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For Immediate Release

99/13
CONTACTS:

April 23, 1999
info@vse.ca Tom Cumming
President & CEO
The Alberta Stock Exchange
(604) 689-3334 (403) 974-7436
ASE and VSE Governors Approve Merger

New Canadian junior capital market will have regional services offered in Vancouver, Calgary, Winnipeg, Toronto and Montreal, supported by a corporate office in Calgary, operations office in Vancouver

VANCOUVER-- The Boards of Governors of the Vancouver Stock Exchange (VSE) and The Alberta Stock Exchange (ASE) have agreed - subject to regulatory approvals - to merge the two exchanges to form a new Canadian junior capital market and will now ask their member firms to ratify the merger by the end of June. It is anticipated that the name of the new exchange will be selected and approved by the members at that time.

The Vancouver, Alberta, Toronto and Montreal stock exchanges announced March 15 that they had signed an agreement in principle to restructure the Canadian capital markets along the lines of market specialization, including a merger of the Vancouver and Alberta exchanges.

The merged ASE/VSE entity will also consolidate the operations of the Canadian Dealing Network (CDN), a subsidiary of the Toronto Stock Exchange, and junior companies now listed on the Montreal Exchange. An invitation has been extended to the Winnipeg Stock Exchange to participate in the new junior market.

Roslyn Kunin and Jim Sorenson, Chairs of the VSE and ASE respectively, announced today at simultaneous press conferences in Vancouver and Calgary that the new Canadian junior capital market will provide regional services in Vancouver, Calgary, Winnipeg, Toronto and Montreal, supported by a corporate office in Calgary, and an operations office in Vancouver.

The new exchange's Board of Governors will have representatives from the investment industry and the public from across the country. Operations will begin by late 1999. The CEOs of the VSE and the ASE, Michael E. Johnson and Tom Cumming, will manage the transition as co-CEOs until the board of the new exchange appoints a permanent CEO.

The objective of the new junior exchange will be to provide entrepreneurs and innovators in every region of the country with access to public equity capital, while increasing the protection and flow of information to investors.

The new junior capital market will serve the needs of the junior mining and energy industries, plus provide programs for technology and biotech companies.

The new market's services will be available in all regions of the country, but does not require a physical headquarters. "Head offices for stock exchanges date back to the days of trading floors and local investors investing in local enterprises. For our totally-computerized trading system and our national approach to financing and investing, a head office is a concept that is irrelevant," said Sorenson.

The regional offices will provide corporate finance, market regulation and marketing services. The corporate office in Calgary will be responsible for planning, corporate finance and management responsibility of the regional offices in Montreal, Toronto and Winnipeg. The Vancouver operations office will provide trading, technology, marketing, compliance, and market information services.

Sorenson and Kunin said employment levels of the VSE and the ASE should not change significantly under the merger. "The exchanges will need current employees to facilitate the merger over the next 12 to 18 months. Once the merger is complete, we anticipate minimal job reduction; however, a number of employees may be re-deployed to new assignments to accommodate the growth of the new exchange."

Sorenson said Calgary's traditional role as the centre for the junior oil and gas industry and Vancouver's industry expertise in the junior mining sector would be enhanced by the formation of the new exchange. "Vancouver and Calgary have over the years assembled the engineers, geologists, accountants, lawyers and corporate finance experts to serve their respective industry sectors. These support industries would thrive in their existing locations under the new national junior exchange."

He said the new junior exchange's most successful companies will follow a seamless graduation path to The Toronto Stock Exchange. "Nowhere else in the world would a country's junior and senior equity exchanges be so closely aligned. We believe this would substantially increase the participation of companies and investors in this market," Sorenson added.

Kunin said, "Market integrity is the most important asset of any market. Our investors will benefit from a well-regulated, fair and accessible market with enhanced protection through uniform regulatory standards, consistent enforcement, and improved market information."

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