INK 21 Apr - Investor Village

Providing Insider News and Knowledge to Investors
Morning Report: Colborne bucks the insider selling trend
April 21, 2014
Canada's morning overview of insider filings with a special focus on companies that may interest active and
momentum-oriented investors.
Canadian Company Insider Filing Tally* - Yesterday
INK Market-Wide Sentiment Indicator*
INK Market-Wide Sentiment Indicator: 163.2%
INK Sentiment Reading: Overvalued
INK Venture Sentiment Reading: Undervalued
*Filing Tally represents Toronto Stock Exchange and Venture companies with public-market transaction SEDI filings of directly-owned equity securities.
Indicators represent companies with buy-only transactions divided by companies with sell-only transactions of direct ownership equity securities in the
public-market by officers and directors (exclusive of officers and directors of subsidiaries or insiders) filed over the last 60 days. The chart line shows insider
sentiment trends by connecting the historic indicator daily readings going back one year. See our market report for commentary on indicator readings.
Report Tutorial Video : http://www.inkresearch.com/pdf_tutorial/morning.html
English
Overview: Sentiment and Stocks
We are seeing a lot of insiders selling in the oil and gas area, but Surge Energy (SGY) CEO Paul Colborne (LEG) is not one
of them. The junior oil and gas producer CEO along with another director have been buying company shares recently, even as
the stock rallies.
Surge has operations in Alberta, Saskatchewan and Manitoba. In western Alberta, it is targeting the Doig/Slave
and Point/Bluesky formations while in south-eastern Alberta it is focused on the Mannville Group. In south-western
Saskatchewan it is targeting the Shaunavon/Viking. In the Williston Basin which straddles across the Manitoba and
Saskatchewan border, it is focused on the Mississippian Group. On March 31, the company announced plans to buy
Longview Oil (LNV) which has assets in south-western Saskatchewan and central Alberta in a deal estimated worth $429
million at the date of the announcement including debt. If the deal goes through, Surge expects to exit 2014 producing 21,350
barrels of oil equivalent per day (84% oil and liquids).
The stock currently has a mostly sunny INK Edge outlook, placing it in the top 30% of all stocks ranked. The stock is not
cheap on a valuation basis, although it has a relatively high 7.7% dividend yield. The stock is up more than 20% over the past
month so a short-term correction or pause cannot be ruled out.
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Page 1/10
Providing Insider News and Knowledge to Investors
April 21, 2014
Today's Chart
Surge Energy Inc. (SGY)
Chart reflects public-market and option-exercise transactions of common shares (unit trusts) by company officers and directors.
USD transactions are converted to Canadian dollars by us using the Bank of Canada noon rate on the transaction date.
Over the past 30 days, Surge Energy (SGY) CEO Paul Colborne has spent $2,569,605 buying 385,000 shares in the public
market. That works out to an average price of $6.67.
On Thursday, director Robert Allen Leach bought 50,000 shares at $6.97.
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Page 2/10
Providing Insider News and Knowledge to Investors
April 21, 2014
Top-10 Tables: Yesterday's Activities
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of
options by company officers and directors filed on or after April 17, 2014. Transactions filed on Saturday and Sunday are aggregated into
Friday's number. INK may adjust certain filings for common filing errors on a reasonable efforts basis.
- Public market transaction
- Exercise of options
Top 10 Net "CO2" Buying
Top 10 Net "CO2" Selling
(By dollar amount, 000's)
Surge Energy (SGY)
MBAC Fertilizer (MBC)
DirectCash Payments (DCI)
Confederation Minerals (CFM)
Lomiko Metals (LMR)
Corvus Gold (KOR)
Mammoth Resources (MTH)
BRP (DOO)
Altai Resources (ATI)
Las Vegas From Home.com (LVH)
(By dollar amount, 000's)
$683.7
$64.2
$63.8
$50.0
$23.4
$7.0
$6.0
$6.0
$5.5
$5.3
Dollarama (DOL)
DHX Media (DHX)
Peyto Exploration & Devel (PEY)
St-Georges Platinum & Bas (SX)
Cielo Waste Solutions (CMC)
Montana Gold Mining (MGM)
Infinity Minerals (IFN)
Megastar Development Corp (MDV)
$-1,749.5
$-219.7
$-200.0
$-25.0
$-5.3
$-5.2
$-2.3
$-0.1
"CO2" may included Board chairs, CEOs, Presidents, CFOs, Treasurers, and Controllers of companies. See data description above.
