The Ontario Securities Commission (OSC) granted a partial revocation of a cease trade order (CTO) against 0755461 B.C. Ltd., previously known as Pro Minerals Inc., under Section 144 of the Securities Act (Ontario). The CTO was initially imposed due to the company’s failure to file required continuous disclosure documents.
The company sought the partial revocation to conduct a private placement to accredited investors, aiming to raise up to $100,000. The funds are intended to be used to prepare and file the overdue continuous disclosure documents and to pay related fees.
The OSC agreed to the partial revocation on the condition that the company provides each investor with a copy of the CTO and a copy of the partial revocation order. Additionally, investors must acknowledge in writing that all securities, including those issued in the private placement, remain subject to the CTO and that the partial revocation does not guarantee a future full revocation.
The order is limited to the transactions necessary for the private placement and will expire upon the earlier of the closing of the private placement or 60 days from the date of the order. The decision was made considering the application and staff recommendations, with the Director being satisfied that the partial revocation would not be prejudicial to the public interest.