The Securities Commission has granted an application by Golden Valley Mines and Royalties Ltd. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the securities legislation of Quebec and Ontario, with the Autorité des marchés financiers acting as the principal regulator for the application. The company also indicated its intention to rely on subsection 4C.5(1) of Regulation 11-102 respecting Passport System in Alberta and British Columbia.
The decision was based on several key representations by the company:
1. Golden Valley Mines and Royalties Ltd. is not an OTC reporting issuer as per Regulation 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. There is no public trading of the company’s securities on any marketplace or facility in Canada or elsewhere.
4. The company is not in default of any securities legislation in any jurisdiction.
The order was issued after the Decision Makers were satisfied that the company met the legislative requirements for ceasing to be a reporting issuer. The outcome is that Golden Valley Mines and Royalties Ltd. is no longer subject to the reporting obligations that apply to public companies in Canada.