Are you a "Sophisticated Investor"?

"Sophisticated Investor" is a term no longer used in the Seccurities Act or related Rules.

However, industry participants commonly use the term Sophisticated Investor to refer to investors that meet the requirements of section 2.10 or 2.12 of National Instrument 45-106 – Prospectus and Registration Requirements.

Section 2.10 deals with investors that purchase a single security that has an acquisition cost of not less than $150,000.00. For clarity, the investor must investor at least $150,000.00 cash*.

Section 2.12 deals with investors that purchase a single security using an asset(s) that have a fair value of not less than $150,000.00. For clarity, the investor must trade, swap, exchange an asset or assets worth at least $150,000.00*.

*These definations are interpretive and investors are encouraged to review the National Instrument themselves or seek advice.