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Is Ian Alastair Gordon a reporting insider?
IMCO, the answer, according to the Ontario Securities Commission (and accepted by the BCSC), is yes, as Barkerville Gold Mines Ltd was seemingly required to file an issuer grant report within five days of BGM’s 2012-06-29 news release which granted 634,980 options to “certain directors, officers, employees and consultants of the company”.
The only unspecified options reported to sedi which are near to the applicable grant date are 20,000 to David McMillan , and these have a transaction date of 2012-07-20.
Based upon a preponderance of probabilities, Ian Alaistair Gordon would likely have been a recipient of some of the other 614,980 granted to “ certain directors, officers, employees and consultants of the company” on June 29, 2012 (seemingly, neither BGM nor any recipients other than David McMillan have filed the mandated reports to sedi).
Barkerville grants options for 634,980 shares
2012-06-29 20:15 ET - News Release
Mr. J. Frank Callaghan reports
BARKERVILLE GOLD MINES LTD.: GRANT OF STOCK OPTIONS
Barkerville Gold Mines Ltd., pursuant to its incentive stock option plan, has granted incentive stock options to certain directors, officers, employees and consultants of the company to purchase up to an aggregate of 634,980 common shares in the capital stock of the company. The options are exercisable at a price of $1.21 per share for a period of five years from the date of grant.
What information do I need to include in an issuer grant report?
1. The issuer grant report must contain the information required by section 6.3 of NI 55-104.
2. An example of a report would be as follows:
On November 1, 2010, ABC Inc. granted a total of 1,000,000 incentive stock options to directors, officers,
employees and consultants of ABC Inc. Details of options granted to reporting insiders are:
Name Number of Options
[Insert name of recipient] 10,000
These stock options have an exercise price of $2.00 and expire on October 31, 2015.
The options were granted under the stock option plan described in the ABC Inc. Information Circular dated
June 30, 2010.
3. The issuer grant report function on SEDI is subject to the following restrictions:
Title box character limit: 120
Text box character limit: 4,000
Private remarks to regulators box character limit: 256
7. If an issuer files an issuer grant report within the normal filing period (i.e., 10-days in the case of grants prior to
November 1, 2010, five days in the case of grants on or after November 1, 2010), but an insider then files an
insider report about the grant after the normal filing deadline has expired, will there be a late fee for that filing?
Late fees will be levied based on the information we receive from issuers and reporting insiders. In the example above,
if the insider filed an insider report about a grant outside the normal filing period, and we levied a late fee based on this
filing, and the insider then advised us that the issuer had in fact filed an issuer grant report within the filing period, staff
would likely recommend a waiver of the late fee because the insider had an exemption available.
Please refer your questions to any of:
British Columbia Securities Commission
Senior Legal Counsel, Corporate Finance
Financial, Insider and Exemptive Reporting