The Ontario Securities Commission (OSC) has granted consent to GURU Organic Energy Corp., an offering corporation under the Business Corporations Act (Ontario) (OBCA), to continue into another jurisdiction under the Canada Business Corporations Act (CBCA). This decision is based on the corporation’s application and representations, which include its intent to relocate its registered office from Ontario to Quebec, where its principal place of business is located. The corporation’s management believes this move is in the best interest of the company, as the rights, duties, and obligations under the CBCA are substantially similar to those under the OBCA.
GURU Organic Energy Corp. is a reporting issuer in Ontario, British Columbia, and Alberta and intends to apply for reporting issuer status in Quebec post-continuance. The OSC, as the principal regulator, has determined that granting consent for the continuance would not be prejudicial to the public interest. The corporation is not in default under any relevant securities legislation or TSX rules, nor is it subject to any related proceedings. The shareholders of the corporation have authorized the continuance with a 100% approval vote at a special meeting, with no dissenting shareholders.
The decision is underpinned by section 181 of the OBCA, which governs the continuance of corporations into other jurisdictions, and subsection 4(b) of Ontario Regulation 289/00, which requires the OSC’s consent for such applications. The consent was issued on January 8, 2021.