Morning Report: Big buy as Surge Energy surges

Providing Insider News and Knowledge to Investors
Morning Report: Big buy as Surge Energy surges to challenge 52-week high
June 10, 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: 200.0%
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
With the iShares S&P/TSX Capped Energy Index Fund ETF (XEG) touching a 3-year high yesterday, we are on the look-out
for profit-taking in the sector. While insiders were heavy sellers in advance of first quarter earnings reports, recently trading
has been retrained. However, given that insiders tend to be early, we believe their sales earlier this spring still suggest that a
possible correction in share prices could be at hand this summer.
For that reason, we would be very picky when it comes to committing new cash to the sector right now. For investors wanting
to take on additional exposure to the group, we would look for stocks where insiders are adding to their positions following
recent price gains. Such purchases could signal that the market still has not fully priced in future growth.
Surge Energy (SGY) which is up 22.6% over the past 3 months seems to fit our undervalued growth screen. The company
operates in three areas, the Williston basin, central Alberta and northwest Alberta. Last week it closed its $430 million
acquisition of Longview Oil (LNV). Following the merger, Surge expects to exit 2014 producing 21,350 barrels of oil
equivalent per day with an 84% weighting to oil and liquids and a reserve life index of more than 15 years. Annualized net
debt to funds flow from operation is expected to be under 1.5. Assuming commodity prices remain well behaved, the
company now expects to pay a monthly dividend of 5 cents per month. What caught our attention overnight was a large
director purchase even as the stock was trading near 52-week highs. Overall, Surge Energy has a sunny INK Edge outlook
placing it in the top 10% of all stocks ranked.
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Page 1/10
Providing Insider News and Knowledge to Investors
June 10, 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.
Yesterday, Surge Energy (SGY) director Murray Douglas Smith (CCZ) bought 121,100 shares in the public market at $7.22.
Over the past 90 days, 5 company insiders have reported spending $3.8 million buying company stock in the public market.
See important disclaimer at the bottom of the last page.
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Page 2/10
Providing Insider News and Knowledge to Investors
June 10, 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 June 9, 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)
Storm Resources (SRX)
Aston Hill Financial (AHF)
Melcor REIT (MR)
Belo Sun Mining (BSX)
Eurasian Minerals (EMX)
Erdene Resource Dev Corp (ERD)
Sanatana Resources (STA)
Brunswick Resources (BRU)
Green Swan Capital (GSW)
Southern Sun Minerals (SSI)
(By dollar amount, 000's)
$157.4
$35.6
$30.5
$18.5
$3.4
$2.0
$2.0
$1.3
$0.4
$0.3
Russel Metals (RUS)
Bonavista Energy (BNP)
Cipher Pharmaceuticals (DND)
H&R REIT (HR)
Boardwalk REIT (BEI)
Sego Resources (SGZ)
$-339.3
$-298.9
$-141.5
$-94.3
$-32.7
$-10.8
"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)
Storm Resources (SRX)
Interfor (IFP)
DeeThree Exploration (DTX)
Gear Energy (GXE)
Melcor REIT (MR)
Aston Hill Financial (AHF)
Chemtrade Log Inc Fnd (CHE)
Hawk Exploration (HWK)
Canacol Energy (CNE)
Ceapro (CZO)
(By dollar amount, 000's)
$157.4
$103.9
$55.1
$53.3
$47.9
$35.6
$30.0
$29.2
$26.3
$19.5
Tourmaline Oil (TOU)
Home Capital Group (HCG)
Russel Metals (RUS)
Pason Systems (PSI)
Firstservice (FSV)
Bonavista Energy (BNP)
IMAX (IMX)
Mitel Networks (MNW)
Cipher Pharmaceuticals (DND)
H&R REIT (HR)
Top 10 Net Insider Buying
Top 10 Net Insider Selling
(By volume, 000's)
Galway Gold (GLW)
Ceapro (CZO)
Gemini (GKX)
Uracan Resources (URC)
Odesia Group (ODS)
Belo Sun Mining (BSX)
Umbral Energy (UMB)
Montana Exploration (MTZ)
Hawk Exploration (HWK)
Storm Resources (SRX)
$-4,180.5
$-1,879.8
$-676.3
$-637.5
$-445.5
$-298.9
$-193.1
$-183.2
$-141.5
$-94.3
(By volume, 000's)
200.0
150.0
110.0
107.0
104.8
100.0
100.0
73.0
73.0
48.0
Sego Resources (SGZ)
Symbility Solutions (SY)
Tourmaline Oil (TOU)
Banro (BAA)
Home Capital Group (HCG)
CWC Energy Services (CWC)
Manitok Energy (MEI)
Great Quest Fertilizer (GQ)
Russel Metals (RUS)
Bonavista Energy (BNP)
-330.0
-100.0
-75.0
-55.0
-37.5
-36.8
-25.0
-24.0
-20.0
-18.0
See important disclaimer at the bottom of the last page.
