I copied these bullet points from a presentation on the TSX website. Although they have been paraphrased from the legislation, I believe them to be accurate. The ideas are framed from the OSC regulator as "reviewer of public information" position.
http://www.osc.gov.on.ca/Regulation/...
The TSX position is to release visuals on bonanza grades or visual gold, to quell rumours. And, as we've always discussed, a well-founded rumour is also cause for a news release.
Lar
TSX Timely Disclosure Policy
TDP – Requirements
• Immediate disclosure of material
information
• Update previously disclosed developments
• Must issue news release in response to
rumour containing truth which is
influencing trading activity
Timely vs. Continuous Disclosure
• Material facts and material changes must be
disclosed by timely news release
Annual and Quarterly Reports – constitute
‘continuous disclosure’
– As complete as possible and in compliance with
Appendix ‘B’
• and NI 43-101
• Even if not material explain -
– Discontinued work
– Dropped properties
– Undisclosed results
Other Disclosure Issues
• Unusual circumstances
– ‘Bonanza’ Grade –
• Is today’s 5 ounces worth the same as
yesterday’s 5 ounces?
• Every case is different – just ask RS
– Visible gold (vg)
• May be very important to disclose because
there can be rumours
– Give an estimate of turn around time and
follow with assays
Principles of News Release
Disclosure
All material information must be
released immediately
Factual and balanced
Must contain sufficient information to
enable investor to appreciate the nature,
relevance and impact
Unfavourable news must be disclosed as
promptly and completely as favourable
Monitor continuous disclosure record
