Junior mining sector responds to predatory short selling with 'Save Canadian Mining'


Organization Announcement
via Newsfile Corp., Toronto
Monday, November 18, 2019

TORONTO -- Today Terry Lynch, CEO of Chilean Metals Inc. launched Save Canadian Mining -- an advocacy group created to give voice to the specific interests of Canada's junior mining sector. Save Canadian Mining will work to raise awareness for this important segment of the country's economy and advocate for positive change on their behalf with government and regulatory agencies. Specifically, the campaign will be lobbying for revisions to marketplace rules and regulations that have created severe challenges for junior public companies in the sector.

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"The current rules in our equity markets have created an environment for predatory short selling practices to thrive, particularly on our vulnerable junior markets," said Mr. Lynch. "For smaller-cap mining companies, short-selling activity spooks true investors into selling prematurely, effectively stunting the growth of these businesses at critical early stages. Save Canadian Mining is dedicated to helping ensure Canada's capital markets remain viable for junior miners now and into the future."

In 2012 the Investment Industry Regulatory Organization of Canada and the Canadian Securities Administrators removed a 142-year securities trading rule known as the "tick test." The tick test restricted short selling to positive price changes at the time of the sale. (That is, an investor could short a stock only if it was on an upward trajectory.) This change was applied not only to the main listing venue of the TSX Venture Exchange, but was equally applied across all Canadian trading venues, of which there are 14 today. Since the removal of the tick test, Canadian markets have evolved, and there now exists a dynamic where Canada's junior markets are finding it increasingly difficult to raise capital.

"Short selling activities have increased in the junior mining market since 2012," said Lynch. "The advent of high-frequency trading and algorithmic trading is exploiting the combination of a lack of a tick test, with 14 different trading markets to the detriment of one of Canada's most important industries."

Save Canadian Mining plans to meet with government in the coming weeks to share the stories of many small businesses in the mining sector. The organization will also be sharing its desired regulatory amendments with government and the Ontario Securities Commission for consideration shortly.

Save Canadian Mining has already attracted the support of many prominent voices in the mining and investment community, including: Brady Fletcher, managing director and head of the TSX Venture Exchange; Eric Sprott of Sprott Mining; Garry Clark, executive director of the Ontario Prospectors Association; and Chris Hodgson, president of the Ontario Mining Association. ...

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