The Securities Commission has granted an application from an issuer to cease being a reporting issuer under Canadian securities legislation. The decision was made based on several key facts:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The issuer’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide.
3. The issuer’s securities are not traded on any public marketplace or facility in Canada or internationally.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The British Columbia Securities Commission acted as the principal regulator for this application, and the decision also represents the decision of the securities regulatory authority in Ontario. The order was made in accordance with the test set out in the applicable securities legislation, specifically under section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The outcome is that the issuer has ceased to be a reporting issuer in Canada.