TSX Venture Exchange Daily Bulletins

VANCOUVER, May 9, 2013 /CNW/ -

TSX VENTURE COMPANIES:

BULLETIN TYPE: Notice to Issuers
BULLETIN DATE: May 9, 2013

Re:  Changes to Auditor Independence Rules Proposed by the Canadian Institute of Chartered Accountants

Overview:

The purpose of this Bulletin is to notify Issuers of proposed changes to the existing auditor independence rules that are currently being considered by the Canadian Institute of Chartered Accountants (the "CICA").  This is an initiative of the CICA and not TSXV Venture Exchange (the "TSXV" or the "Exchange"), however, given that the proposed changes may potentially have an impact on a number of Exchange-listed Issuers, the Exchange is encouraging Issuers and their auditors to review and understand the potential impact of the proposed changes and consider providing any comments or concerns to the CICA.

Summary of CICA Initiative:

Earlier this year, the CICA published an Exposure Draft on Independence Standards prepared by its Independence Task Force.  The Exposure Draft proposes certain revisions to the existing auditor independence standards within the profession's Rules of Professional Conduct.  In brief, at present auditors for reporting issuers that do not have either a market capitalization or total assets in excess of $10 million are exempt from certain of the more restrictive auditor independence requirements.  These include requirements related to partner rotation and the provision of non-audit services to Issuers (such as tax assistance).  The CICA's Independence Task Force is recommending that this exemption be removed such that all reporting issuers (regardless of their size) be subject to the same auditor independence rules.

The proposed revisions have been published for public comment with the comment period expiring on May 31, 2013.  The full particulars of the CICA's proposal including a copy of the Exposure Draft on Independence Standards prepared by the CICA's Independence Task Force are available at the following webpage:

http://www.cica.ca/about-cica-and-the-profession/protecting-the-public-interest/independence-requirements/item36957.aspx

TYPE DE BULLETIN : Avis aux émetteurs
DATE DU BULLETIN : Le 9 mai 2013

Objet : Projet de modification des normes d'indépendance de l'auditeur présenté par l'Institut Canadien des Comptables Agréés

Aperçu:

Le présent bulletin vise à informer les émetteurs du projet de modification des normes d'indépendance de l'auditeur qu'étudie actuellement l'Institut Canadien des Comptables Agréés (l'« ICCA »). Bien qu'il s'agisse d'une initiative de l'ICCA et non de la Bourse de croissance TSX, comme ce projet est susceptible d'avoir une incidence sur un certain nombre d'émetteurs inscrits à sa cote, la Bourse de croissance TSX invite les émetteurs et leurs auditeurs à faire part à l'ICCA de leurs commentaires et de leurs préoccupations à ce sujet.

Résumé du projet de l'ICCA:

Plus tôt cette année, l'ICCA a publié un exposé-sondage sur les normes d'indépendances rédigé par son Groupe de travail sur l'indépendance. Ce dernier propose d'apporter certaines modifications aux normes d'indépendance de l'auditeur actuelles prévues au Code de déontologie harmonisé de la profession. En résumé, les auditeurs d'émetteurs assujettis dont la capitalisation boursière ou l'actif total ne dépasse pas 10 millions de dollars sont actuellement exemptés de certaines des exigences d'indépendance les plus strictes. Celles-ci comprennent les exigences liées à la rotation des associés et à la prestation de services autres que ceux d'audit aux émetteurs (par exemple l'assistance en matière de fiscalité). Le Groupe de travail sur l'indépendance de l'ICCA recommande l'abolition de ce seuil d'exemption de sorte que tous les émetteurs assujettis, quelle que soit leur taille, soient assujettis aux mêmes normes d'indépendance de l'auditeur.

Le projet de modification a été publié aux fins d'appel à commentaires du public, la période de consultation se terminant le 31 mai 2013. Le détail complet du projet de l'ICCA, y compris un exemplaire de l'exposé-sondage sur les normes d'indépendance rédigé par le Groupe de travail sur l'indépendance de l'ICCA, est publié à l'adresse suivante :

http://www.icca.ca/licca-et-la-profession/protection-de-linteret-public/exigences-en-matiere-d-independance/item36974.aspx

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BULLETIN TYPE:  Cease Trade Order
BULLETIN DATE:  May 8, 2013
TSX Venture Companies

A Cease Trade Order has been issued by the British Columbia Securities Commission on May 8, 2013 against the following companies for failing to file the documents indicated within the required time period:

Upon revocation of the Cease Trade Orders, the companies' shares will remain suspended until the companies meet TSX Venture Exchange requirements.  Members are prohibited from trading in the securities of the companies during the period of the suspension or until further notice.

