David Mendicino

The Filer, Cronos Group Inc., applied to the Ontario Securities Commission for exemptive relief from the issuer bid requirements under Ontario securities legislation.

The Filer sought to purchase its common shares through the NASDAQ and other U.S. markets pursuant to a normal course issuer bid approved by the TSX, exceeding the 5% limit under the Other Published Markets Exemption.

The Commission granted the requested relief, subject to conditions including compliance with U.S. rules and Rule 10b-18, and aggregate purchase limits across all markets.

The Filer applied to the Ontario Securities Commission for exemptive relief from certain requirements under National Instrument 62-104 in connection with a proposed issuer bid.

The Filer sought to conduct the bid via a modified Dutch auction and requested exemptions from the proportionate take up requirement, the proportionate take up disclosure requirement, and the extension take up requirement.

The Commission granted the requested relief, subject to conditions including that the Filer takes up and pays for shares as described in its circular and remains eligible for the liquid market exemption.

The applicant sought an exemption from the take-over bid and issuer bid requirements under Part 2 of NI 62-104 for acquisitions of its common shares.

The applicant argued that its dental principals, who operate as independent contractors due to legal requirements, should be treated similarly to employees for the purpose of the 50-securityholder exemption limit.

The principal regulator granted the exemption, provided the applicant remains a non-reporting issuer, there is no published market for the shares, and the number of shareholders (excluding employees and dental principals) does not exceed 50.

The Filer applied to the Ontario Securities Commission for exemptive relief under section 9.1 of MI 61-101 from the requirement to obtain minority approval from each class of affected securities voting separately as a class in connection with a proposed business combination.

The Filer sought to instead obtain minority approval from all Disinterested Unitholders voting together as a single class.

The Commission granted the requested exemption, noting that separate class votes would give disproportionate veto power to a small number of unitholders and that the transaction terms ensured fair treatment across all classes.

Altus Group Limited applied to the Ontario Securities Commission for exemptive relief from certain requirements under National Instrument 62-104 in connection with a proposed issuer bid by way of a modified Dutch auction.

The applicant sought relief from the proportionate take up requirement, the proportionate take up disclosure requirement, and the extension take up requirement.

The Commission granted the requested exemptions, subject to conditions including that the applicant takes up and pays for shares as described in its circular and remains eligible for the liquid market exemption.

The applicant, CI Financial Corp., applied for an exemption from subsection 2.32(4) of National Instrument 62-104 in connection with a modified 'Dutch auction' issuer bid.

The exemption would allow the applicant to extend the offer without first taking up all deposited shares, as the final purchase price cannot be determined until all tenders, including those during any extension period, are known.

The Ontario Securities Commission granted the requested exemptive relief, subject to conditions including reliance on the liquid market exemption.

Brookfield Reinsurance Ltd. applied for exemptive relief from the requirement under MI 61-101 to call a meeting of affected security holders and send an information circular regarding a proposed related party transaction.

The transaction involved an exchange offer for shares of its paired entity, Brookfield Corporation, which is the sole beneficial holder of the applicant's equity securities.

The Ontario Securities Commission granted the exemption, noting that the sole affected securityholder had already provided written consent and was fully aware of the transaction terms.

The Filer, a special purpose acquisition corporation (SPAC), applied for exemptive relief from the minority approval and formal valuation requirements of Multilateral Instrument 61-101 in connection with its qualifying acquisition.

The proposed transaction involved acquiring shares from a related party, which would normally trigger the requirements.

The Filer argued that if its Class A Restricted Voting Shares were considered its only outstanding equity securities, the transaction would fall under the 25% market capitalization exemption.

The Ontario Securities Commission granted the requested relief, provided the transaction would qualify for the exemption under that assumption and the Filer discloses the exemption in its transaction documents.