The Securities Commission has granted an order for Norris Lithium Inc. to cease being a reporting issuer based on an application that followed the acquisition of all its common shares by Lithium One Metals Inc. through a statutory plan of arrangement. Post-arrangement, the only outstanding securities of Norris Lithium are warrants, which are now exercisable for shares of the acquirer, Lithium One Metals, rather than Norris Lithium.
The decision was influenced by several factors: the acquirer is a reporting issuer with listed shares on the TSX Venture Exchange and is in compliance with continuous disclosure obligations; the warrants do not require Norris Lithium to provide continuous disclosure or remain a reporting issuer; and there is no intention for Norris Lithium to seek public financing.
The order was issued under the relevant securities legislation, including the Securities Act (R.S.O. 1990, c. S.5, as amended), and was based on the fact that Norris Lithium’s securities are not traded on any public marketplace and the company is not in default of any securities legislation.
The order effectively means that Norris Lithium Inc. is no longer subject to the reporting requirements typically imposed on public companies in Canada.