SC 13G



Securities and Exchange Commission,

Washington, D.C. 20549



Schedule 13G

Under the Securities Exchange Act of 1934

(Amendment No.     )*



Points International Ltd.

(Name of Issuer)



Common Share, no par value

(Title of Class of Securities)


(CUSIP Number)

April 8, 2020

(Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☐ Rule 13d-1(c)

☐ Rule 13d-1(d)



The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




CUSIP No. 730843208  



Names of reporting persons: Hillsdale Investment Management Inc.



Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐



SEC use only



Citizenship or place of organization: Canada


Number of



owned by






Sole voting power 697,764



Shared voting power 0



Sole dispositive power 697,764



Shared dispositive power 0



Aggregate amount beneficially owned by each reporting person: 697,764



Check if the aggregate amount in Row (9) excludes certain shares (see instructions)



Percent of class represented by amount in Row (9) 5.16%



Type of reporting person (see instructions) IA


Page 2 of 4 Pages

Item 1(a) Name of issuer: Points International Ltd

Item 1(b) Address of issuer’s principal executive offices: 111 Richmond St. West, Suite 700, Toronto, Ontario, M5H 2G4

2(a) Name of person filing:

Hillsdale Investment Management Inc.

2(b) Address or principal business office or, if none, residence:

1 First Canadian Place, 100 King Street West, Suite 5900. P.O Box 477, Toronto, Ontario, M5X 1E42

(c) Citizenship:


2(d) Title of class of securities:

Common Shares, no par value

2(e) CUSIP No.:


Item 3. If this statement is filed pursuant to §§240.13d–1(b) or 240.13d–2(b) or (c), check whether the person filing is a:



☐   Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);



☐   Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);



☐  Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);



☐  Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a–8);



☒  An investment adviser in accordance with §240.13d–1(b)(1)(ii)(E);



☐  An employee benefit plan or endowment fund in accordance with §240.13d–1(b)(1)(ii)(F);



☐  A parent holding company or control person in accordance with §240.13d–1(b)(1)(ii)(G);



☐  A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);



☐  A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a–3);



☐  A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J);



☐  Group, in accordance with §240.13d–1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J), please specify the type of institution:                                         

Page 3 of 4 Pages

Item 4. Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.



Amount beneficially owned: 697,764



Percent of class: 5.16%



Number of shares as to which the person has:



Sole power to vote or to direct the vote 697,764.



Shared power to vote or to direct the vote 0.



Sole power to dispose or to direct the disposition of 697,764.



Shared power to dispose or to direct the disposition of 0.

Item 5. Ownership of 5 Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ ].

Item 6. Ownership of More than 5 Percent on Behalf of Another Person.

Hillsdale Investment Management manages proprietary pooled funds and is as an investment advisor on behalf of several institutional clients.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.


Item 8. Identification and Classification of Members of the Group.


Item 9. Notice of Dissolution of Group.


Item 10. Certifications

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a–11.

Page 4 of 4 Pages

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: April 8, 2020


/s/    Ian Rhoden


Ian Rhoden, SVP Finance and Compliance

Hillsdale Investment Management Inc.