The Securities Commission granted an order for Contact Gold Corp. to cease being a reporting issuer in all Canadian jurisdictions. This decision followed an arrangement where Orla Mining Ltd., a compliant reporting issuer, acquired all of Contact Gold’s common shares. Despite Contact Gold having convertible securities held by more than 15 persons in Canada, these securities are now tied to Orla’s shares, and Contact Gold is not required to provide continuous disclosure to their holders. The company is not in default of securities legislation except for not filing certain continuous disclosure documents. The relevant laws include National Policy 11-206 and section 88 of the Securities Act.
