use social media to disseminate corporate information without violating Regulation FD if they take steps sufficient to inform the market of the social media channels that they intend to use to disseminate the information.
Clark Wilson completes $61 million oil and gas assets sale for Bucking Horse Energy Inc.
Ethan Minsky, Bernard Pinsky and Amaan Gangji of Clark Wilson’s Corporate Finance & Securities Group assisted Bucking Horse Energy Inc., through its US subsidiary, in ... Continued
TSX Considers Rules for Issuers with Connections to Emerging Markets
The TSX and TSXV are considering rules for issuers with connections to emerging markets.
Notice-and-Access Measures Adopted to Permit Electronic Delivery of Proxy Materials for Reporting Issuers
The CSA adopted notice-and-access measures to permit electronic delivery of proxy materials for reporting issuers.
Clark Wilson completes $69.7 million public offering for PIRET
On February 12, 2013, Vikram Dhir and James Speakman of our Corporate Finance & Securities Group acted on the completion of Pure Industrial Real Estate ... Continued