The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer under the securities legislation. The decision was made based on several key factors:
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 securityholders in each jurisdiction in Canada and fewer than 51 securityholders worldwide.
3. The issuer’s securities are not traded on any marketplace or facility where trading data is publicly reported, either in Canada or internationally.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The decision was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Alberta Securities Commission acted as the principal regulator for this application, and the order reflects the decision of both the Alberta Securities Commission and the securities regulatory authority in Ontario. The outcome is that the issuer has successfully ceased to be a reporting issuer as per the order.