As we discussed earlier this year, the TSX Venture Exchange in January extended temporary relief from certain pricing requirements related to private placements. The TSX-V has now modified the relief and extended its application until August 31, 2013. 

Specifically, the requirement that at least 75% of the private placement must be subscribed for by parties that are not related to the issuer has been changed to permit up to $200,000 in gross proceeds to be raised from related parties without any arm's length component. In cases where more than an aggregate of $200,000 is to be raised from related parties, at least 75% of the additional amounts must come from parties not related to the issuer. The relief also clarifies that capital pool companies may not rely on the relief.