The Securities Commission has granted an order for LaSalle Exploration Corp. to cease being a reporting issuer, based on the application and representations made by the company. The decision is supported by the following key points:
1. LaSalle Exploration Corp. is incorporated in British Columbia and was a reporting issuer in British Columbia, Alberta, and Ontario.
2. The company underwent a plan of arrangement, after which Harfang Exploration Inc. acquired all issued and outstanding shares, making Harfang the sole securityholder.
3. LaSalle’s common shares were delisted from the TSX Venture Exchange.
4. The company is not an OTC reporting issuer and has fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 worldwide.
5. No securities of the company are traded on any marketplace or facility where trading data is publicly reported.
6. LaSalle has no plans to seek public financing through securities offerings.
7. The company is in default for not filing its annual financial statements and related management’s discussion and analysis for the fiscal year ended December 31, 2021, as well as the related certificates.
8. The requirement to file these documents arose after the completion of the arrangement with Harfang.
9. Despite the default, the company would have been eligible for the simplified procedure to cease being a reporting issuer if it had not been for the failure to file the required documents.
The order is granted under the relevant securities legislation, including the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The British Columbia Securities Commission acted as the principal regulator for this application, and the decision also reflects the decision of the securities regulatory authority in Ontario. The outcome is that LaSalle Exploration Corp. is no longer a reporting issuer in any Canadian jurisdiction.