The Securities Commission has granted an application by an issuer for an order to cease being a reporting issuer in Canada. The issuer, incorporated under British Columbia law with its head office in Vancouver, had its common shares previously traded on the TSX Venture Exchange. Following a statutory plan of arrangement, all issued and outstanding common shares were acquired by a select group, leading to the delisting of the shares from the exchange.
The issuer is not an OTC reporting issuer and has fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide. No securities are traded on any public marketplaces. The issuer was in default for not filing interim financial statements and related management’s discussion and analysis, as well as the certification of interim filings. However, it is not in default of any other securities legislation.
The decision to grant the order was based on the issuer meeting the criteria set out in the applicable securities legislation, specifically section 1(10)(a)(ii) of the Securities Act (Ontario), and the relevant policies, including National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The order signifies that the issuer has ceased to be a reporting issuer in all Canadian jurisdictions where it previously had this status.