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Gold/Mining/Energy : PYNG Technologies
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To: Jack Rayfield who wrote (4279)8/12/1999 4:38:00 PM
From: AriKirA  Read Replies (1) of 8117
 
Jack,

In short, sections 45(2)(10) & 74(2)(9) of the Securities Act and sections 89(f) and 128(g) of the Securities Rules (also refer to BOR # 96-15) provide registration and prospectus exemptions applicable to the issuance of securities to directors / employees, pursuant to stock option agreements.

Placees under these exemptions are not not subject to a hold period pursuant to the Securities Act or Rule, but will be required to hold the securities for twelve (12) months by the Exchange.
(NOTE: Securities includes options or warrants and convertible securities)

Following the BC Securities Commission's decision in Argonaut Resources Ltd., the Vancouver Exchange decided to formaly publish internal guidelines relative to acceptibility of pricing for private placements securities and stock options granted prior to public disclosure and material changes in the issuer.

In short, the general policy of the exchange is that the price should be based upon full disclosure of all material changes in the company's affairs. Therefore, with respect to incentive stock options, the exchange no longer accepts any director or employee incentive stock options based upon a price prior to public disclosure of the involved material change.

In other words, don't expect any significant news any time soon!

AK
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