The Ontario Securities Commission (OSC) has granted an application by an issuer, Neo Lithium Corp., to cease being a reporting issuer in all Canadian jurisdictions where it held that status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications.
The key considerations for the decision were:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The issuer’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 security holders worldwide.
3. The issuer’s securities are not traded on any public marketplace in Canada or elsewhere.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The OSC, acting as the principal regulator, determined that the issuer met the legislative requirements to cease being a reporting issuer, and therefore, the application was approved.