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Page 3/10
Providing Insider News and Knowledge to Investors
June 10, 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 June 9, 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
Galway Gold (GLW)
Ceapro (CZO)
Gemini (GKX)
Uracan Resources (URC)
Umbral Energy (UMB)
Belo Sun Mining (BSX)
Robix Alternative Fuels (RZX)
Montana Exploration (MTZ)
Hawk Exploration (HWK)
Odesia Group (ODS)
Insider Name
Security
Hinchcliffe, Robert
Taylor, Edward Arnold
Boyles, Michael Alan
Keep, Gordon
Sharples, Clint
Eaton, Mark Price
Gusko, Brian
Collins, James William
Lough, James Charles
Poirier, Michel
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares Class A
Common Shares
Unit/Share
Price
200,000
150,000
150,000
107,000
100,000
100,000
100,000
73,000
73,000
69,000
0.05
0.13
0.22
0.05
0.05
0.19
0.50
0.17
0.40
0.04
Unit/Share
Price
-150,000
-100,000
-100,000
-80,000
-58,500
-55,000
-50,000
-41,500
-40,000
-25,000
0.03
0.33
0.04
0.04
0.51
0.44
56.36
0.51
0.83
54.50
Yesterday's Top 10 Individual Sell Filings
(By volume)
Company Name
Sego Resources (SGZ)
Symbility Solutions (SY)
Sego Resources (SGZ)
Sego Resources (SGZ)
Robix Alternative Fuels (RZX)
Banro (BAA)
Tourmaline Oil (TOU)
Robix Alternative Fuels (RZX)
Gemini (GKX)
Tourmaline Oil (TOU)
Insider Name
Stevenson, John Paul
Adair, Richard Daniel
Stevenson, John Paul
Stevenson, John Paul
Gusko, Brian
Colson, Maurice
Keenan, Kevin
Gusko, Brian
Naven, Terrance William
Kirker, William Scott
Security
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
See important disclaimer at the bottom of the last page.
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Page 4/10
Providing Insider News and Knowledge to Investors
June 10, 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
CWX
JE
SGY
L
TD
INN.UN
CFP
CHR.B
EDV
CP
CZN
TRI
CTC.A
CHR.A
TLO
QBR.B
CLS
CM
TPH
EMY.UN
CHE.UN
ECO
CKI
AHF
THI
CIQ.UN
BPF.UN
MSI
FFI.UN
TOT
GWO
RLC
NPI
HLF
ISV
RBN.UN
CCV
PSK
DGI
BLB.UN
OLY
NXC
LGT.B
TLM
TEI
UNC
GDG.UN
PFD.UN
BMO
BTE
CanWel Building Materials
Just Energy Group
Surge Energy
Loblaw Companies
The Toronto-Dominion Bank
InnVest REIT
Canfor
Chorus Aviation
Endeavour Mining
Canadian Pacific Railway
Canadian Zinc
Thomson Reuters
Canadian Tire
Chorus Aviation
Talon Metals
Quebecor
Celestica
CIBC
Temple Hotels
Man GLG Emerg. Mkt In Fd
Chemtrade Log Inc Fnd
EcoSynthetix
Clarke
Aston Hill Financial
Tim Hortons
Canadian High Income Eqty
Boston Pizza Royalties
Morneau Shepell
Flaherty&Crumrime Inv Gr
Total Energy Services
Great-West Lifeco
Regal Lifestyle Commun.
