What Happens if I Become a 20% or Greater Shareholder?

Do not become a 20% or greater shareholder without first speaking with Canadian legal counsel. Canadian securities laws prohibit acquisitions of outstanding securities of an issuer that result in an investor holding 20% or more of a class of voting or equity securities of a Canadian public company without making a formal takeover bid (that is, a public tender offer).

There are a few exceptions to this requirement, including purchases through private agreements and limited public market purchases, but it is important to get specific legal advice about them before increasing your ownership level to 20% or more.

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in the case of RCF ,we can see it follows the exception rule..because they have an agreement with Noront.

Inca, unless I am missing something, based on RCF's agreement with Noront as per the Sedar document, there is nothing forcing RCF to sell any shares just bcause they hit the over 20% mark.