Top 10 Net Insider Buying
Top 10 Net Insider Selling
(By dollar amount, 000's)
Clairvest Group (CVG)
Surge Energy (SGY)
MBAC Fertilizer (MBC)
Treasury Metals (TML)
MAG Silver (MAG)
AlarmForce Industries (AF)
Plaza Retail REIT (PLZ)
Martinrea International (MRE)
DirectCash Payments (DCI)
Rubicon Minerals (RMX)
(By dollar amount, 000's)
$3,127.6
$1,032.3
$900.0
$127.5
$114.3
$84.0
$81.0
$69.4
$63.8
$59.9
Trilogy Energy (TET)
Dollarama (DOL)
DHX Media (DHX)
Peyto Exploration & Devel (PEY)
Sandvine (SVC)
Alimentation Couche-Tard (ATD)
Storm Resources (SRX)
Pacific Rubiales Energy (PRE)
Canadian Western Bank (CWB)
Parex Resources (PXT)
Top 10 Net Insider Buying
$-2,079.4
$-1,749.5
$-328.2
$-200.0
$-116.8
$-108.2
$-107.9
$-90.1
$-37.4
$-35.8
Top 10 Net Insider Selling
(By volume, 000's)
(By volume, 000's)
MBAC Fertilizer (MBC)
Treasury Metals (TML)
Lomiko Metals (LMR)
Confederation Minerals (CFM)
Surge Energy (SGY)
Rusoro Mining (RML)
Clairvest Group (CVG)
01 Communique Laboratory (ONE)
Mammoth Resources (MTH)
Pine Cliff Energy (PNE)
1,500.0
400.0
332.0
200.0
150.0
148.0
140.0
100.0
100.0
90.0
Gondwana Oil (GO)
Avcorp Industries (AVP)
St-Georges Platinum & Bas (SX)
Montana Gold Mining (MGM)
DHX Media (DHX)
Cielo Waste Solutions (CMC)
Bri-Chem (BRY)
Infinity Minerals (IFN)
Alberta Star Development (ASX)
Peyto Exploration & Devel (PEY)
-3,500.0
-246.0
-200.0
-97.0
-64.4
-35.0
-15.0
-15.0
-10.0
-5.0
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Page 3/10
Providing Insider News and Knowledge to Investors
April 21, 2014
Top-10 Tables: Yesterday's Activities (cont'd)
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the
exercise of options by company officers and directors filed on or after April 17, 2014. Transactions filed on Saturday and Sunday are
aggregated into Friday's number. INK may adjust certain filings for common filing errors on a best efforts basis.
- Public market transaction
- Exercise of options
- Information that has been adjusted or estimated by INK
- Amended filing
- CEO Buy
- CFO Buy
- Officer Buy
- Director Buy
- CEO Sell
- CFO Sell
- Officer Sell
- Director Sell
Yesterday's Top 10 Individual Buy Filings
(By volume)
Company Name
MBAC Fertilizer (MBC)
MBAC Fertilizer (MBC)
Treasury Metals (TML)
Pine Cliff Energy (PNE)
Confederation Minerals (CFM)
Lomiko Metals (LMR)
Rusoro Mining (RML)
MBAC Fertilizer (MBC)
Clairvest Group (CVG)
Lomiko Metals (LMR)
Insider Name
Security
Silva, Antenor
Silva, Antenor
Henderson, Marc Charles
Fink, George Frederick
Dick, Lawrence
Gill, Amrit Paul Singh
Keep, Gordon
Peterson, David Robert
Wagman, Michael Adam
Gill, Amrit Paul Singh
Unit/Share
Price
571,500
571,000
350,000
200,000
200,000
157,000
148,000
143,000
140,000
125,000
0.60
0.60
0.30
0.65
0.25
0.08
0.03
0.60
22.34
0.07
Security
Unit/Share
Price
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares Class A
-3,500,000
-200,000
-145,000
-110,000
-100,000
-100,000
-55,700
-53,986
-40,000
-35,000
0.01
0.13
0.10
0.65
0.06
0.10
31.43
5.34
3.55
0.15
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Yesterday's Top 10 Individual Sell Filings
(By volume)
Company Name
Gondwana Oil (GO)
St-Georges Platinum & Bas (SX)
Avcorp Industries (AVP)
Pine Cliff Energy (PNE)
Montana Gold Mining (MGM)
Avcorp Industries (AVP)
Trilogy Energy (TET)
Storm Resources (SRX)
Sandvine (SVC)
Cielo Waste Solutions (CMC)
Insider Name
Grant, Troy James
Dumas, Francois
Schoenfeld, Jeffery
Drummond, Gary J.