Northland Power
High Liner Foods
Information Services Corp
Blue Ribbon Income Fd
CounterPath
PrairieSky Royalty
DATA Group
Bloom Select Inc Fd
Olympia Financial Group
NexC Partners
Logistec
Talisman Energy
Toscana Energy Income
Uniteds
Global Dividend Growers I
Limited Duration Investme
Bank of Montreal
Baytex Energy
Construction Materials
Natural Gas Distribution
Oil & Gas Exploration and Production
Food Retail & Distribution
Banks
Hospitality REITs
Forest & Wood Products
Regional Airlines
Gold Mining
Ground Freight & Logistics
Integrated Mining
Professional Information Services
Auto Vehicles, Parts & Service Retailers
Regional Airlines
Iron Ore Mining
Integrated Telecommunications Services
Semiconductors
Banks
Hospitality REITs
Investment Trusts
Renewable Fuels
Investment Trusts
Investment Management & Fund Operators
Quick Service Restaurants
Restaurants & Bars
Outsourcing & Staffing Services
Closed End Funds
Oil Related Services and Equipment
Life & Health Insurance
Healthcare Facilities & Services
Electric Utilities
Seafood Product Preparation & Packaging
Closed End Funds
Direct Marketing
Investment Trusts
Port Operators
Oil & Gas Exploration and Production
Oil & Gas Exploration and Production
Closed End Funds
Banks
Oil & Gas Exploration and Production
Share or Unit Volume
Buy
Sell
Net
249,900
214,300
146,700
189,000
116,400
75,000
68,600
60,000
55,500
54,500
50,000
42,800
27,400
21,400
21,000
12,700
10,400
10,000
7,100
6,300
6,200
6,100
5,400
5,400
4,600
4,000
3,900
3,800
3,000
2,900
2,431
2,200
2,100
1,575
1,500
1,200
1,000
1,000
1,000
1,000
977
800
800
750
700
700
700
500
500
500
-56,331
-4,397
249,900
214,300
146,700
132,669
112,003
75,000
68,600
60,000
55,500
54,500
50,000
42,800
27,400
21,400
21,000
12,700
10,400
10,000
7,100
6,300
6,200
6,100
5,400
5,400
4,600
4,000
3,900
3,800
3,000
2,900
2,431
2,200
2,100
1,575
1,500
1,200
1,000
1,000
1,000
1,000
977
800
800
750
700
700
700
500
500
500
See important disclaimer at the bottom of the last page.
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Page 5/10
Providing Insider News and Knowledge to Investors
June 10, 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
NI
NLN
BNS
DND
WJA
YRB.A
CEU
FSV
RUS
SSL
CWB
TOU
WRG
POU
MFI
PSI
BDI
NVA
CNQ
HWO
LYD
LAM
PHX
SVY
SLF
TFI
REI.UN
CFW
BCE
CLK
SNC
CPG
TRZ.B
RY.PR.X
AC.B
SUM
IFC
LN
SU
FTT
ARE
ENB
FSZ
AP.UN
CSU
SEC
BEI.UN
ALA
RCL
PIH
Victory Nickel
NeuLion
Bank of Nova Scotia, The
Cipher Pharmaceuticals
WestJet Airlines
Yorbeau Resources
Canadian Energy Services
Firstservice
Russel Metals
Sandstorm Gold
Canadian Western Bank
Tourmaline Oil
Western Energy Services
Paramount Resources
Maple Leaf Foods
Pason Systems
Black Diamond Group
Nuvista Energy
Cdn Natural Resource Ltd
High Arctic Energy Serv
Lydian International
Laramide Resources
PHX Energy Services
Savanna Energy Services
Sun Life Financial
TransForce
Riocan REIT
Calfrac Well Services
BCE
ClubLink Enterprises
SNC-Lavalin Group
Crescent Point Energy
Transat A.T.
