The Securities Commission has granted an order for Eagle Energy Inc. to cease being a reporting issuer, following an application under National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The Alberta Securities Commission acted as the principal regulator, with Ontario and other Canadian jurisdictions involved.
Eagle Energy Inc., an Alberta corporation, underwent a reorganization after its main lender, White Oak Global Advisors, LLC, initiated receivership due to the company’s financial difficulties. This reorganization resulted in the issuance of new Class A shares to EEI HoldCo, LLC, a company indirectly owned by funds managed by White Oak, in exchange for settling secured creditor claims. All other securities were canceled, leaving EEI as the sole shareholder.
The company was under a failure-to-file cease trade order (FFCTO) for not submitting required continuous disclosure materials. Although it did not remedy these defaults, it concurrently applied for the revocation of the FFCTO and to cease being a reporting issuer. The company had no intention of seeking public financing or maintaining a market for its securities.
The decision to grant the order was based on the company’s compliance with the conditions set out in the relevant securities legislation, including having fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide, no public trading of its securities, and no intention to seek public financing or maintain a market for its securities.
The order was made under the authority of sections 1(10), 127, and 144 of the Securities Act (Ontario) and National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. With this order, Eagle Energy Inc. is no longer a reporting issuer in any Canadian jurisdiction.