The Securities Commission has granted MetalCorp Limited’s application to cease being a reporting issuer. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for such applications. The Ontario Securities Commission acted as the principal regulator, and the company indicated reliance on Multilateral Instrument 11-102 for similar effect in British Columbia and Alberta.
The decision was based on representations by MetalCorp that it is not an OTC reporting issuer, its securities are held by fewer than 15 security holders in any one jurisdiction in Canada and fewer than 51 worldwide, its securities are not traded on any public marketplace, and it is not in default of any securities legislation. Given these conditions, the Commission was satisfied that MetalCorp met the legislative requirements to cease being a reporting issuer.