On August 17, 2012 the TSXV published a bulletin entitled Private Placements – Temporary Relief from Certain Pricing Requirements, which provided, on a temporary basis and subject to compliance with the bulletin, the granting of relief to TSXV issuers from certain existing pricing requirements related to private placement financings. These temporary measures were effective as of August 17, 2012 and continued until December 31, 2012. The TSXV issued the bulletin as a result of the current market environment faced by many of its listed issuers and the effect that this was having on their ability to complete financings and maintain and preserve their existing operations, activities and assets. Readers are directed to our firm bulletin dated September 24, 2012, which provides a summary of the TSXV bulletin. December 12, 2012, the TSXV issued a bulletin entitled Private Placements – Extension and Modification of Temporary Relief from Certain Pricing Requirements. The new bulletin accomplishes two things: firstly, it extends the temporary relief period to April 30, 2013, giving TSXV issuers additional time to take advantage of the relief measures; and secondly, it introduces the concept of an “excluded amount”, which enables TSXV issuers relying on the relief measures to use up to $50,000 of the gross proceeds raised under a private placement for general working capital purposes (i.e., the “excluded amount” will not be subject to the Maintain/Preserve Existing Business or No Payments to Related Parties conditions).  Lastly, the requirement to use the proceeds of the private placement immediately or imminently will not apply to the “excluded amount” and any proposed payments to related parties must be disclosed in the news release disseminated by the issuer in conjunction with the closing of the private placement.