Legal Notices and Terms of Access

Mackie Research Capital Corporation is a Member CIPF.

By accessing and using this website you agree to the following terms and conditions. If you do not accept these terms and conditions, do not continue accessing or using this website.

Mackie Research Capital Corporation is referred to on this website and in these notices as "Mackie Research", "Mackie Research Capital" or "MRCC".

Exchange of Information

This site is solely for the exchange of information. It may not be used to place instructions to buy or sell any security.

Email

Email communications over the internet, no matter how protected or encrypted, may not be secure and may not be confidential. MRCC is not responsible for any email communication sent by you to MRCC or sent by MRCC to you from being intercepted, read or distributed to unknown persons. Any confidential information sent by you to MRCC is at your own risk. MRCC employees do not accept trade instructions via email.

No Advice and No Solicitation

The information provided on this website is for informational purposes only and is not intended to provide specific financial, investment, legal, tax or accounting advice to you, and should not be relied upon as such. You should not act on any information found on this website without first consulting the appropriate professional advisor.

The information provided on this website is not a solicitation to buy or sell securities. Any securities or products mentioned on this website may not be legally allowed for sale in all jurisdictions.

Registration

Mackie Research Capital is not registered in all jurisdictions and may not be able to effect transactions on behalf of persons accessing this website. You should contact your Investment Advisor for further information.

U.S. Persons

Any person who is normally resident in the United States accessing this website must direct any communication in regard to this website to Mackie Research USA Inc.. In particular, such persons are advised that, subject to exemptions available under U.S. Federal and State law, MRCC is prohibited from accepting instructions to trade in securities from them, and any person attempting to do so accepts any and all liability and waives any rights to damages, costs, etc. or any other action against MRCC.

Links and Software

Any links provided on this website are for convenience and informational purposes only and are not endorsed, reviewed, approved or controlled by MRCC. Nor is MRCC responsible for the content of any such site. Linking to another site is at your own risk. Links to any sites where software may be downloaded are for convenience only and RCC does not assume any responsibility for difficulties in downloading, installing or using any such software. Use of any software downloaded through links on this website are subject to any license agreements applicable to such software.

Copyright

All material found on, or downloaded from, this website, unless indicated otherwise, is Copyright ©2000-2011 Mackie Research Capital Corporation. All rights reserved.

No Liability

MRCC has no liability to users of this site and use of this site is entirely at the risk of the user. MRCC is not responsible for any errors that may occur on this site that may in turn cause software or any other problem on the user's computer or network. MRCC is not responsible for any viruses that the user's computer may become infected with as a result of using this site or downloading any material from this site.

Insurance Services

Insurance services are available through Mackie Research Financial Services Inc., where available.

Hours of Trading

In light of additions into the Canadian Market Place of alternative trading execution services other than the TSX or TSX Venture for equities, Mackie Research Capital Corporation ('MRCC') would like to advise clients of its hours of operation. MRCC will be observing the same hours of operation as the TSX and TSX Venture for trading purposes and we will not be accepting or continuing to trade on alternative markets beyond 4:00 pm Eastern Time.

Orders that would normally expire at close of market will be considered expired at 4:00 pm regardless if other markets continue to transact beyond that time. While it is possible for MRCC to transact after our regular hours, this will be done in conjunction with specific agreement between MRCC and the client. MRCC will execute orders in accordance with best execution rules on whichever market provides the best fills throughout the trading day. If you should have any questions regarding our services, please contact your Investment Advisor directly.

Statement of Policies Regarding Related and Connected Issuers

Under certain circumstances we may advise you in respect of securities transactions where the issuer of the securities or the other party to the transaction is a corporation or party having an ownership or business relationship with us.

The securities laws of certain provinces require us, when we trade in or advise with respect to our own securities or securities of certain other issuers to which we are related or connected, to do so only in accordance with particular disclosure and other rules. These rules require us, prior to trading with or advising you, to inform you of the relevant relationships and connections with the issuer of the securities. For the particulars of these rules and your rights, you should refer to the applicable provisions of those securities laws or consult with a legal adviser.

Issuers which are related to Mackie Research Capital Corporation are those where, through the ownership of or direction or control over voting or equity securities, directly or indirectly, we are an influential security holder of that issuer or that issuer is an influential security holder of us.

A connected issuer is one which has any relationship with Mackie Research Capital Corporation, any of our related issuers, or any of our or their directors or officers, that may lead a reasonable prospective purchaser of the securities to question if we and the issuer are independent of each other in a distribution of the connected issuer's securities.

