Compliance Facts

Red Pennant Communications and Geoscience will work to ensure that your project communiques are as compliant as possible with the applicable rules and guidelines for disclosure of the exchange on which the company is listed (TSX, TSX-V, NYSE, LSE, JSE or ASE), as well as the applicable Standards of Disclosure for Mineral Projects.

These categories of rules include:

  • Filing languages
  • Types of documents for continuous disclosure
  • Interim Financial reports
  • Nature of material changes
  • Forward-looking information:
  • Financial outlook statements
  • Management’s discussion & analysis
  • Additional Disclosure for Venture Issuers without Significant Revenue
  • Disclosure Relating to Previously Disclosed Material Forward-Looking Information
  • Withdrawal of information
  • National Instrument 43-101 Standards of Disclosure for Mineral Projects
  • Use of plain language
  • Shelf life of technical reports (impacting dates on communications)
  • Filing on SEDAR and electronic format preparation
  • Filing of non-NI 43-101 reports
  • Language preparation
  • Corrective news releases
  • Review of corrective news releases on websites
  • Examples of non-compliance
  • Misleading terms and statements
  • Information that triggers a new technical report
  • First time written disclosure of mineral resources
  • Target audience of technical reports
  • Website amendments
  • Disclosures curtailed by NI 43-101
  • Disclosure rules
  • TSXV news releases
  • Definition of written disclosures
  • Website disclosures
  • Scope of investor relations materials
  • Notes of presentation of geological models
  • Contents of web sites
  • Notifying the financial media
  • News dissemination services
  • Disclosure Standards for Companies Engaged in Mineral Exploration, Development & Production
  • Types of communications and media










Social Media Guidelines for companies on the AIM

  • The AIM has specific Social Media communications guidelines. Communicating via social media includes tweeting, releasing press announcements other than via a Regulatory Information Service (RIS) and posting information on the company’s website. (AIM companies: Proper use of social media and the importance of liaising with your nominated adviser, Dec. 2016 )
  • Basically, the rules for disclosure on the AIM remain the same, only the mediums (media) differ. Using a medium like Twitter, with limited number of characters per tweet, makes it much more difficult to present information fairly and meaningfully, so special care has to be taken with that.
  • Obvious types of statements to avoid making via social media include:
    • “The results from our drilling programme in [country] are looking promising – watch this space”
    • “Just signed an exciting new contract for a bolt-on acquisition that will transform the business”
    • “We’re expecting a positive reaction to our full-year figures when they come out next week”
    • “We’ve identified our new CEO and are just agreeing final terms with him/her”
    • “I expect us to exceed our [profit] [turnover] [debt reduction] target for next year”

Example: Translation of communiqués

Mining is a global business often requiring communications amongst people who do not share a common language like English. While daily, in-house communications can be managed without formal translation, technical, written documentation does require formal translation. Do you know how to select and manage a translation agency – or the often subtle differences between the Portuguese or Spanish versions of standard Mining terms? If you don’t – Red Pennant does, it’s our business.

“You get what you pay for” in translation services. The higher qualified a translator, the more expensive their services, and the smaller the chances of potentially damaging errors. However, it is not advisable for professionals to use a “less formal” option for translation of technical documents such as Google Translate or a bilingual “friend of the family”. That is a route that can lead to disaster.

Translation rules of the TSX

  • The TSX requires a person or company to file communication documents under this Instrument in French or in English, in Canada, but if a company is reporting in Québec, or has shareholders in Quebec these documents must be in French, English optional.
  • Since technical translation requires specialization and a high level of competency, a certificate of accuracy of translation must be filed with the document. Companies cannot make use of informal or unaccredited translators or agencies, and to verify accuracy, the system of reverse translation for double-checking must be managed.
  • The same goes for countries where shareholders of the company are located but where English is not the Lingua Franca. That is why multi-national companies have their sites and documents in multiple languages; like:
    • Tetra Tech (English, Spanish, Portuguese and French),
    • Barrick (Spanish),
    • Anglo American (Mandarin, Portuguese, Spanish) and
    • Amec-Foster Wheeler (French, Spanish).
  • Not only does the text of the website have to be translated, but also all the documents that reside on the website.

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