The Securities Commission has granted an application for an issuer to cease being a reporting issuer under applicable securities laws. The issuer, incorporated under Nevada law with a head office in Vancouver, BC, is no longer publicly traded following a merger where it became a wholly-owned subsidiary of Alianza, Inc. As a result of the merger, all outstanding securities were acquired for cash consideration, and the issuer’s shares were delisted from both the Toronto Stock Exchange and the Nasdaq Stock Market.
The issuer is not an OTC reporting issuer and has fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide. No securities are traded on any public market, and the issuer is not in default of any securities legislation except for the non-filing of certain continuous disclosure documents, which occurred after the merger.
The decision to grant the relief was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The issuer did not qualify for a simplified procedure due to the default in filing interim financial statements and management’s discussion and analysis for the period ended January 31, 2021, as required under National Instrument 51-102 and the related certification required under National Instrument 52-109. Despite this, the Commission determined that the issuer met the legislative test to cease being a reporting issuer.