Ellwood, Edward Leith
Schoenfeld, Jeffery
Williams, John B.
Devlin, John Joseph
Colman, Chris
Allan, Clayton Donald
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Providing Insider News and Knowledge to Investors
April 21, 2014
Daily Marker Trading Reports: Top TSX Companies with Net Buying
Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data
please read the last section "About Marker Trading Reports" found at the end of this document.
Ticker
Company Name
Industry
CDH
LOR
CVG
CNR
TRI
RTG
XTG
TEL
SGY
CKI
KGI
T
RMX
TML
AET.UN
THI
WEW
GWO
CM
ESI
INN.UN
CP
EMY.UN
TVK
LTS
MBA
CLS
CF
IGM
UCD.UN
ACZ.UN
HLF
OSL.UN
BPF.UN
KOR
CCZ
EXN
TLF.UN
RBN.UN
CIC
HEN.UN
CIQ.UN
GH
BUA.UN
BUI
PLI
AHF
DOL
DHX
TOF.UN
Corridor Resources
Lorus Therapeutics
Clairvest Group
Canadian National Railway
Thomson Reuters
RTG Mining
Xtra-Gold Resources
Tellza Communications
Surge Energy
Clarke
Kirkland Lake Gold
TELUS
Rubicon Minerals
Treasury Metals
Argent Energy Trust
Tim Hortons
Webtech Wireless
Great-West Lifeco
CIBC
Ensign Energy Services
InnVest REIT
Canadian Pacific Railway
Man GLG Emerg. Mkt In Fd
TerraVest Capital
Lightstream Resources
CIBT Education Group
Celestica
Canaccord Genuity Group
IGM Financial
1st Asset Morningstr Us C
American Core Sectors Div
High Liner Foods
OCP Senior Credit Fd
Boston Pizza Royalties
Corvus Gold
CriticalControl Solutions
Excellon Resources
Tech Leaders Inc Fd
Blue Ribbon Income Fd
CanBanc Income
Energy Leaders Inc Fd
Canadian High Income Eqty
Gamehost
Bloom U.S. In & Gr Fund
Buhler Industries
ProMetic Life Sciences
Aston Hill Financial
Dollarama
DHX Media
Taylor N. A. Eqty Opp Fd
Oil & Gas Exploration and Production
Biotechnology & Medical Research
Private Equity
Ground Freight & Logistics
Professional Information Services
Gold Mining
Integrated Telecommunications Services
Oil & Gas Exploration and Production
Investment Trusts
Gold Mining
Integrated Telecommunications Services
Gold Mining
Gold Mining
Investment Trusts
Quick Service Restaurants
IT Services & Consulting
Life & Health Insurance
Banks
Oil & Gas Drilling
Hospitality REITs
Ground Freight & Logistics
Oil Related Services and Equipment
Oil & Gas Exploration and Production
Educational Services
Semiconductors
Investment Banking & Brokerage Services
Investment Management & Fund Operators
Seafood Product Preparation & Packaging
Restaurants & Bars
Gold Mining
IT Services & Consulting
Integrated Mining
Closed End Funds
Hotels & Motels
Agricultural Machinery
Biopharmaceuticals
Investment Management & Fund Operators
Discount Stores
Entertainment Production
Share or Unit Volume
Buy
Sell
Net
250,000
200,000
143,000
110,600
84,100
75,000
47,000
41,000
40,300
38,100
36,600
30,800
25,000
23,500
23,400
17,600
17,000
60,400
15,000
14,700
14,700
13,900
11,600
11,000
10,000
8,500
8,400
5,700
5,100
5,000
5,900
4,200
4,200
4,100
4,000
4,000
3,200
3,000
3,000
2,500
2,500
2,400
2,400
2,200
2,100
2,000
1,900
2,000
1,500
1,500
-43,600
-1,500
-300
250,000
200,000
143,000
110,600
84,100
75,000
47,000
41,000
40,300
38,100
36,600
30,800
25,000
23,500
23,400
17,600
17,000
16,800
15,000
14,700
14,700
13,900
11,600
11,000
10,000
8,500
8,400
5,700
5,100
5,000
4,400
4,200
4,200
4,100
4,000
4,000
3,200
3,000
3,000
2,500
2,500
2,400
2,400
2,200
2,100
2,000
1,900
1,700
1,500
1,500
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Providing Insider News and Knowledge to Investors
April 21, 2014
Daily Marker Trading Reports: Top TSX Companies with Net Selling
Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data
please read the last section "About Marker Trading Reports" found at the end of this document.
