The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer under applicable securities laws. The decision is based on several key representations made by the issuer:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The issuer’s securities are held by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The issuer is not in default of any securities legislation, except for certain filing requirements post-closing of an arrangement and related to an amalgamation.
The decision is supported by the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), and relies on the Process for Cease to be a Reporting Issuer Applications and Multilateral Instrument 11-102 Passport System. The outcome is that the issuer is no longer a reporting issuer, thereby relieving it of the associated regulatory obligations.