BattleRife
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No, it wouldn't, because there is a clear and explicit statement that says all AR's are, at a minimum, restricted.
Perhaps this is the source of your confusion. These separate clauses don't supplant one another, they supplement one another. You have to go through all the applicable legislation (Criminal Code, Firearms Act, Firearms Regulations), and find all of the classifications that cover a firearm, and follow the rules associated with most restrictive class.
Think of it this way: a 20" barreled, selective fire AR-15 is non-restriced (due to the long barrel) AND restricted (because it's an AR) AND Prohibited (because it is capable of full auto). You must therefore follow the ownership rules of the prohibited class, because those are the most restrictive.
"Commonly known" refers to the nomenclature "M16", not to what features the average Joe thinks are commonly installed in said rifle. Factories can and do set up common models with unusual features by custom order. The way the law is worded it applies to guns commonly known as the M16, regardless of whether or not they exhibit unusual features.
Even is this was true, there were something like 40,000 model 601 and 602 rifles made, pretty hefty numbers for "prototypes". But then, there's this:
Select fire AR-15 with serial number over 150,000:
Again, SN over 900,000
And again, SN over 4 million:
And perhaps most importantly, a dual marked AR-15 / M16, demonstrating the true situation with these guns, which is that no matter what inventory code some government decides to stamp on their rifles/carbines, as far as Colt is concerned, they are all AR-15s:
