The Securities Commission granted an order for the issuer, Great Canadian Gaming Corporation (the Filer), to cease being a reporting issuer under applicable securities laws. The Filer underwent an arrangement where all its common shares were acquired by Raptor Acquisition Corp. (RAC), and certain debentures were legally defeased. The Filer covenanted to provide ongoing disclosure to holders of certain debentures despite the cessation of its reporting issuer status. The order was based on the Filer’s representations, including that its securities are not traded on any exchange or market, it has no intention to seek public financing, and it is not in default of securities legislation. The Filer’s securities are beneficially owned by more than 50 persons, which precludes it from using the simplified procedure for ceasing to be a reporting issuer. The decision 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 order was issued on the basis that it met the legislative test for granting such relief.
