The Securities Commission has granted Hydel Inc.’s application to cease being a reporting issuer under the securities legislation of Alberta and Ontario, as well as other Canadian jurisdictions where it held this status. The decision was based on several key factors:
1. Hydel Inc. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide.
3. Its securities are not traded on any public marketplace or facility where trading data is reported.
4. Hydel Inc. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation.
The order was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Alberta Securities Commission served as the principal regulator for the application, and the decision also reflects the concurrence of the securities regulatory authority or regulator in Ontario. The order satisfies the legislative test for ceasing to be a reporting issuer and is supported by the facts presented by Hydel Inc.