Clark Wilson LLP appointed as the first Canadian DAD/PAL to act on the OTC Marketplace

VANCOUVER, June 16, 2014 /CNW/ - We are pleased to announce that the OTC Markets Group Inc. (the "OTC Group"), which operates three tiered securities markets on which securities of thousands of U.S. and global companies are traded, has appointed Clark Wilson LLP as the first Canadian Designated Advisor for Disclosure ("DAD") for companies incorporated in the United States, and a Principal American Liaison ("PAL") for companies incorporated outside of the United States.

"We are delighted to be the first Canadian law firm chosen for this appointment," said James Speakman, Clark Wilson's Managing Partner. "Until now, only DAD/PALs who were domiciled in the United States have been appointed by the OTC Group."

To align the OTC marketplace more closely with venture stage markets focussed on smaller growth and developing stage companies, the OTC Group has recently made changes to the OTCQB, effective May 1, 2014, which will, among other things, have the following impact:

  • Issuers seeking to trade on the OTCQB will be required to meet a new bid price test (of $0.01), file an application with the OTC Group, pay an initial application fee and an annual listing fee, and submit an annual OTCQB Certification signed by the CEO or CFO.
  • For the first time, securities of international reporting companies that trade on a qualified foreign exchange (including the Toronto Stock Exchange, the TSX Venture Exchange and the Canadian Securities Exchange) and that are eligible for the SEC's 12g3-2(b) registration exemption will be eligible for quotation on OTCQB without being required to register with the SEC or the FDIC. As with the OTC Group's top tier market, the OTCQX, these qualified international reporting companies must be sponsored by a third party investment bank, law firm or ADR Bank that has been approved by the OTC Group to act as a PAL. Approved PALs provide listed international reporting companies with knowledgeable advice about U.S. securities laws.

Clark Wilson's Corporate Finance & Securities Group consists of 14 lawyers; seven are members of at least one U.S. state bar association and have a strong history in practicing in the U.S. For information regarding the listing of your company on the OTCQB or the OTCQX markets in the United States, please contact any member of Clark Wilson's Corporate Finance & Securities Group.

About Clark Wilson
Clark Wilson is a leading, innovative law firm in British Columbia comprised of 78 accomplished lawyers, and 130 support staff. We have been recognized by Canadian Lawyer magazine as one of western Canada's top 10 regional firms. Proud to be leaders in our markets, we are celebrating over 100 years of advising our clients on a comprehensive range of commercial issues.

SOURCE: Clark, Wilson

For further information:

Ethan Minsky
Partner, Clark Wilson LLP

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