Existing Security Holder Exemption

Existing Security Holder Exemption means the exemption from the prospectus requirement available in all jurisdictions of Canada pursuant to the local orders in each jurisdiction under securities legislation and, without limiting the foregoing, for reference, may include a distribution of a security by an issuer to a person who confirms in writing to the issuer that, prior to the date the offering was announced, they held the type of listed security being subscribed for and, unless the investor has obtained suitability advice from a registered investment dealer, the investor invests a maximum of CDN$15,000 per issuer under the exemption in a 12-month period.

(See Prospectus Exemptions)