Royal Bank of Canada
Air Canada
Solium Capital
Intact Financial
Loncor Resources
Suncor Energy
Finning International
Aecon Group
Enbridge
Fiera Capital
Allied Properties REIT
Constellation Software
Senvest Capital
Boardwalk REIT
AltaGas
Ridley
Pacific InsightElectronic
Nickel Ore Mining
IT Services & Consulting
Banks
Pharmaceuticals
Airlines
Gold Mining
Oil Related Services and Equipment
Real Estate Services
Metal Service Centers
Gold Mining
Banks
Oil & Gas Exploration and Production
Oil & Gas Drilling
Integrated Oil & Gas
Animal Slaughtering & Processing
Oil Related Services and Equipment
Oil Related Services and Equipment
Oil & Gas Exploration and Production
Oil & Gas Exploration and Production
Oil Related Services
Integrated Mining
Oil & Gas Drilling
Oil & Gas Drilling
Life & Health Insurance
Freight Trucking
Retail REITs
Oil Related Services and Equipment
Integrated Telecommunications Services
Golf Courses
Construction & Engineering
Oil & Gas Exploration and Production
Guided Tour Operators
Banks
Airlines
Diversified Investment Services
Property & Casualty Insurance
Gold Mining
Oil & Gas Refining and Marketing
Business Support Services
Construction & Engineering
Oil & Gas Transportation Services
Investment Banking & Brokerage Services
Office REITs
Enterprise Software
Investment Management & Fund Operators
Residential REITs
Oil & Gas Exploration and Production
Animal Feed
Auto, Truck & Motorcycle Parts
Share or Unit Volume
Buy
Sell
Net
10,000
294
-365,000
-109,400
-58,748
-56,700
-52,100
-50,000
-47,500
-46,700
-46,200
-44,500
-41,900
-27,900
-25,467
-23,000
-20,703
-20,400
-19,800
-18,000
-27,945
-12,600
-12,500
-12,500
-11,700
-10,200
-10,000
-10,000
-9,000
-7,400
-7,639
-7,206
-6,500
-5,600
-5,000
-3,500
-3,348
-3,100
-2,700
-2,500
-2,400
-2,247
-1,470
-826
-600
-559
-231
-200
-200
-125
-100
-100
-365,000
-109,400
-58,748
-56,700
-52,100
-50,000
-47,500
-46,700
-46,200
-44,500
-41,900
-27,900
-25,467
-23,000
-20,703
-20,400
-19,800
-18,000
-17,945
-12,600
-12,500
-12,500
-11,700
-10,200
-10,000
-10,000
-9,000
-7,400
-7,345
-7,206
-6,500
-5,600
-5,000
-3,500
-3,348
-3,100
-2,700
-2,500
-2,400
-2,247
-1,470
-826
-600
-559
-231
-200
-200
-125
-100
-100
See important disclaimer at the bottom of the last page.
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Page 6/10
Providing Insider News and Knowledge to Investors
June 10, 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
URC
NS
CO
MNP
IDI
MRV
FLY
CMO
VGD
ZC
TZR
RHR
AKV
DCK
FOM
MWX
GMN
GPM
APL
SOI
AMX
CZX
ACA.H
GSW
ARY
ASQ
GNM
PHL.H
CBG
Q.B
NAA
NFD.A
Uracan Resources
Northern Spirit Resources
Canadian Orebodies
MNP Petroleum
Indico Resources
Metallum Resources
FLYHT Aerospace Solutions
Cliffmont Resources
Visible Gold Mines
Zimtu Capital Corp.
