CNQ Receives OSC Recognition and Completes Offering

The Canadian Trading and Quotation System Inc. (CNQ), received recognition from the Ontario Securities Commission on February 28, 2003 to operate a quotation and trade reporting system. Such recognition, the first of its kind to be granted in Canada, permits CNQ to operate a marketplace for trading the shares of emerging companies. On March 3, CNQ completed a private placement of subordinated convertible debentures. The value of the offering is undisclosed.

CNQ was represented in-house by Timothy Baikie, and by William Braithwaite, Darin Renton and Andrew Grossman of Stikeman Elliott LLP.