Montréal - The Autorité des marchés financiers (the AMF) has launched three penal proceedings against three insiders for filing their insider trading reports late.

Proceeding against Jonathan Awde - $70,000 fine sought
A first penal proceeding has been launched against Jonathan Awde, a former officer of Northon Star Mining Corp., and the AMF is seeking a total of $70,000 in fines.

The AMF claims that Mr. Awde failed to file reports on the changes in his control over securities of Northon Star Mining Corp. within the prescribed time period seventeen times between November 2008 and April 2010. For one of the transactions, the report was filed over one year late.

Between September 2007 and September 2009, the AMF imposed seven administrative monetary penalties on Jonathan Awde for similar offences. Despite the penalties, Mr. Awde filed new insider reports after the deadline. The AMF therefore now intends to seek fines equal to double or triple the minimum penalty under the Securities Act.

Proceeding against Richard Silas - $8,000 fine sought
The AMF is seeking $8,000 in fines against another insider of Northon Star Mining Corp., Richard Silas, who is also a former officer and director of the company.

The AMF claims that Mr. Silas failed to file reports on the changes in his control over securities of Northon Star Mining Corp. within the prescribed time period twice, in November 2008 and April 2010.

Between December 2005 and July 2009, the AMF imposed five administrative monetary penalties on Richard Silas for eleven late reports.

Proceeding against André Gagné - $6,000 fine sought
The AMF has also brought a penal proceeding against André Gagné, an officer of Ressources Robex inc., and is claiming a total of $6,000 in fines.

The AMF claims that André Gagné failed to file his reports on the changes in his control over securities of Ressources Robex inc. within the prescribed time period twice between November 2009 and August 2010. Mr. Gagné has been an officer of Ressources Robex inc. since October 2008.

Between November 2008 and August 2009, the AMF imposed five administrative monetary penalties on André Gagné for similar offences.

Reminder to insiders
The AMF reminds insiders that they have five days to report their transactions using the System for Electronic Disclosure by Insiders (SEDI) and that it will take the appropriate steps against insiders who repeatedly file their reports late, including by taking penal proceedings against them. An insider who does not file his report on time commits a serious offence by depriving investors of information which could influence their investment decision.

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

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