Patrolman:

A US Citizen can own a Canadian Security not listed on a US exchange in one of two ways. 1. Open an account with a TSX Member firm.

2. Buy the Canadian Security off the US Pink Sheets. In such case you are actually purchasing a derivative security, in the case of Connacher, going under the listing CLLZF. The underlying security is CLL and one actually owns and votes the shares in CLL. Each day, CLLZF is valued in accord with the conversion valuation of the CDN/USD converted valuation. So it is the same as owning CLL as far as currency risk as one actually owns the Canadian Security under a US derivative wrapper. The principal advantages are; not having to open a Canadian Brokerage account and fund it; not having excess funds in a Canadian brokerage account; not having the added expense of a second brokerage account in order to hold a Canadian security; not having the time delay and inconvenience involved with opening, establishing and funding a Canadian brokerage account.

Brian