The Securities Commission has granted an application by Mosaic Capital Corporation (the Filer) for an order to cease being a reporting issuer in all Canadian jurisdictions where it currently holds this status. The decision was made under the securities legislation of Alberta and Ontario, with the Alberta Securities Commission acting as the principal regulator.
The application was made in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The Filer indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in several other Canadian provinces.
The decision was based on several key representations by the Filer:
1. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. There are fewer than 15 securityholders in each of the jurisdictions in Canada and fewer than 51 securityholders worldwide who directly or indirectly own the Filer’s securities, including debt securities.
3. The Filer’s securities, including debt securities, are not traded on any marketplace or other facility where trading data is publicly reported, either in Canada or any other country.
4. The Filer has requested to cease to be a reporting issuer in all jurisdictions in Canada where it is currently recognized as such.
5. The Filer is not in default of any securities legislation in any jurisdiction.
The Securities Commission, satisfied that the Filer met the legislative requirements, approved the order. As a result, Mosaic Capital Corporation is no longer a reporting issuer under Canadian securities laws.