The Securities Commission has granted an application by Galaxy Lithium One Inc. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for such applications.
The key considerations for the decision included the fact that Galaxy Lithium One Inc. was not an OTC reporting issuer, its securities were held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities were not traded on any public marketplace. Additionally, the company was not in default of any securities legislation.
The outcome allows Galaxy Lithium One Inc. to stop adhering to the reporting obligations required of public companies, as it no longer meets the criteria for being a reporting issuer. This decision was supported by the relevant securities legislation and regulatory instruments, including the Securities Act (R.S.O. 1990, c. S.5) and Multilateral Instrument 11-102 Passport System.