The British Columbia Securities Commission (BCSC) has granted Copper Mountain Mining ULC’s application to cease being a reporting issuer in Canada. The key points leading to this decision are:
– Copper Mountain Mining ULC (the Filer) is incorporated in British Columbia and was a reporting issuer in multiple Canadian jurisdictions.
– Hudbay Minerals Inc. acquired all outstanding common shares of the Filer through a court-approved plan of arrangement.
– Post-acquisition, the Filer’s common shares were delisted from the Toronto Stock Exchange and its CHESS Depositary Instruments were cancelled on the Australian Securities Exchange.
– The Filer’s outstanding securities are US$250 million senior secured bonds (Nordic Bonds), which trade on the Nordic Alternative Bonds Market in Norway and were never marketed or traded in Canada.
– The Filer could not confirm the absence of Canadian beneficial securityholders of the Nordic Bonds due to the market’s structure but provided alternative evidence indicating a de minimis presence of Canadian holders.
– The Filer has no plans for public offerings in Canada and is not in default of securities legislation, except for the obligation to file certain interim financial documents.
– The Filer is subject to financial reporting requirements under the bond terms, which Hudbay will make available online.
The BCSC’s decision is based on the Filer’s representations and the conclusion that the order meets the legislative requirements. The Filer will no longer be a reporting issuer in any Canadian jurisdiction following this order. Relevant legislation includes the Securities Act (British Columbia) and National Policy 11-206 for the process of ceasing to be a reporting issuer.