Draft Amendments to Policy Statement to Regulation 51-102 respecting Continuous Disclosure Obligations

AMENDMENTS TO POLICY STATEMENT TO REGULATION 51-102 RESPECTING CONTINUOUS DISCLOSURE OBLIGATIONS

1. Section 8.1 of Policy Statement to Regulation 51-102 respecting Continuous
   Disclosure Obligations is amended by inserting, after paragraph (4), the following:
   “(4.1) Determination of what constitutes a business - mining assets – While certain acquisitions of mining assets may constitute acquisitions of a business for securities legislation purposes even if they do not meet the definition of a “business” for accounting purposes, we would not consider an acquisition of mining assets to be a business requiring a business acquisition report if all of the following apply:
   (a) the acquisition of the mining assets was an arm’s length transaction; (b) no other assets were transferred and no other liabilities were assumed as part of the acquisition; (c) there has been no exploration, development or production activity on the mining assets in the 2 years prior to the acquisition.”.