(1) If a person publishes an offering document or an amendment to the offering document that contains any misrepresentation relating to any of the disclosures required pursuant to section 8(1), an investor who purchased any equity interests pursuant to such offering document or amendment is deemed to have relied upon the misrepresentation and shall have the rights provided in subsection (2).
(2) An investor referred to in subsection (1) may elect to exercise a right of action—
(a) for the rescission of the purchase; or
(b) for damages,
jointly and severally against the promoters, administrator, registered agent, registered trustee and any person who was aware of the misrepresentation and signed the offering document or amendment to the offering document and consented to or caused it to be published or filed.
(3) A person shall not be liable pursuant to this section if that person proves that the investor purchased the equity interests offered by the offering document or amendment to the offering document with knowledge of the misrepresentation.
(4) The right of action for rescission or damages conferred by subsection (2) is in addition to and without derogation from any other right the claimant may have in law.
(5) For the purposes of this section “misrepresentation” means—
(a) an untrue or misleading statement of any of the disclosures required pursuant to section 8(1); or
(b) an omission to disclose any of the disclosures required pursuant to section 8 (1).