OSC 2012

The Applicant, Terrane Metals Corp., applied to the Ontario Securities Commission and other jurisdictions for a decision that it is no longer a reporting issuer.

The Applicant demonstrated that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Commission granted the requested relief, ordering that the Applicant is not a reporting issuer.

The Filer, Blumont Capital Corporation, applied for exemptive relief under National Instrument 81-102 to approve the merger of the Exemplar Market Neutral Portfolio (the Terminating Fund) into the Exemplar Yield Fund (the Continuing Fund).

The merger did not meet the criteria for pre-approval because it was conducted on a taxable basis and the funds had differing investment objectives.

The principal regulator granted the requested approval, finding that the merger was beneficial to securityholders and that adequate disclosure had been provided.

The applicant, the investment fund manager of a scholarship plan, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the plan's current prospectus to November 30, 2012.

The extension was requested to allow OSC staff sufficient time to review a pro forma prospectus and a consultant's report without forcing the plan to cease distribution of its units.

The principal regulator granted the exemption, noting that there had been no undisclosed material changes to the plan and the extension would not prejudice the public interest.

The Filer applied for exemptive relief from the multi-layering prohibition in paragraph 2.5(2)(b) of National Instrument 81-102 Mutual Funds.

The relief was sought to permit certain top funds to obtain exposure to reference funds through specified derivatives, where the reference funds hold more than 10% of their net asset value in securities of third-tier funds.

The Ontario Securities Commission granted the exemption, finding that the proposed three-tier fund structure is analogous to the current multi-layering exception and provides transparent investment portfolios and accountability for portfolio management.

The applicants, a TSX-listed issuer and a foreign resident purchaser and manager, applied to the Ontario Securities Commission for exemptive relief from certain prospectus disclosure, dealer registration, and prospectus delivery requirements.

The relief was sought in connection with an 'equity line of credit' facility, under which the purchaser would buy newly issued securities of the issuer at a discount and resell them in the secondary market.

The Commission granted the requested exemptions, subject to conditions including a 9.9% cap on the number of shares distributed under the facility in any 12-month period, restrictions on the purchaser's activities, and timely disclosure of each drawdown.

The applicant applied for a decision under the securities legislation of Ontario and Alberta that it is no longer a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Ontario Securities Commission was satisfied that the legislative test was met and ordered that the applicant is not a reporting issuer.

The applicant applied for a decision to be deemed to have ceased to be a reporting issuer in multiple jurisdictions following a statutory plan of arrangement.

Pursuant to the arrangement, a third party acquired all outstanding shares of the applicant, and the applicant amalgamated with another entity.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, noting that the applicant's securities were delisted and it had no intention to seek public financing.

The Filer applied for an exemption from the requirement in section 5.1(c) of NI 81-102 to obtain prior investor approval before changing the fundamental investment objectives of a mutual fund.

The Ontario Securities Commission granted the exemption on the basis that all investors in the fund had entered into discretionary investment management agreements giving full discretionary authority to the portfolio manager, making a unitholder meeting an unnecessary cost and inconvenience.

The Filer, PetroMagdalena Energy Corp., applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions.

Following a court-approved plan of arrangement, all of the Filer's common shares were acquired by a purchaser, and its options and warrants were cancelled.

The Filer's securities were delisted from the TSX Venture Exchange, and its outstanding notes were redeemed.

As the Filer's securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 worldwide, the Ontario Securities Commission granted the requested exemptive relief.

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of certain commodity pools from the seed capital redemption restrictions in National Instrument 81-104.

The applicant sought to permit the initial investor to redeem its $50,000 seed capital investment once the pools received at least $5 million in subscriptions from other investors.

The Ontario Securities Commission granted the requested relief, subject to conditions including a requirement to reinvest the seed capital if third-party subscriptions drop below $5 million.

The Applicant, RX Gold & Silver Inc., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of any obligations as a reporting issuer.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Manager of APMEX Physical – 1 oz.

Gold Redeemable Trust applied to the Ontario Securities Commission for exemptive relief from the requirement to prepare its financial statements in accordance with Canadian GAAP.

The Trust sought permission to prepare its financial statements using International Financial Reporting Standards (IFRS-IASB) for its prospectus and continuous disclosure filings.

The Trust is a foreign private issuer with the SEC and is permitted to file IFRS-IASB financial statements in the United States.

The Commission granted the requested relief, provided the financial statements include an unreserved statement of compliance with IFRS-IASB.

The Manager applied for exemptive relief on behalf of the Trust from the investment restrictions in Subsections 2.3(e) and (f) of National Instrument 81-102 Mutual Funds.

The relief was sought to permit the Trust to invest up to 100% of its net assets in gold coins.

The Principal Regulator granted the exemptive relief, provided that the Trust's final prospectus contains disclosure regarding the unique risks associated with direct purchases of gold coins.

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of certain proposed commodity pools from various provisions of National Instrument 81-102 and National Instrument 81-104.

The relief sought to permit the commodity pools to invest in US commodity ETFs tracking physical commodities, to pay brokerage commissions for trading these ETFs, and to allow the manager to redeem its seed investment once the pools received $5 million in subscriptions.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding investment objectives, prospectus disclosure, and liquidity policies.

CI Investments Inc. applied for exemptive relief on behalf of existing and future mutual funds and pooled funds it manages.

The relief sought to permit the funds to purchase and hold non-exchange traded debt securities of related parties issued pursuant to a primary offering.

The Ontario Securities Commission granted the relief, subject to several conditions including independent review committee approval, pricing requirements, and limits on the amount of the primary offering the funds can purchase.

The Applicant, Magma Metals Limited, applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

Trelawney Mining and Exploration Inc. applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer a reporting issuer.

The decision maker found that the applicant met the statutory test, as its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The application was granted and the applicant was ordered to not be a reporting issuer.

The applicant, CI Investments Inc., applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into continuing funds.

The mergers required approval because they did not meet all pre-approval criteria, specifically due to differences in investment objectives, fee structures, and not qualifying as tax-deferred transactions.

The principal regulator granted the requested exemption, allowing the mergers to proceed.

The Filer applied for exemptive relief under National Instrument 81-102 to permit its actively managed exchange-traded mutual funds to invest up to 10% of their net assets in gold and silver ETFs, as well as physical silver.

The Filer also sought relief from the cover requirements for specified derivatives to permit the funds to use put options or short positions to cover long positions in futures, forwards, or swaps.

The Ontario Securities Commission granted the requested relief, subject to various conditions including disclosure requirements, limits on commodity exposure, and specific cover and margin requirements for derivative positions.

The applicant applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission was satisfied that the statutory test was met and ordered that the applicant is not a reporting issuer.