Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Michel Lemay, an executive with Exploration Amex inc. since April 1, 2007, and is seeking fines totalling $22,000 for failing to comply with insider reporting deadlines.

The AMF accuses Michel Lemay of failing to file, within the prescribed time period, statements about changes in his control over the securities of Exploration Amex inc. and Stelmine Canada Ltd. on six occasions, between January 2008 and August 2011. The reporting delay for one of these transactions was nearly two years. Michel Lemay was an executive of Exploration Amex inc. since April 1, 2007 and a director and executive of Stelmine Canada Ltd. since December 21, 2007.

Between May 2008 and January 2010, the AMF imposed five administrative monetary penalties against Michel Lemay for similar omissions. Despite these penalties, Michel Lemay continues to file insider reports after the time periods prescribed by regulation. The AMF therefore intends to seek penal fines representing double the minimum fine set by the Securities Act.

The AMF reminds insiders that, as of November 1, 2010, they are required to report, within five days of the event, any change in their control over the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI) and that it will take appropriate measures against repeat offenders, notably by launching penal proceedings against them. Insiders who do not file reports in a timely manner commit a serious offence by depriving investors of information that could influence their investment decisions.

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

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