The Securities Commission issued an order that Golden Star Resources Ltd. (the Filer) has ceased to be a reporting issuer in all Canadian jurisdictions where it previously held this status. The decision was made under the securities legislation of Ontario, specifically section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The Ontario Securities Commission acted as the principal regulator for this application, and the Filer indicated reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System for provinces outside Ontario.
The order was based on representations by the Filer that it met the necessary conditions: it was not an OTC reporting issuer, its securities were owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, its securities were not traded on any public marketplace, it sought to cease being a reporting issuer in all Canadian jurisdictions, and it was not in default of any securities legislation.
The principal regulator concluded that the Filer satisfied the criteria set out in the relevant legislation and granted the order for the Filer to cease being a reporting issuer.