Commission Approval of Amendment: Certain Trades in Securities of Junior Resource Issuers - Notice of Amendment to Rule Under The Securities Act

Pre-Reformulation

April 9, 1999

NOTICE OF AMENDMENT TO RULE UNDER THE SECURITIES ACT
IN THE MATTER OF
CERTAIN TRADES IN SECURITIES
OF JUNIOR RESOURCE ISSUERS

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended the ruleentitled In the Matter of Certain Trades in Securities of Junior Resource Issuers (1997),20 OSCB 1218 (the "Rule"). The amendment extends the expiration date of the Rule fromJuly 1, 1999 to July 1, 2001. This amendment, however, does not materially change theRule and, accordingly, under section 143.2 of the Act, the Commission has not publishedthe Rule for comment.

The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on April 7, 1999. If the Minister does not approve the amendment,reject the amendment or return it to the Commission for further consideration, theamendment will come into force on June 21, 1999. If the Minister does approve theamendment, the amendment will come into force 15 days after it is approved.

Substance and Purpose of Amendment

The Rule replaced the deemed rule entitled In the Matter of Certain Trades in Securitiesof Junior Resource Issuers (1988), 11 OSCB 1522 [including Ontario Policy Statement No.5.2 (1988), 11 OSCB 563].

The Rule provides that it expires on the earlier of the date on which a new Rule intendedto replace it comes into force and July 1, 1999. The Commission has been conducting acomprehensive review of Ontario Securities Commission Policy Statement No. 5.2, witha view to considering what form, if any, a replacement instrument should take and thenature of its contents. The purpose of the amendment is to extend the expiration date ofthe Rule from July 1, 1999 to July 1, 2001 in order to permit the completion of that reviewand, if the Commission determines to proceed with a replacement instrument, to allowsufficient time for the adoption of that instrument.

Text of Amendment

The text of the amendment follows.

DATED: April 9, 1999.

AMENDMENT TO ONTARIO SECURITIES COMMISSION RULEIN THE MATTER OF CERTAIN TRADES IN SECURITIES OFJUNIOR RESOURCE ISSUERS

1.1 Amendment - The Rule entitled In the Matter of Certain Trades in Securities ofJunior Resource Issuers is amended by deleting "July 1, 1999" in the last sentenceand replacing it with "July 1, 2001."