The Securities Commission has granted an application by Ely Gold Royalties Inc. for an order to cease being a reporting issuer in Canada. The decision was based on several key factors:
1. Ely Gold Royalties Inc. is a reporting issuer in British Columbia, Alberta, and Ontario, with its head office in Vancouver, British Columbia.
2. All of the company’s common shares were acquired by Gold Royalty Corp. through a plan of arrangement, and no other securities are outstanding.
3. The common shares were delisted from the TSX Venture Exchange.
4. The company is not an OTC reporting issuer and has fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
5. No securities of the company are traded on any marketplace in Canada or internationally.
6. The company is not in default of securities legislation, except for the non-filing of certain continuous disclosure documents required after becoming a wholly-owned subsidiary of Gold Royalty Corp.
The order 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 British Columbia Securities Commission acted as the principal regulator, and the order also represents the decision of the securities regulatory authority in Ontario. The company was not eligible for a simplified procedure due to the default in filing the required documents. The outcome is that Ely Gold Royalties Inc. is no longer a reporting issuer and is relieved from the obligations that accompany this status.