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BULLETIN TYPE:  Cease Trade Order
BULLETIN DATE:  May 8, 2013
NEX Company

A Cease Trade Order has been issued by the British Columbia Securities Commission on May 8, 2013 against the following company for failing to file the documents indicated within the required time period:

Upon revocation of the Cease Trade Order, the Company's shares will remain suspended until the Company meets TSX Venture Exchange requirements.  Members are prohibited from trading in the securities of the Company during the period of the suspension or until further notice.

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BROWNSTONE ENERGY INC. ("BWN")
BULLETIN TYPE:  Property-Asset or Share Disposition Agreement
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange (the "Exchange") has accepted for filing documentation pertaining to an Acquisition Agreement (the "Agreement"), dated May 6, 2013, between Brownstone Energy Inc. (the "Company") and Petrominerales Ltd. (the "Purchaser"), whereby the Company has agreed to sell its 25% private participating interest in the Canaguaro Block (the "Property"), located in the Llanos basin of Colombia, for total consideration of US$6,000,000.

Upon completion of the transaction the Company will continue to hold its private participating interests in two other blocks in the Llanos basin of Colombia -- LLA27 and LLA36, and its option on block LLA21.

For further details, please refer to the Company's news release dated May 7, 2013.

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CARIBOU KING RESOURCES LTD. ("CKR")
BULLETIN TYPE:  Shares for Services
BULLETIN DATE: May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing the Company's proposal to issue 300,000 shares at a deemed price of $0.05 per share, in consideration of certain services provided to the Company pursuant to an agreement dated March 20, 2013.

The Company shall issue a news release when the shares are issued.

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GOLDEN ARROW RESOURCES CORPORATION ("GRG")
BULLETIN TYPE:  Resume Trading
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

Effective at 7:30 a.m., PST, May 9, 2013, shares of the Company resumed trading, an announcement having been made.

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ICO THERAPEUTICS INC. ("ICO")
BULLETIN TYPE:  Halt
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

Effective at 12:53 p.m., PST, May 9, 2013, trading in the shares of the Company was halted at the request of the Company, pending news. This regulatory halt is imposed by Investment Industry Regulatory Organization of Canada, the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

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KLONDIKE SILVER CORP. ("KS")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to the first tranche of a Non-Brokered Private Placement announced March 18, 2013 and April 23, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

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LOYALIST GROUP LIMITED ("LOY")
BULLETIN TYPE:  Private Placement-Brokered-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Brokered and Non-Brokered Private Placements announced April 18, 2013 and April 23, 2013:

For further details, please refer to the Company's news releases dated April 18, 2013 and April 23, 2013.

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MARKSMEN ENERGY INC. ("MAH")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced February 26, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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MIDNIGHT SUN MINING CORP. ("MMA")
BULLETIN TYPE:  Remain Halted
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

Further to the TSX Venture Exchange ('TSXV') Bulletin dated May 6, 2013, effective at 9:55 a.m., May 9, 2013, trading in the shares of the Company will remain halted pending receipt and review of acceptable documentation regarding the Fundamental Acquisition pursuant to TSXV Listings Policy 5.6(d) of Exchange Policy 5.3.  This regulatory halt is imposed by Investment Industry Regulatory Organization of Canada, the Market Regulator of the Exchange, pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

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NEWNORTH PROJECTS LTD. ("NNP")
BULLETIN TYPE:  Property-Asset or Share Disposition Agreement
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 1 Company

TSX Venture Exchange has accepted for filing documentation pursuant to a Purchase and Sale Agreement dated February 12, 2013 and amended March 14, 2013 ( the "Agreement"), between the Company and a private arm's length company ( the "Purchaser").  As per the terms of the Agreement, the Company is sold its interest in the Kinniburgh south Limited Partnership which holds development property near Chestermere, Alberta.  In consideration, the Purchaser paid the Company $3.5 million cash.

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NOBLE IRON INC. ("NIR")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced March 26, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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PHOTON CONTROL INC. ("PHO")
BULLETIN TYPE:  Normal Course Issuer Bid
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has been advised by the Company that pursuant to a Notice of Intention to make a Normal Course Issuer Bid dated May 1, 2013, it may repurchase for cancellation, up to 5,000,000 shares in its own capital stock.  The purchases are to be made through the facilities of TSX Venture Exchange during the period May 8, 2013 to May 7, 2014.  Purchases pursuant to the bid will be made by Canaccord Genuity Corp. on behalf of the Company.

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RAINY MOUNTAIN ROYALTY CORP. ("RMO")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced March 12, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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TRUE GOLD MINING INC. ("TGM")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced May 8, 2013 and May 9, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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THOR EXPLORATIONS LTD. ("THX")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced April 30, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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ZINCO MINING CORP. ("ZIM")
BULLETIN TYPE:  Private Placement-Non-Brokered
BULLETIN DATE:  May 9, 2013
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced April 16, 2013:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.

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SOURCE: TSX Venture Exchange