Securities

Montréal - Numerous penal decisions related to the illegal distribution of shares in Ressources minières Andréane, HE-5 Resources and Minéraux Izza were issued recently whereby fines totalling $1,263,000 were imposed against four individuals and three companies.

In June 2013, Andréa Cortellazzi pleaded guilty to six charges of pursuing an illegal practice as a dealer and aiding with an illegal distribution and was fined a total of $40,000. In October 2013, Serge Ollu also pleaded guilty to 33 charges of pursuing an illegal practice and aiding with an illegal distribution and was fined a total of $303,000. As well, in October, Denyse Raynault pleaded guilty to 30 charges of aiding with an illegal distribution and was fined a total of $225,000 in her capacity as a director of HE-5 Resources at the time of the allegations. And in November 2013, Jacques Vallée pleaded guilty to eight charges of aiding with an illegal distribution and was fined a total of $60,000.

As for Minéraux Izza and HE-5 Resources, they each pleaded guilty to a series of charges of illegal distribution and were fined $75,000 and $240,000 respectively. With respect to Ressources minières Andréane, the company was found guilty on 16 charges of illegal distribution further to a trial by default held in November 2013; it was fined a total of $320,000.

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

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