You might remember this post from two weeks ago...I personally believe that we are very close now. JMHO
walterc Wednesday, 03/08/17 10:16:14 AM Re: None Post # of 23214 Some time ago some posters were asking for IR of NioCorp to post again on this message board. I asked him the reason why he will not post here . Herunder his mail response Read it especially the last sentence sounds very positive
Walter –
As you know, given that NioCorp is no longer a foreign exempt issuer from the perspective of the U.S. Securities and Exchange Commission (SEC), we follow securities law and regulation in both Canada and the U.S. now. With regard to the practice of allowing NioCorp employees to post on internet bulletin boards or chat rooms, we have changed our internal policies to better conform to what are considered best practices by both Canadian and U.S. securities regulators. Communicating via these venues is not recommended by regulatory authorities in either nations.
For example:
1. The Best Disclosure Practices section of Canada’s National Policy 51-201 Disclosure Standards states:
“6.12 - Chat Rooms, Bulletin Boards and e-mails: Do not participate in, host or link to chat rooms or bulletin boards. Your disclosure policy should prohibit your employees from discussing corporate matters in these forums. This will help to protect your company from the liability that could arise from the well-intentioned, but sporadic, efforts of employees to correct rumours or defend the company. ...” 2. The Toronto Stock Exchange Company Manual, as updated on Sept. 12, 2016, states the following in Sec. 423.12:
3.A “… An issuer should prohibit its employees from participating in Internet chat rooms or newsgroups in discussions relating to the issuer or its securities.”
5. “… In general, TSX recommends against an issuer participating on a chat room or newsgroup to dispel or clarify a rumour as such action may give rise to selective disclosure concerns and may create the expectation that the issuer will always respond. Instead, the issuer should issue a news release to ensure widespread dissemination of its statement.”
These are not express prohibitions against communicating via these methods. But I think it is fair to say that they outline what the Ontario Securities Commission, the British Columbia Securities Commission, and the Toronto Stock Exchange consider to be a best practice in this regard.
Similarly, while posting on internet bulletin boards or chat rooms is not expressly prohibited by SEC law or regulation, it is well known that SEC staff do not consider it to be a best practice for corporate officers to engage in this form of communication. Thus, while I miss being able to occasionally post information on IHub – and took pains to ensure that those postings did not contain previously undisclosed material information and were accompanied by proper forward-looking statement disclaimers, we decided last fall not to continue with this practice. I do follow the discussion on IHub on a near-daily basis.
That being said, I am always available (as you know) to answer questions or discuss matters regarding the Company’s operations or strategies when investors reach out to me directly. Investors do so via email or phone virtually every day, and that includes on weekends. There are times when questions are posed that I am unable or not allowed by law to answer, given that what is being sought is material information that has not been previously disclosed in a Regulation FD manner and/or in a manner that meets Canadian law and regulation. As many investors know, I am very forthright in responding that I cannot answer such questions, and I explain why.
Some investors are not aware of the very strict regulations that we have to follow as a public company. But, that’s OK, as I am happy to explain these things.
I realize that my inability to answer questions at times can cause frustration for some of our owners who do not fully understand the strictures under which we operate as a publicly traded company. But following the law helps to protect the Company, the individual asking questions, and all of our owners. I do the best I can to provide information when I am able to do so and in full compliance with the law.
BTW, we plan to provide the public soon with an update on the excellent progress we are making with the Elk Creek Feasibility Study. Thank you for your patience!
All the best,
Jim Sims VP of External Affairs NioCorp Developments, Ltd. +1.303.503.6203 Jim.sims@NioCorp.com
Can you please give me some guidance on what publicly traded companies can and cannot post on internet bulletin boards. I would like to understand what is and what is not allowed?
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