Briefly:

(June 28, 2007) The TSX Venture Exchange says it will appeal a recent British Columbia Securities Commission decision that overturned the exchange’s prohibition of a convicted murderer from holding a post in investor relations for TSX Venture listed issuers.

In late 2005, the exchange deemed William John Nichols unsuitable to provide investor relations services to TSX Venture listed issuers.

The decision was based upon Nichols’ failure to disclose 19 of his 20 prior criminal convictions on his personal information form filed with the exchange. Nichols disclosed only the previous first degree murder conviction.

The exchange argues that Nichols’ demonstrated history of dishonesty as a result of prior convictions for extortion, robbery, theft and breaking and entering, all of which would negatively impact on the exchange’s reputation.

On June 11th, the BCSC overturned TSX Venture Exchange’s ban on Nichols stating that he promptly provided full information about all of his convictions when the exchange requested more information. The BCSC also noted that the exchange should take into account Nichols’s release from prison under the “faint hope” clause, the passage of time, evidence of rehabilitation since his conviction for murder and his past work for Exchange-listed companies.

Kevin Cowan, president of TSX Venture Exchange, says his company cannot accept the ruling.

“We have the greatest respect for the British Columbia Securities Commission and the work it does to maintain healthy and vibrant capital markets in British Columbia. However, following our careful review of this decision we believe it to be critically important that we seek leave to have the decision reviewed with the objective of reinstating our original decision regarding suitability for participation in the TSX Venture marketplace.”

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Criterion unveils clean energy fund

(June 28, 2007) Criterion Investments has filed a preliminary prospectus for Criterion Global Clean Energy Fund. The fund will invest primarily in companies involved in the clean energy sector throughout the world.

Criterion believes the sector offers attractive return potential because there is increasing pressure to reduce carbon emissions as concerns over climate change have become prominent on the global political agenda.

The companies the fund will target include firms in fields of resources, infrastructure, energy efficiency, technology and equipment, and firms that focus on carbon-free energy production.

Criterion has tapped Pictet Asset Management SA, of Geneva, Switzerland to serve as a sub-advisor to the fund. Both currency-hedged and non-hedged units of the fund will be offered.

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B.C. and Ontario credit unions merge

(June 28, 2007) Credit unions in Ontario and British Columbia have voted to merge Credit Union Central of Ontario Limited and Credit Union Central of British Columbia to create Central 1 Credit Union.

At a meeting in Toronto, Ontario credit unions voting 98.6% in favour of the merger plan and elected five directors to represent them on the 16-person board of the combined entity. In Vancouver, B.C. Central’s members should similar enthusiasm, voting 98.2% in favour.

Pending regulatory approval, the transaction is expected to close at the end of September. The transaction will see B.C. Central acquiring the assets and assuming the liabilities of Ontario Central at fair market value. New shares will be issued in proportion to member credit union assets in each province.

Based on current membership the Ontario credit unions would receive 31% of voting shares and B.C. credit unions would receive 69%, as the credit union movement is far stronger in the West.

Both organizations say they hope the merger will attract other provincial central credit unions to join Central 1, helping to form a national organization.

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Credential teams with Coastal Community Credit Union

(June 28, 2007) Credential Financial has been selected as the personal insurance and wealth management provider for Coastal Community Credit Union.

The agreement effectively doubles the relationship that Coastal has with Credential and will encompass three business lines: Credential’s online brokerage; Credential Direct; and its wealth management and insurance arms, Credential Insurance Services, Credential Asset Management and Credential Securities.

Credential says that following the merger of Coastal Community Credit Union, Comox Valley Credit Union, and Evergreen Savings Credit Union more than two and half years ago, the new Coastal needed to consolidate its insurance and wealth management offering.

Don Rolfe, president and CEO of Credential Financial, said despite Coastal’s recognized need, getting their business was no walk in the park.

“Coastal Community’s due diligence was among the most rigorous we have ever been engaged in. We were impressed by their attention to detail and extensive research. As such, we were doubly pleased to have been chosen as their wealth management provider and look forward to providing the highest quality products and services we can,” he said.

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Mavrix files prospectus for TSX Venture Fund IPO

(June 28, 2007)Mavrix Fund Management announced Thursday that it’s filing a prospectus in connection with the initial public offering of the Mavrix TSX Venture Fund.

The prospectus seeks to qualify the distribution of warranted units for $10.00, with each unit consisting of one trust unit of the fund and one half-warrant. Each whole purchase warrant will entitle the holder to purchase one fund unit at a price of $10.25 on August 15, 2009.

The IPO is being underwritten by a syndicate led by Scotia Capital, CIBC World Markets and Dundee Securities Corporation.

(06/28/07)