The Securities Commission has approved an application by an issuer to cease being a reporting issuer under securities legislation. The decision was based on the issuer meeting several conditions:
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 security holders in each jurisdiction in Canada and less than 51 holders worldwide.
3. The issuer’s securities are not traded on any public marketplace or facility where trading data is reported.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds 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 Ontario Securities Commission acted as the principal regulator and the issuer has indicated reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various Canadian jurisdictions. The outcome is that the issuer has been granted the order to cease being a reporting issuer.