The Securities Commission granted an order for Briko Energy Corp. to cease being a reporting issuer under applicable securities laws. The decision was based on the company’s application and several key representations, including the completion of a plan of arrangement where Journey Energy Inc. acquired all outstanding shares of Briko Energy Corp. As a result, there were no other securities outstanding, and ownership was consolidated to fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
The company’s securities were not traded on any public marketplace, and Briko Energy Corp. had no plans for public financing through securities offerings in Canada. Although the company was in default for not filing its second-quarter interim disclosure, it was not in default of any other obligations under Canadian securities legislation.
The order was issued 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, and the order also represented the decision of the securities regulatory authority in Ontario. The simplified procedure for ceasing to be a reporting issuer could not be used due to the aforementioned default. With the granting of the order, Briko Energy Corp. ceased to be a reporting issuer in any jurisdiction in Canada.