The Securities Commission has granted an order for Great Bear Resources Ltd. 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 legislation of British Columbia and Ontario, with the British Columbia Securities Commission acting as the principal regulator.
The order was based on several key representations by Great Bear Resources Ltd.:
1. The company is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. Its securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. Its securities are not traded on any marketplace or facility where trading data is publicly reported in Canada or any other country.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The decision to grant the order was made in accordance with the test set out in the applicable securities legislation, specifically referencing National Policy 11-206 Process for Cease to be a Reporting Issuer Applications, and the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii). The order is evidence of the decision by both the British Columbia and Ontario securities regulatory authorities.