Mackie Research Capital has a relationship with persons or companies listed in this statement. Mackie Research Capital, or its directors, officers, partners, salesmen or other employees may from time to time recommend that you trade in, or provide to you advice about, a security issued by those listed persons or companies.

  • JFM Water Partnership, L.P.
  • Gold Royalties Corporation

Before we advise you with respect to the purchase or sale of any securities of a related issuer, or in the course of their distribution, of securities of a connected issuer, we will disclose the relationship to you prior to giving the advice.

If you have given us the authority to exercise discretion in the purchase or sale of securities for your account, we will not exercise that discretion for the types of transactions described above unless we have disclosed the relevant relationship to you and you have given your specific written consent.

Before entering into a contract for the sale or purchase of the securities of a related issuer, and before accepting payment in connection with any such trade, our relationship with the related issuer will be specifically disclosed to you.

The confirmation which we prepare and send to you for a trade of any securities of a related issuer, or in the course of their distribution, of securities of a connected issuer, will contain the required disclosure.

If you wish further information concerning the relationship between Mackie Research Capital and those listed persons or companies indicated above, please contact us.

Unclaimed Property & Assets

The search form below applies to the province of British Columbia addresses and was put into place as a result of legislation passed and proclaimed in the province of British Columbia - "Unclaimed Property Act".

When Assets Become Unclaimed

Mackie Research Capital Corporation ('MRCC') considers assets to be unclaimed when:

  • Letters, correspondence, Account Statements, Trade Confirmations, Assets, Cheques or other documents are returned by Canada Post as undeliverable, and/or
  • MRCC is unable to locate the beneficial holder of the assets via telephone and/or email, and/or
  • A cheque payable to the client has not been cashed after six months of issuance

How MRCC will attempt to contact or locate beneficial owners of unclaimed assets

After six months of assets going unclaimed, MRCC will:

  • Attempt to contact the client at the last known address and phone number, and/or
  • Attempt to locate the client through local phone directories or through any Internet on-line search available at the time
  • In some provinces and as required by law, unclaimed or abandoned assets will be surrendered to the applicable Provincial Trustee or Administrator.

What happens when MRCC is unable to locate the beneficial owners of any unclaimed assets

When assets have been unclaimed for longer than six months, the name of the beneficial owner will be added to an "Unclaimed Assets" database, administered by MRCC.

How to search the "Unclaimed Assets" database

Enter the person's first and last names and click search or if you're looking for a company, use the company search instead.

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Where to go for more information:

Residents of Alberta

  • For information on how to make a claim or an appeal against an unclaimed asset, Alberta residents should contact the Alberta Finance, Tax and Revenue Administration ( TRA ) directly at 780-427-3044 (for toll free service in Alberta, call 310-0000; then enter 780-427-3044 ) or visit Government of Alberta website.
  • The applicable legislation is known as the Alberta Unclaimed Personal Property and Vested Property Act and Regulation. Both were enacted on September 1st 2008.

Residents of Quebec

  • For information on how to make a claim or an appeal against an unclaimed asset, Quebec residents should contact Revenu Québec directly at 1 866 840-6939 or visit Revenu Quebec - Unclaimed property
  • The applicable Quebec legislation is known as the Public Curator Act.

Residents of British Columbia

  • For information about unclaimed assets held in investment accounts or an interest in an estate or trust, B.C. residents may contact the British Columbia Unclaimed Property Society at 1-888-662-2877 or www.bcunclaimedproperty.bc.ca.
  • As well, for information with respect to unclaimed assets, or to make a claim or appeal against an unclaimed asset, B.C. residents may contact MRCC at 1-888-860-7606.
  • The applicable B.C. legislation is known as the Unclaimed Property Act.

Residents of Other Provinces

  • Clients resident in other provinces or territories should contact MRCC at 1-888-860-7606.

Complaints

The Mackie Research Capital Corporation ("MRCC") Complaint Process has been adopted with a commitment to engage in and promote honest and ethical conduct and to provide full, fair, complete, accurate, timely and understandable resolutions to client complaints. As a demonstration of this commitment, MRCC has adopted this Complaint Process.

How do I make a Complaint

There are several resources available to you if you wish to make a complaint. Your first option is to contact your Investment Advisor with the issue. If you feel that your issue requires attention at a more senior level, you may direct your concerns to either the business location's Supervisor, or the MRCC Compliance Department directly. Complaints may be written or verbal.

How is the Complaint Investigated

All complaints are investigated by the MRCC Compliance Department in conjunction with the business location's Supervisor and the staff member involved in the complaint. Upon receipt of a complaint, MRCC will acknowledge the issue in writing with a letter to you. The letter will detail the individual responsible for the investigation, his/her contact information so that you may contact him/her throughout the investigation to determine the status of the file, a reference to the maximum amount of time the investigation may take, and will enclose a copy of the Investment Industry Regulatory Organization of Canada ("IIROC") "An Investor's Guide to Making a Complaint" brochure.

