The Securities Commission has granted an order for Kirkland Lake Gold Ltd. to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act (Ontario) and was informed by National Policy 11-206, which outlines the process for an issuer to cease being a reporting issuer.
The key considerations for the decision included the following:
1. Kirkland Lake Gold Ltd. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide.
3. The company’s securities are not traded on any public marketplace or facility where trading data is publicly reported in Canada or any other country.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, determined that the company met the legislative requirements to cease being a reporting issuer and therefore approved the application.