Insider Trade Reporting

When an issuer begins to sell securities to the public, it becomes a reporting issuer and its insiders (such as directors and senior officers) have an ongoing obligation to report trades in securities of the reporting issuer. Trades include acquisitions and dispositions of equity and debt and grants and exercising of options, warrants and rights. Trades must be reported within five calendar days unless an exemption is available.

Reporting issuers also have an ongoing obligation to disclose issuer events through an Issuer Event Report, which provides notice of an issuer event to insiders and members of the public. An issuer event is a stock dividend, stock split, consolidation, amalgamation, reorganization, merger or other similar event that affects the entire class of securities of a reporting issuer in the same manner. 

Reporting issuers may also report issuer grants if the issuer wishes to make the related exemption available to its insiders. An Issuer Grant Report publicly discloses the details of compensation arrangements, under which grants of stock options or similar instruments are made to insiders. A compensation arrangement includes an arrangement in which cash, securities or related financial instruments (including options, stock appreciation rights, phantom shares, restricted shares or restricted share units, deferred share units, performance units or performance shares, stock, stock dividends, warrants, convertible securities, or similar instruments) may be received or purchased as compensation for services rendered.

Public Documents

All insider trade reports, issuer event reports and issuer grant reports are available on the System for Electronic Disclosure by Insiders (SEDI).