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For Immediate Release

01/04


CONTACT:

March 28, 2001

Steve Kee

Donna Pincott

Manager, Media and Information Services

Director, Communications

Toronto Stock Exchange

Canadian Venture Exchange

Tel: 416-561-1863

Tel: 1-877-884-CDNX

TSElogo500pi.jpg (14478 bytes) CDNX500pi.jpg (14230 bytes)

 

TSE AND CDNX REACH AGREEMENT IN PRINCIPLE

 

MARCH 28, 2001 (TORONTO and CALGARY) --The Toronto Stock Exchange (TSE) and the Canadian Venture Exchange (CDNX) have agreed in principle to a transaction that would see the TSE acquire CDNX. It’s expected that the transaction will go to CDNX member-shareholders for a final vote by July 1.

Under the terms of the deal, the two capital markets will remain distinct with CDNX continuing to operate as a separate exchange, but as a wholly owned subsidiary of the TSE. The offer will see the TSE pay approximately $382,000 for each of the 131 outstanding shares of CDNX. This translates to a deal of $50 million.

TSE president and CEO Barbara Stymiest said, "This combination helps the Canadian capital markets as a whole. Listed companies and brokerage firms of both exchanges will benefit from reduced costs, improved efficiencies and a stronger presence in key regional centres right across Canada." She added: "Our business will bring a unified approach to issuers, helping a company through each stage of its growth. The TSE’s relationships with institutions and its international profile will immediately provide valuable exposure for Canadian venture companies."

The local offices of CDNX in Vancouver, Winnipeg and Toronto will be maintained with the head office remaining in Calgary, to ensure the appropriate level of expertise is in place in the venture market to continue to expand on its success. Adding TSE expertise to these important local offices also allows for the extension of services and better assists prospective, existing and graduating companies.

"This is a significant step in the continued growth of the public venture capital market in Canada," said CDNX President and CEO, Bill Hess. "The benefits to CDNX-listed companies and the venture market as a whole is greater liquidity, a clear graduation path to the senior exchange and enhanced visibility."

The agreement in principle consists of the two exchanges having a common Board of Directors, which will include five current CDNX directors. There will also be a CDNX advisory board to the TSE whose members have expertise in the venture capital market. This board will advise on issues affecting companies listed on CDNX. G. Scott Paterson, current Chairman of the CDNX Board, will chair the advisory board for CDNX. Paterson will become a Vice-Chairman of the TSE Board of Directors.

G. Scott Paterson and Dan Sullivan, Chairman of the Board for the TSE, both hailed the deal. "This transaction ensures a strong domestic business able to compete in an increasingly global marketplace," said Sullivan, while Paterson commented: "It strengthens the Canadian capital markets while retaining all the unique attributes of both the junior and senior markets."

It is expected the deal will take four to six months to complete and is subject to formal approval, CDNX member-shareholders approval and regulatory approval.

 

The Toronto Stock Exchange consistently ranks among the world’s top exchanges by market capitalization and trading volume. In 2000, it was the TSE's best trading year ever as the average daily value topped $3.75 billion. The TSE provides investors with a well-regulated, fair and accessible marketplace.

Headquartered in Calgary, the Canadian Venture Exchange (CDNX) is Canada’s public venture capital marketplace providing emerging companies with access to capital while offering investors a well-regulated market in which to make venture investments. CDNX listed companies are active in the mining, oil and gas, manufacturing, technology, financial services and other sectors. The exchange also has offices in Vancouver, Winnipeg and Toronto.

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