The Securities Commission has granted an application by Consolidated Uranium Inc. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, specifically section 1(10)(a)(ii).
The Ontario Securities Commission acted as the principal regulator, and the company indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in Alberta, British Columbia, and Quebec.
The decision was based on several key representations by Consolidated Uranium Inc.:
1. The company is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. There are fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. The company’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The principal regulator concluded that the company met the necessary criteria to cease being a reporting issuer, and therefore, the application was approved.