The Securities Commission has granted Manitou Gold Inc. (the Filer) an order to cease being a reporting issuer, meaning it will no longer be subject to the reporting requirements of the securities legislation in Canadian jurisdictions where it was recognized as such. The decision was made under the authority of 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 for this application, with the Filer indicating reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in several other Canadian provinces.
The decision was based on representations by the Filer that it met certain conditions: it was not an OTC reporting issuer, its securities were owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide, its securities were not traded on any public marketplace, it sought to cease being a reporting issuer in all jurisdictions in Canada, and it was not in default of any securities legislation.
Having satisfied the test set out in the relevant legislation, the principal regulator approved the Filer’s request to cease being a reporting issuer.