Our investigation process includes a review of account documentation, including account opening forms and client statements. Our investigation process may also include a request to interview you to clarify or attain any additional information required to investigate a complaint.

Upon completion of our investigation, we will provide you with a written report or letter that will contain the following:

  1. A summary of your complaint;
  2. The results of our investigation;
  3. Our final decision on the complaint, including an explanation; and
  4. A statement describing the options available to you if you are not satisfied with our response, including:
    1. arbitration;
    2. if a request is made within 180 days from the date of our final response, the ombudsperson service (i.e. the Ombudsman for Banking Services and Investments);
    3. submitting a regulatory complaint to IIROC for an assessment of whether disciplinary action is warranted; and
    4. litigation / civil action.

MRCC Designated Complaints Officer

MRCC has designated the Chief Compliance Officer as the Designated Complaints Officer. The Designated Complaints Officer is charged with oversight of the complaint handling process and may also act as a liaison between MRCC and Regulatory bodies. Any questions with regard to the MRCC complaint handling process should be forwarded to the Designated Complaints Officer by contacting 416-860-7600.

Fair Allocation Policy

We treat all clients and customers fairly when disseminating investment recommendations, disseminating material changes in prior investment advice and taking investment action. We conduct ourselves in such a manner that transactions for all customers and clients have priority over personal transactions.

Mackie Research Capital Corporation is the manager of a number of investment and Mutual Funds (the "Funds" or "fund").

Portfolios for which Mackie Research Capital acts as an advisor are governed by the principle of fair allocation of investment opportunities. The investment trade allocation policy ("Allocation Policy") is reviewed and updated on a periodic basis.

This Allocation Policy applies to all portfolios advised by Mackie Research Capital.

Trades will be allocated on a basis believed to be fair and equitable; no fund will receive preferential treatment over any other. The portfolio management team will take steps to ensure that no fund will be systematically disadvantaged by the aggregation, placement, or allocation of trades.

Transactions are allocated promptly, usually on the trade date, and no reallocations are permitted from one account to another except where the original allocation was done in error.

Principle of Fair Allocation of Investment Opportunities

In order to ensure fairness in the allocation of investment opportunities among the funds it manages, Mackie Research Capital will allocate investment opportunities with consideration to the prime determinants of market exposure, cash availability and industry sector exposure and with regard to the suitability of such investments to each fund. In determining the suitability of each investment opportunity to a fund, consideration will be given to a number of factors, the most important being the fund's investment objectives and strategies, existing portfolio composition and cash levels.

Where an investment opportunity is suitable for two or more funds, Mackie Research Capital will allocate such investment opportunity equitably in order to ensure that funds have equal access to the same quality and quantity of investment opportunities, and in determining such allocations will consider a variety of factors and principles, including, but not limited to, the following:

  • Legal and regulatory restrictions affecting the participation rates for any funds managed.
  • The need within a particular fund for liquidity.
  • Other investment opportunities that may be available to a fund.
  • Anticipated volatility associated with the investment in respect of each fund's investment strategy and objectives.
  • Each fund's own investment restrictions.
  • Where allocation of an investment opportunity would be insufficient to make up a meaningful portion of an individual fund's portfolio.
  • Transactions are allocated promptly, usually on the trade date, and no reallocations are permitted from one account to another except where the original allocation was done in error.
  • The allocation for each trade must be documented by way of a trade ticket by the end of the business day on which the order is filled unless the Portfolio Manager has not confirmed the fill to the fund. Taking into consideration the prime determinants described above and/or specific fund objectives and restrictions, certain trades will not be allocated across all funds.
  • A copy of each trade ticket is maintained in an investment compliance binder or electronically for review by the compliance department.
  • Given different inception dates and historical cash flows, each fund may hold the same position with a different cost base.

Prime Determinants

  • Overall market exposure;
  • Industry sector exposure; and
  • Cash availability

IPO & Private Securities

Generally, a company issuing in an initial public offering ("IPO") will have a limited operating history and thus IPO investments might frequently be considered speculative. The principle of fair allocation of investment opportunities is applied to IPO's and private securities where there is no marketplace to derive current value, with special attention being given to the suitability of investments vis á vis the fund's investment objectives, strategies and mandates.

Trade Match Statement

For Mackie Research Capital Corporation's Trade Match Statement please click here.

