Dennis, see 1.6 - 

http://www.tmx.com/en/pdf/Policy4-1.pdf

 

Definitions:

 

 

http://www.tmx.com/en/pdf/Policy1-1.pdf

 

 

"Discounted Market Price" means the Market Price less the following maximum discounts based on closing price (and subject, not withstanding the application of any such maximum discount, to a minimum price per share of $0.05 and a minimum exercise price per Warrant or incentive stock option, as the case may be, of $0.10): Closing Price

Discount

up to $0.50

25%

$0.51 to $2.00

20%

Above $2.00

15%

 

 

 

best,

 

c