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For Immediate Release

01/08
CONTACT:

May 29, 2001
Donna Pincott
Director, Communications
Canadian Venture Exchange
Tel: 1-877-884-CDNX
 

95% OF CDNX SHAREHOLDERS APPROVE TSE ACQUISITION

– Public venture market to remain distinct –

 

MAY 29, 2001 (CALGARY) --Shareholders of the Canadian Venture Exchange (CDNX) voted today in favour to approve the TSE’s $50 million acquisition offer. About 95% of votes cast were in favour. Under the terms of the deal, CDNX will continue to operate as a separate exchange, but as a wholly owned subsidiary of the TSE.

"Today, our shareholders have endorsed the TSE’s commitment to advancing the public venture market in Canada," said Scott Paterson, CDNX Chairman of the Board. "This transaction will strengthen the Canadian capital markets, provide clarity for foreign investors, operating efficiencies and a stronger presence in key regional centres across the country for both CDNX and the TSE."

CDNX will maintain its Toronto, Winnipeg and Vancouver offices with the head office in Calgary. This structure will ensure the appropriate level of expertise exists to continue expanding on CDNX’s success in developing a national public venture market. To further enhance this market, an advisory board to the TSE is being created with members who have expertise in the venture market.

"Successfully advancing Canada’s public venture capital market has been and will continue to be our mandate," said Bill Hess, CDNX President and CEO. "Joining forces with the TSE will create greater liquidity for our listed companies through their relationships with institutional investors, as well as greater visibility for both CDNX and its listed companies by association with the TSE name."

The transaction is subject to regulatory approval by both the Alberta and BC securities commissions, which is expected to take two-to-three months to receive.

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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