The Securities Commission has granted Latitude Uranium Inc.’s application to cease being a reporting issuer, based on the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator, and the company indicated reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in British Columbia and Alberta.
The decision was based on several key representations by Latitude Uranium Inc.:
1. It is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. Its securities are owned by fewer than 15 securityholders in each jurisdiction in Canada and less than 51 worldwide.
3. Its securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The company sought to cease being a reporting issuer in all Canadian jurisdictions where it had this status.
5. It is not in default of any securities legislation.
Consequently, the principal regulator concluded that the company met the legislative requirements to cease being a reporting issuer and approved the application.