The Ontario Securities Commission (OSC) has granted an order recognizing Millennial Precious Metals Corp. as a reporting issuer in Ontario under paragraph 1(11)(b) of the Securities Act (R.S.O. 1990, c. S.5). The company, previously known as 1246768 B.C. Ltd., underwent a name change and a reverse takeover transaction, resulting in its listing on the TSX Venture Exchange and the OTCQB Venture Market.
The decision was based on several factors:
1. The company is already a reporting issuer in British Columbia and Alberta, with continuous disclosure requirements in these jurisdictions being substantially the same as those in Ontario.
2. Millennial Precious Metals Corp. has a significant connection to Ontario, with its head office located in Toronto and over 20% of its Common Shares held by Ontario residents.
3. The company is not in default of any securities legislation in Canada and is in compliance with the continuous disclosure requirements.
4. There are no penalties, sanctions, or ongoing investigations against the company, its officers, directors, or controlling shareholders that would be material to an investor’s decision-making process.
The OSC concluded that granting the order would not be prejudicial to the public interest. The order was issued on March 9, 2022, and as a result, the OSC will become the company’s principal regulator.