Ticker
Company Name
Industry
BSX
TKO
DC.A
TET
FT
HWO
IRG
BNE
BIR.WT
NAL
PRE
GIB.A
PEY
GDG.UN
POU
DOO
BCE
EFR
TCK.B
BMO
TD
MDF
CVI.A
CWB
BA
AVL
CGO
PN
CTC.A
MSI
ATD.B
TA
Y
Y.WT
Belo Sun Mining
Taseko Mines
Dundee
Trilogy Energy
Fortune Minerals
High Arctic Energy Serv
Imvescor Restaurant Group
Bonterra Energy
Birchcliff Energy
Newalta
Pacific Rubiales Energy
CGI Group
Peyto Exploration & Devel
Global Dividend Growers I
Paramount Resources
BRP
BCE
Energy Fuels
Teck Resources
Bank of Montreal
The Toronto-Dominion Bank
Mediagrif Interactive
Calvalley Petroleum
Canadian Western Bank
Bell Aliant
Avalon Rare Metals
Cogeco
PNI Digital Media
Canadian Tire
Morneau Shepell
Alimentation Couche-Tard
TransAlta
Yellow Media
Yellow Media
Gold Mining
Specialty Mining & Metals
Real Estate Development & Operations
Oil & Gas Exploration and Production
Integrated Mining
Oil Related Services
Restaurants & Bars
Oil & Gas Exploration and Production
Oil & Gas Exploration and Production
Waste Management, Disposal & Recycling Services
Oil & Gas Exploration and Production
IT Services & Consulting
Oil & Gas Exploration and Production
Integrated Oil & Gas
Recreational Products
Integrated Telecommunications Services
Integrated Mining
Banks
Banks
E-commerce & Auction Services
Oil & Gas Exploration and Production
Banks
Wired Telecommunications Carriers
Rare Earth Minerals
Cable Service Providers
IT Services & Consulting
Auto Vehicles, Parts & Service Retailers
Outsourcing & Staffing Services
Supermarkets & Convenience Stores
Renewable Utilities
Advertising & Marketing
Advertising & Marketing
Share or Unit Volume
Buy
Sell
Net
80,000
1,449
38
-195,000
-74,300
-70,300
-39,201
-23,700
-17,500
-16,042
-15,200
-10,000
-9,700
-9,500
-5,350
-4,600
-4,000
-3,600
-3,000
-4,141
-2,500
-2,500
-1,802
-1,778
-1,485
-1,300
-1,000
-689
-500
-347
-200
-184
-166
-65
-50
-7
-4
-115,000
-74,300
-70,300
-39,201
-23,700
-17,500
-16,042
-15,200
-10,000
-9,700
-9,500
-5,350
-4,600
-4,000
-3,600
-3,000
-2,692
-2,500
-2,500
-1,802
-1,778
-1,485
-1,300
-1,000
-651
-500
-347
-200
-184
-166
-65
-50
-7
-4
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Providing Insider News and Knowledge to Investors
April 21, 2014
Daily Marker Trading Reports: Top Venture Exchange Companies with Net Buying
Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data
please read the last section "About Marker Trading Reports" found at the end of this document.
