Decisions and Freeze and cease trade orders

Montréal, March 22, 2017 – On November 25, 2016, the Tribunal administratif des marchés financiers (the “Tribunal”) approved the agreement entered into by the Autorité des marchés financiers (the “AMF”), André Savard and Chazel Capital inc. (Chazel) and imposed penalties and issued orders against André Savard and Chazel for illegal practice as a securities dealer and adviser and for making distributions without a prospectus. Given the uncontested evidence against OFIR Mine Project LP (OFIR) for similar failures, the Tribunal also imposed a penalty and issued orders against OFIR.

More specifically, the Tribunal imposed penalties of $18,000 on André Savard, $21,000 on Chazel and $15,000 on OFIR for carrying out a distribution of OFIR partnership units without a prospectus approved by the AMF and for acting as a dealer without being registered as such with the AMF.

The Tribunal also prohibited André Savard, Chazel and OFIR from engaging in any activity, directly or indirectly, relating to trading in securities on behalf of others and from pursuing activities as a securities adviser, in particular by making distributions or providing advice on acquiring OFIR partnership units.

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

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1 The respondent André Savard should not be confused with André Savard who is registered as a dealing representative of a mutual fund dealer under NRD number 1818281 and is attached to Desjardins Financial Services Firm Inc.