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News Release

Ontario Securities

20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario

December 9, 2011

Michael Mitton Settles with the Ontario Securities Commission

TORONTO – The Ontario Securities Commission today approved a settlement agreement reached between Staff and Michael Mitton, who admitted to conduct contrary to the public interest relating to his trading in shares of Pender International Inc (“Pender”).

Michael Mitton admitted that, in the period between July 2004 and December 2004, trading in the securities of Pender was dominated by trading that he orchestrated, and was arranged between different accounts in a way that created a misleading appearance of trading activity, and artificially increased the share price of Pender.

Under the settlement agreement, Michael Mitton is permanently prohibited from trading in or acquiring any securities. He is prohibited from becoming an officer or director of any issuer or investment fund manager, or acting as a registrant, investment fund manager or promoter. Michael Mitton agreed to cease permanently from telephoning from within Ontario, to any residence within or outside Ontario, for the purpose of trading any security or any class of securities. Mitton also agreed that any exemptions contained in Ontario securities law do not apply to him.

A copy of the Settlement Agreement and Order of the Commission in this matter are available on the OSC website at

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at



For Media Inquiries: Wendy Dey
Director, Communications & Public Affairs

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Manager, Public Affairs

Dylan Rae
Media Relations Specialist

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1-877-785-1555 (Toll Free)