Ticker
Company Name
Industry
PGC
SPC
YEL
PPE
TDC
GGY
SPP
SEV
BVD.UN
OAG
MAU
LL
ASX
ZAD
REV
SMG
HME
KRS
BHR
ENT
GZD
NHK
ROG
FLX
RPN
NWE
ZC
ASE
REX
MFX
ROS.H
PML
HLM
MOO
GRO
AUG
MYA
CMJ
TZR
ATI
NXE
BCG
NOU
FFP
POH.H
Plato Gold
Superior Copper
Macusani Yellowcake
Pacific Paradym Energy
Tyhee Gold
Goldeye Explorations
Spot Coffee (Canada)
Spectra7 Microsystems
Boulevard Industrial REIT
Oremex Silver
Mexigold
Canada Rare Earth
Alberta Star Development
Zadar Ventures
Regent Ventures
SIERRA Madre Developments
Hemisphere Energy
Kairos Capital
Blackheath Resources
ENTREC
Grizzly Discoveries
Nighthawk Gold
Roxgold
Fieldex Exploration
Red Pine Petroleum
New West Energy Services
Zimtu Capital Corp.
Asante Gold
Orex Minerals
Minfocus Exploration
Roscan Minerals
Panoro Minerals
Houston Lake Mining
Mooncor Oil & Gas
Gold Royalties
Auryn Resources
Maya Gold & Silver
Colombian Mines
Terrace Energy
Altai Resources
NexGen Energy
BCGold
Nouveau Monde Mining Ent.
Con Firstfund Cap Corp.
Planet Organic Health
Gold Mining
Integrated Mining
Oil & Gas Exploration and Production
Gold Mining
Gold Mining
Cafés
Semiconductors
Industrial REITs
Rare Earth Minerals
Oil & Gas Exploration and Production
Integrated Mining
Gold Mining
Oil & Gas Exploration and Production
Shell Companies
Integrated Mining
Freight Trucking
Integrated Mining
Gold Mining
Gold Mining
Precious Metals & Minerals
Shell Companies
Oil Related Services and Equipment
Investment Trusts
Gold Mining
Integrated Mining
Specialty Mining & Metals
Integrated Mining
Integrated Mining
Integrated Mining
Oil & Gas Exploration and Production
Shell Companies
Integrated Mining
Integrated Mining
Integrated Mining
Oil & Gas Exploration and Production
Natural Gas Exploration & Production - Onshore
Integrated Mining
Investment Trusts
Shell Companies
Share or Unit Volume
Buy
Sell
Net
144,000
116,500
90,000
75,000
70,000
61,000
54,000
50,000
48,000
31,000
31,000
28,000
30,500
20,000
20,000
18,000
17,000
15,000
15,000
13,900
13,000
12,500
12,000
10,000
10,000
10,000
10,000
10,000
8,000
7,000
6,000
5,000
5,000
5,000
4,500
3,500
2,500
2,000
1,500
1,000
1,000
1,000
1,000
500
400
-10,000
144,000
116,500
90,000
75,000
70,000
61,000
54,000
50,000
48,000
31,000
31,000
28,000
20,500
20,000
20,000
18,000
17,000
15,000
15,000
13,900
13,000
12,500
12,000
10,000
10,000
10,000
10,000
10,000
8,000
7,000
6,000
5,000
5,000
5,000
4,500
3,500
2,500
2,000
1,500
1,000
1,000
1,000
1,000
500
400
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Providing Insider News and Knowledge to Investors
April 21, 2014
Daily Marker Trading Reports: Top Venture Exchange Companies with Net Selling
Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data
please read the last section "About Marker Trading Reports" found at the end of this document.
Ticker
Company Name
Industry
NDR
ADK
LMR
FCV
SDZ
NX
SEL
XME
GOE
ROR
IFN
CMI
RGC
DV
SIO
MAC
ZEN
ABM
New Dimension Resources
Diagnos
Lomiko Metals
Focus Ventures
Security Devices Intl
Noka Resources
Penfold Capital Acq. IV
Xmet
Goldeneye Resources
Run of River Power
Infinity Minerals
C-Com Satellite Systems
Redstar Gold
Dolly Varden Silver
SENSIO Technologies
THEMAC Resources Group
Zenyatta Ventures
Athabasca Minerals
Integrated Mining
Software
Specialty Mining & Metals
Gold Mining
Integrated Mining
Shell Companies
Gold Mining
Integrated Mining
Renewable IPPs
Integrated Mining
Satellite Service Operators
Gold Mining
Computer Hardware
Specialty Mining & Metals
Specialty Mining & Metals
Construction Materials
Share or Unit Volume
Buy
Sell
Net
115,000
6,000
-4,749,500
-1,497,000
-1,596,000
-160,000
-142,001
-93,000
-95,000
-77,000
-25,000
-21,000
-15,000
-9,800
-8,000
-7,500
-5,000
-5,000
-5,000
-1,000
-4,749,500
-1,497,000
-1,481,000
-160,000
-142,001
-93,000
-89,000
-77,000
-25,000
-21,000
-15,000
-9,800
-8,000
-7,500
-5,000
-5,000
-5,000
-1,000
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April 21, 2014
Daily Marker Trading Reports: Marker Trading Report Corrections
Companies with Marker Corrections reported yesterday - please see the respective INK Company Insider report for details.
