The Securities Commission has granted an application by Cardinal Resources Limited (the Filer) for an order declaring that the company is no longer a reporting issuer in any Canadian jurisdiction. The decision is based on several key representations made by the Filer:
1. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The Filer’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 holders worldwide.
3. The Filer’s securities are not traded on any public marketplace in Canada or elsewhere.
4. The Filer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The Filer is not in violation of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, has determined that the Filer meets the criteria set out in the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), to cease being a reporting issuer. The decision was made under the framework of the Process for Cease to be a Reporting Issuer Applications and is supported by the provisions of Multilateral Instrument 11-102 Passport System, which allows for a coordinated approach across multiple Canadian jurisdictions.