Late Insider Trading Reports - Philip Renaud pleads guilty

Securities Decisions and Freeze and cease trade orders

Montréal - On May 1, 2012, the Autorité des marchés financiers (the "AMF") took note of Philip Renaud's guilty pleas in connection with three charges for having failed to report, within the prescribed time period, a change in his control over the securities of a mining company. Mr. Renaud has paid the $36,000 fine sought by the AMF.

Philip Renaud changed his shareholding in Dia Bras Exploration Inc. three times-in December 2008, November 2010 and January 2011. In each case, he did not report the changes in his control over the securities of this company within ten days or five days (according to the date the action was taken), in breach of the relevant provisions of the Securities Act.

As previously reported, in December 2008 Philip Renaud also pleaded guilty


 to five counts in another late insider trading report matter and paid a $10,000 fine.

Reminder to insiders

The AMF reminds insiders that they have 5 days to report their trading 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 sector.

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