The Securities Commission has granted an order for Aquila Resources Inc. to cease being a reporting issuer in all Canadian jurisdictions where it previously held this status. This decision is based on the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The key considerations for this decision include:
– Aquila Resources Inc. is not an OTC reporting issuer under Multilateral Instrument 51-105.
– The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
– No securities of the company are traded on any marketplace or facility where trading data is publicly reported in Canada or any other country.
– The company is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, has determined that the company meets the criteria for ceasing to be a reporting issuer and has therefore approved the application. The decision was made in accordance with the National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and the Multilateral Instrument 11-102 Passport System.