TSX
Venture Exchange
Ticker
Company Name
Ticker
Company Name
CDH
ESI
SRV.UN
T
Corridor Resources
Ensign Energy Services
Sir Royalty Income Fund
TELUS
ICG
Integra Gold
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April 21, 2014
Daily Marker Trading Reports: About Marker Trading Reports
The goal of Marker Trading reports is to provide investors with a "heads up" that insider or significant shareholder trading is
taking place in a stock. These reports indicate if company officers, directors, and other insiders along with shareholders who own
more than 10% of company shares have made a trade on either the TSX or TSX Venture Exchange during the previous trading day.
This is based on preliminary information reported by the exchange which is collected from third parties. This data is subject to
error. Once we are provided corrected information from the exchange, INK will make every reasonable effort to publish corrections
to any Marker Trading report that contained inaccurate data by noting the details of the revision in the relevant INK Company
Insider report. Corrections will only show up once so this report should be monitored daily if using the Marker Trading data.
The details of who bought and at what price will be reported by INK in its Latest Filing section of the Company Insider report after
an insider filing is made with regulators for the Marker Trading transaction. This may involve a delay of a number of days. In
addition, some trades that show up as Marker Trading may be exempt from insider reporting requirements and in these
cases details will not be reported by INK. Some of the common exemptions granted from regular insider reporting requirements
are certain purchases made in automatic employee purchase plans granted under National Instrument 55-104 or transactions made by
eligible investment funds that rely on National Instrument 62-103 (Part 4). Links to these documents can be found on INK
Research's website under the FAQ section, question 1 (www.inkresearch.com/faq.php#1).
It is INK's understanding that while exempt eligible investment fund transactions may be marked, such transactions may also be
exempt from the marker process. Therefore, it is possible an exempt 10% shareholder may make a trade and not be marked and also
not be required to make an insider filing which would show up as a transaction in the INK Company Insider report.
The term "marker" is used because brokers put a special "flag" beside any buy or sell order executed by insiders or significant
holders on either the TSX or TSX Venture Exchange. At the present time, Marker Trading reports are not available
for insider trades made on alternative Canadian exchanges such as Alpha Trading Systems or on US and other foreign
stock markets.
Disclaimer: User agrees to only use information contained in this report for the purposes as set out in section 6.2 of COMPANION POLICY 55-102CP TO
NATIONAL INSTRUMENT 55-102 of the Canadian Securities Administrators and to comply with all privacy laws. INK provides general information. INK is not an
investment advisory service, a financial planner, an investment advisor nor a securities advisor. INK does not purport to tell people, or suggest to people, what they
should buy or sell for themselves. Opinions and recommendations contained herein should not be construed as investment advice. Do not assume that any
recommendations, insights, charts, theories, or philosophies will ensure profitable investment. Users should always consult with and obtain advice from their
professional licensed financial advisor, including their tax advisor, to determine the suitability of any investment. INK recommends that anyone making an
investment or trading securities do so with caution. Users should perform full due diligence and investigate any security fully before making an investment or before
the execution of a security trade based upon information learned through INK. Investors should obtain annual reports and other company information to complete
their own due diligence in any investment. Neither INK nor anyone affiliated with INK is responsible for any investment decision made. INK has made all reasonable
efforts to ensure that all information provided is accurate at the time of inclusion; however, there may be inadvertent and occasional errors. INK makes no guarantee
of accuracy or completeness. Insider transaction filings are from SEDI®; SEDI® is a registered trade-mark owned by the Alberta Securities Commission. All
information and opinion expressed herein is subject to change without notice. INK employees may have an ownership or investment interest in any stock mentioned
in this report. Copyright © INK Research Corp. All rights reserved.
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