Misrepresentation or Fact ??!!Material information is defined by the TSX Venture Exchange (the "TSX-V") policy as "any information relating to the business and affairs of an Issuer that results in or would reasonably be expected to result in a significant change in the market price or value of any of the Issuer's Listed Shares, and includes Material Facts and Material Changes" prescribed by securities laws and applies to all oral statements and written disclosure made by an Issuer or on behalf of an Issuer involving material facts.
For instance, Imperial Oil has its Corporate Secretary in charge of dissemination of all material information such as oil discovery to news wire services.
So far, no official confirmation of discovery of free flowing oil at 8-2 well has been provided by Reconnaissance Africa Energy or Namcor. Any misinformation to the contrary would constitute fraud on the market.