The Ontario Securities Commission (OSC) has granted an order recognizing Perimeter Medical Imaging AI, Inc. as a reporting issuer in Ontario under paragraph 1(11)(b) of the Ontario Securities Act, R.S.O. 1990, c. S.5. This decision follows the company’s application and is based on several key factors:
1. Perimeter Medical Imaging AI, Inc., a company governed by the Business Corporations Act (British Columbia), is already a reporting issuer in British Columbia and Alberta following a reverse takeover of New World Resource Corp. and is listed on the TSX Venture Exchange.
2. The company has a significant connection to Ontario, with over 20% of its common shares owned by residents in the province, and maintains a Canadian office in Toronto.
3. The continuous disclosure requirements in British Columbia and Alberta, where the company is already a reporting issuer, are substantially the same as those in Ontario.
4. The company is not in default of any requirements under British Columbia or Alberta securities laws, nor is it on any lists of defaulting reporting issuers.
5. The company has committed to amending its profile on the System for Electronic Document Analysis and Retrieval (SEDAR) to indicate the OSC as its principal regulator.
The OSC’s decision to grant reporting issuer status to Perimeter Medical Imaging AI, Inc. in Ontario is based on the assessment that doing so would not be prejudicial to the public interest. The order was issued on August 24, 2022.