The Ontario Securities Commission (OSC) granted an order for Chalice Mining Limited (the Filer) to cease being a reporting issuer in Ontario. The Filer is an Australian public company with its securities traded only on the Australian Securities Exchange (ASX). The decision was based on the fact that Canadian residents own less than 2% of each class of the Filer’s securities and comprise less than 2% of the total number of securityholders worldwide.
The Filer is not in default of any securities legislation in Canada or Australian law, nor does it have any significant connection to Canada apart from a small number of Canadian securityholders and an inactive subsidiary. The Filer has also committed to providing Canadian-resident securityholders with all continuous disclosure documents required under Australian laws, equivalent to what they would receive if the Filer remained a reporting issuer in Canada.
The decision was made in accordance with the Securities Act (Ontario) and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The Filer met the conditions for ceasing to be a reporting issuer, including providing advance notice to Canadian securityholders and demonstrating that Canadian securityholders will continue to receive adequate information post-order. The OSC concluded that granting the order was appropriate under the legislation.