The Securities Commission has granted an application by an issuer for an order to cease being a reporting issuer under applicable securities laws. The decision is based on the following key points:
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, in Canada or any other country.
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 order is supported by the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), and is consistent with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The Ontario Securities Commission, acting as the principal regulator, has determined that the issuer meets the necessary criteria to cease being a reporting issuer, and the order has been granted accordingly.