The Securities Commission has granted an application by Forza Petroleum Limited for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the relevant securities legislation, specifically section 1(10)(a)(ii) of the Securities Act (R.S.O. 1990, c. S.5, as amended).
The key points leading to this decision include:
1. Forza Petroleum Limited is not an OTC reporting issuer.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. The company’s securities are not traded on any public marketplace or facility where trading data is publicly reported.
4. Forza Petroleum Limited is not in default of any securities legislation in any jurisdiction.
The Alberta Securities Commission acted as the principal regulator for this application, and the order also reflects the decision of the securities regulatory authority in Ontario. The company relied on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various other Canadian provinces.
The decision was made after determining that the application met the legislative requirements for a company to cease being a reporting issuer.