Research Dissemination Policy, Disclosures and Disclaimers

Fair Dissemination of Research Reports and Ratings

To the extent reasonably practicable, Research Reports will be disseminated contemporaneously to all of Mackie Research Capital Corporation ("MRCC") customers who are entitled to receive the firm's research. Until such time, Research Analysts will not discuss the contents of their reports with Sales and Trading or Investment Banking employees. MRCC equity research is posted to our proprietary website to ensure eligible clients receive coverage initiations and changes in rating, targets and opinions in a timely manner. Additional distribution may be done by the sales personnel via email, fax or regular mail. Please contact your investment advisor for more information regarding MRCC research.

Disclaimers

The opinions, estimates and projections contained in all Research Reports published by Mackie Research Capital Corporation ("MRCC") are those of MRCC as of the date of publication and are subject to change without notice. MRCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; MRCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to MRCC that is not contained therein. Research Reports disseminated by MRCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

Potential conflicts of interest

All Mackie Research Capital Corporation ("MRCC") Analysts are compensated based in part on the overall revenues of MRCC, a portion of which are generated by investment banking activities. MRCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. MRCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. MRCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Coverage disclosures

Click here to view our most recent relevant disclosures applicable to all companies under coverage.

Definitions of Ratings

BUY:

The stock is attractively priced relative to the company's fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months.

BUY (Speculative):

The stock is attractively priced relative to the company's fundamentals but carries an above-average level of risk.

HOLD:

The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized.

SELL:

The stock is overpriced relative to the company's fundamentals, and we expect it to decline from the current price over the next 6 to 12 months.

UNDER REVIEW:

We are temporarily placing our recommendation under review until further information is disclosed.

CONFLICTS OF INTEREST

General Description

Actual, potential and perceived conflicts of interest may exist in any interaction you have with an individual or organization. Our relationship with you is no different.

Description of Our Business

Mackie Research Capital Corporation ('MRCC') is what is referred to as an "integrated" investment firm (or an integrated investment dealer) since we provide a broad range of corporate finance, institutional trading and retail client services and products. We recognize that by definition we are more susceptible to conflicts of interest than many other business activities since we may for example represent both sides to a transaction, namely, the buyer and the seller.There are generally three types of conflicts that can arise:

  • Conflicts of interest between you and us,
  • Conflicts of interest between you and our other clients, and
  • Conflicts of interest between us and our related and associated companies.

As an investment dealer, we are a financial intermediary. As is the common practice in the brokerage industry, sometimes we may be the party on the other side of the transaction (referred to as a "principal" trade) where we own the security we sell to you. On other occasions, we simply facilitate a transaction between you as our client and a third party on the other side of the transaction through an "agency" trade where we have no ownership interest in the security traded. In still other cases, we advise an issuer of securities on how to best raise funds by selling securities while, at the same time, recommending that our clients buy those same securities.

More information about MRCC may be found throughout this website.

Management of Conflicts of Interest

In general, we deal with and manage relevant conflicts as follows:

  • Avoidance: This includes avoiding conflicts that are prohibited by law as well as conflicts that cannot effectively be addressed.
  • Control: We manage acceptable conflicts through means such as physically separating different business functions and restricting the internal exchange of information.
  • Disclosure: By providing you with information about conflicts, you are able to assess independently their significance when evaluating our recommendations and any actions we take.

The following information is intended to assist you in understanding and assessing material potential and actual conflicts of interest, including how we address them. However, this is an overview of a complex subject and is not meant to be an all-inclusive list of conflicts of interest.

If you ever have any questions or concerns, whether they involve conflicts of interest or anything else, you should never hesitate to say so and you should ask your advisor for an explanation as well as for more information.

