The Ontario Securities Commission (OSC) has granted consent to Bullet Exploration Inc. to continue from the jurisdiction of Ontario to British Columbia under the Business Corporations Act (BCA). This decision is based on the provisions of the Business Corporations Act (Ontario) (OBCA) and the associated Ontario Regulation 289/00, specifically subsection 4(b), which requires offering corporations to obtain consent from the Commission for such continuance.
Bullet Exploration Inc., previously known as CHC Student Housing Corp., is an offering corporation with its common shares listed on the TSX Venture Exchange. The company has completed a reverse takeover transaction and intends to move its registered office to British Columbia, with the Alberta Securities Commission expected to become its principal regulator.
The OSC’s consent follows the company’s compliance with all necessary regulations and the absence of any defaults or proceedings under the OBCA or other relevant securities legislation. Shareholders approved the continuance with a significant majority, and no dissent rights were exercised.
The OSC determined that the continuance would not be prejudicial to the public interest, noting that the rights, duties, and obligations under the BCBCA are substantially similar to those under the OBCA. The decision was made considering the potential for greater flexibility and a broader pool of board candidates that the BCBCA may offer the company. The consent was issued on April 21, 2021.