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. We discuss the impact of this temporary relief from certain pricing requirements, including a summary of the TSXV bulletin. On December 12, 2012, the TSXV issued a second bulletin entitled Private Placements – Extension and Modification of Temporary Relief from Certain Pricing Requirements. The second bulletin extended the temporary relief period to April 30, 2013, and introduced the concept of an “excluded amount”. On April 12, 2013, the TSXV published a third bulletin entitled Private Placements – Extension and Modification of Temporary Relief from Certain Pricing Requirements, which further extended the temporary relief period to August 31, 2013. In addition, the new bulletin now (i) allows TSXV issuers to raise an aggregate of $200,000 from Related Parties without any arm’s length component to the private placement being required, and (ii) removes the 75% arm’s length requirement in respect of offerings involving a warrant with an exercise price below $0.10. The new bulletin does provide that if more than $200,000 is to be raised from Related Parties, at least 75% of any additional amounts must be subscribed for by persons that are not Related Parties. The TSXV has also clarified that the relief measures do not apply to Capital Pool Companies. Should the current capital market environment persist, we may just see an additional extension to the relief measures.