Possible Conflicts and How They Are Managed at Our Firm


Conflict of Interest Address By How Conflicts Will Be Addressed
Ongoing Conflict of Interest
We earn compensation by selling products and services to you for which you pay us. Disclose
  • We will inform you of fees, commissions and other compensation in advance so that you know what you will be paying.
Control
  • Depending on the product or account type you choose, we offer a variety of pricing options to choose from.
Different products and services have differing levels of compensation. Disclose
  • Our compensation is disclosed to you and we offer pricing alternatives intended to reduce the conflicts associated with commission-based pricing.
Control
  • We are required by industry regulations and firm policy only to make "suitable" investment recommendations.
Avoid
  • We may choose not to offer a complex product that carries a high commission.
Conflict of Interest May Occur
We may receive compensation from securities issuers and other third parties based on their products we sell to you. For example, "trailer fees" on mutual funds or "finders fees" on private placements. Disclose
  • We disclose to you the situations and type of third party compensation we may receive.
Disclose
  • Securities regulations require issuers to provide specific disclosure in the offering document (e.g., prospectus) of such arrangements and the compensation we will receive.
We are compensated in other ways as a result of the business you may do with us, including interest spreads on uninvested cash deposits with us and foreign exchange spreads when you convert currencies. Disclose
  • Various forms of other compensation we may receive are disclosed to you.
We may sell you securities which we own (called principal trades) and profit by doing so. Disclose
  • We will tell you whether we acted as principal or agent for each transaction on the trade confirmation.
We may sell you securities of companies that are related or connected to us. Disclose
  • We are required by regulation to disclose this when we make a recommendation to you.
Disclose
  • All of our related parties are disclosed on our website.
Disclose
  • We inform you whether a transaction involved a related or connected security on the trade confirmation.
Control
  • Our advisors receive the same commission compensation payout as a percentage of gross revenue regardless of the product originator.
We may need to select which clients will be offered certain securities if availability is limited. Control
  • We have a "fair allocation" policy for managed accounts.
Control
  • For non-discretionary accounts, individual advisors make the determination based on individual client relationships.
We provide investment research on securities of companies that may have other business relationships with us. Control
  • We provide full disclosure of any conflicts of interest in all research reports disseminated.
Control
  • Our research and recommendations are subject to extensive and detailed regulatory requirements and internal standards.
We engage in trading of securities for our own account (called proprietary trading). Control
  • We maintain information barriers between our corporate trading activities and retail advisory business.
Control
  • Firm and employee trades are identified as such and client trades are given priority to firm and employee trades in accordance with industry "client priority" regulations.
We may permit certain individuals who are registered with us (including your investment advisor) to be employed by, participate in, or accept compensation from other persons or firms, outside the scope of his/her relationship with us. Avoid and Control
  • We have adopted internal policies and procedures that supplement the regulatory requirements. Such arrangements are closely monitored.

More Information

Canada has comprehensive and extensive securities regulatory rules and regulations, many of which are directed at protecting client and investor interests, including dealing with conflicts of interest. For more information on how Canadian securities regulations address conflicts of interest in order to safeguard the investing public, we suggest that you refer to the websites and publications of the provincial securities commissions (which are available through the Canadian Securities Administrators (CSA)) and the Investment Industry Regulatory Organization of Canada (IIROC).

ACCESSIBLE CUSTOMER SERVICE POLICY

Mackie Research Capital Corporation (MRCC) is committed to excellence in serving all clients, including clients with disabilities, while bearing in mind the principles of independence, dignity, integration and equal opportunity.

Assistive Devices

MRCC will ensure that our employees and agents are trained and familiar with various assistive devices that may be used by clients with disabilities while accessing our services and facilities.

Service Animals

We welcome clients with disabilities and their service animals. Service animals are allowed on the parts of our premises that are open to the public.

Support Persons

A client with a disability who is accompanied by a support person will be allowed to have that person accompany them on our premises.

Service Disruptions

MRCC will provide clients with notice in the event of a planned or unexpected disruption in all the facilities or services used by clients. Notices will include information about the reason for the disruption, the anticipated duration of the disruption, and a description of alternative facilities or services, if available.

Notices will be placed at all public entrances, service counters located on the premises, and if appropriate, MRCC websites and outgoing telephone messages.

Training

MRCC will provide training to all employees on our accessible client service policy. This training will include:

  • An overview of the Accessibility for Ontarians with Disabilities Act, 2005 and the requirements of the customer service standard
  • MRCC's plan related to providing accessible customer service
  • How to interact and communicate with people with various types of disabilities
  • How to interact with people with disabilities who use an assistive device or require the assistance of a service animal or a support person
  • What to do if a person with a disability is having difficulty in accessing MRCC's goods and services

Employees will be trained as soon as practical following their date of hire, no more than 90 days after their start date, as well as when changes occur to applicable policies, procedures and practices.

All documents required by the Accessibility Standards for Customer Service will be available upon request, subject to privacy protection laws. When providing such documents to a person with a disability, MRCC personnel will provide the document, or the information contained in the document, in a format that takes into consideration the person's disability.

Feedback process

MRCC is committed to providing high quality service to all of our clients. Feedback from clients about the delivery of services to persons with disabilities may be given in confidence by telephone, in person, in writing, in electronic format or through other methods.

Email To: Contact@Mackieresearch.com

Mail or deliver to:

Mackie Research Capital Corporation
Human Resources
4500 . 199 Bay Street
Toronto, Ontario
M5L 1G2

Telephone:

1-888-860-7606 (please ask for someone in Human Resources)

Fax to:

416.860.7671

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