Terrace Energy
Redhill Resources
Acrex Ventures
Donnycreek Energy
Foran Mining
Medworxx Solutions
GobiMin
GPM Metals
Appulse
Sirios Resources
Amex Exploration
Canada Zinc Metals
Anergy Capital
Green Swan Capital
Anfield Resources
Astorius Resources
GeoNovus Minerals
Planet Health
Chibougamau Indep. Mines
Questfire Energy
Sierra Iron Ore
Northfield Capital
Industry
Oil & Gas Exploration and Production
Integrated Mining
Gold Mining
Aerospace & Defense
Gold
Gold Mining
Investment Trusts
Oil & Gas Exploration and Production
Integrated Mining
Gold Mining
Oil & Gas Exploration and Production
Integrated Mining
Medical Software & Technology Services
Integrated Mining
Copper Ore Mining
Industrial Machinery & Equipment
Integrated Mining
Integrated Mining
Zinc Ore Mining
Shell Companies
Copper Ore Mining
Integrated Mining
Specialty Mining & Metals
Shell Companies
Oil & Gas Exploration and Production
Specialty Mining & Metals
Investment Trusts
Share or Unit Volume
Buy
Sell
Net
107,000
97,000
95,000
41,000
40,000
38,000
30,000
26,000
25,000
23,500
22,000
21,000
20,000
18,000
17,000
11,000
10,000
6,000
5,300
5,000
5,000
5,000
4,000
3,500
2,500
2,000
2,000
1,500
1,000
800
500
400
107,000
97,000
95,000
41,000
40,000
38,000
30,000
26,000
25,000
23,500
22,000
21,000
20,000
18,000
17,000
11,000
10,000
6,000
5,300
5,000
5,000
5,000
4,000
3,500
2,500
2,000
2,000
1,500
1,000
800
500
400
See important disclaimer at the bottom of the last page.
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Page 7/10
Providing Insider News and Knowledge to Investors
June 10, 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
SGZ
KUB
TEM
MXM
GYG
AKR
KAP
GKX
MYA
CWC
MEI
NAN
WIL
PRB
MAC
ARN
CCE
ARC
QHR
CSX
RX
NZ
JNX
ABM
BOZ
Sego Resources
Cub Energy
Tembo Gold
Maxim Resources
Guyana Frontier Mining
Ackroo
Kapuskasing Gold
Gemini
Maya Gold & Silver
CWC Energy Services
Manitok Energy
North American Nickel
Wilton Resources
Probe Mines
THEMAC Resources Group
Arcan Resources
Commerce Resources
Arian Resources
QHR
Clean Seed Capital Group
BioSyent
New Zealand Energy
Junex
Athabasca Minerals
Banks Island Gold
Integrated Mining
Oil & Gas Exploration and Production
Gold Mining
Oil & Gas Exploration and Production
Integrated Mining
IT Services & Consulting
Specialty Mining & Metals
Oil Related Services
Integrated Mining
Oil Related Services
Oil & Gas Exploration and Production
Nickel Ore Mining
Integrated Mining
Specialty Mining & Metals
Oil Exploration & Production - Onshore
Rare Earth Minerals
Gold Mining
IT Services & Consulting
Heavy Machinery & Vehicles
Pharmaceuticals
Oil & Gas Exploration and Production
Oil & Gas Exploration and Production
Construction Materials
Gold
Share or Unit Volume
Buy
Sell
Net
-340,000
-192,000
-100,000
-100,000
-60,000
-60,000
-50,000
-40,000
-38,000
-36,800
-29,200
-29,000
-25,500
-25,200
-25,000
-20,000
-20,000
-18,000
-16,600
-10,000
-10,000
-9,500
-9,500
-8,000
-5,500
-340,000
-192,000
-100,000
-100,000
-60,000
-60,000
-50,000
-40,000
-38,000
-36,800
-29,200
-29,000
-25,500
-25,200
-25,000
-20,000
-20,000
-18,000
-16,600
-10,000
-10,000
-9,500
-9,500
-8,000
-5,500
See important disclaimer at the bottom of the last page.
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June 10, 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
DIR.UN
INN.UN
JE
RUS
TCS
Dream Industrial REIT
InnVest REIT
Just Energy Group
Russel Metals
TECSYS
HME
IRN
Hemisphere Energy
Iron Creek Capital
See important disclaimer at the bottom of the last page.
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June 10, 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.
www.inkresearch.com

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