Highvista Gold Inc., a reporting issuer in Ontario, British Columbia, Alberta, and Saskatchewan, was subject to a cease trade order (CTO) due to its failure to file annual financial statements and related documents for the year ended March 31, 2019, as well as interim filings for the period ended June 30, 2019. These filings were required under National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109).
After rectifying the defaults by updating its continuous disclosure filings, Highvista Gold Inc. applied for a revocation of the CTO under National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions (NP 11-207). The company also provided an undertaking that it would not complete certain types of transactions involving non-Canadian businesses unless it complied with specific prospectus filing requirements.
The Ontario Securities Commission (OSC) reviewed the application and determined that Highvista Gold Inc. had remedied the defaults, paid all required fees, updated its SEDAR+ profile, and had no material changes in its business that were not disclosed. The OSC also considered the company’s undertakings, including holding an annual meeting of shareholders within 90 days of the revocation.
Based on these considerations, the OSC concluded that revoking the CTO was justified under the Securities Act, R.S.O. 1990, c. S.5, as amended, section 144. Consequently, the OSC issued an order revoking the CTO on August 24, 2023.