In my previous Blog (Part 6) I stated that the revised 51-509 Rule for US OTC Issuers only applies to shareholders who reside in British Columbia (“BC”). It does not apply to Canadians that reside in the other 12 provinces of Canada. However, how is one to determine if the shareholder resides in or out of the BC geographical area? Also, since the company is responsible for making sure a legend is placed on securities for shareholders residing in BC what happens if a shareholder who lives in one of the other 12 provinces, not affected by this new rule, purchases shares from a company listed on the OTCBB and then moves his or her residence into BC? Or, if a resident of BC purchases shares from an OTCBB and moves out of the BC area? How does the revised rule affect the securities? There are still many questions and not enough answers at this point in time.

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