December 6, 2010 Securities

Montréal – The Autorité des marchés financiers (the "AMF") has launched penal proceedings against Charles Rancourt and is seeking fines totaling $237,000.

The AMF alleges that Charles Rancourt acted as a securities dealer and adviser without being registered with the AMF, on 55 occasions between July 2004 and July 2008, in the purchase or sale of shares of Exploration Tom inc., Exploration Lounor inc., Corporation Minière Rocmec inc., and Mines d’Or Excel inc.

The AMF is seeking fines three times the minimum amounts set out in the Securities Act. The AMF noted in particular the subjective seriousness of the violations, the scheming, the trust relationship and repeat offences over a lengthy period as aggravating factors.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.

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