The Ontario Securities Commission (OSC) has granted an order recognizing Nican Limited as a reporting issuer in Ontario under paragraph 1(11)(b) of the Securities Act, R.S.O. 1990, c. S.5, as amended. This decision follows Nican Limited’s application and is based on several key factors:
1. Nican Limited is already a reporting issuer in British Columbia and Alberta, with its securities listed on the TSX Venture Exchange under the symbol NICN.
2. The company has a significant connection to Ontario, with over 20% of its common shares owned by Ontario residents, its mind and management primarily located in Ontario, and both its head office and registered office situated in Ontario.
3. The continuous disclosure requirements in British Columbia and Alberta, where Nican Limited is already a reporting issuer, are substantially the same as those in Ontario.
4. Nican Limited is not in default of any securities legislation in British Columbia or Alberta, nor is it in default of any rules, regulations, or policies of the TSX Venture Exchange.
5. The company has assessed and determined its significant connection to Ontario as per the requirements of the TSX Venture Exchange Corporate Finance Manual.
The OSC’s decision to grant reporting issuer status to Nican Limited in Ontario is not expected to be prejudicial to the public interest. The order was issued on September 21, 2022.