The Securities Commission has granted Pershimex Resources Corporation’s application to cease being a reporting issuer. The decision was made under the securities legislation of Quebec and Ontario, with the Autorité des marchés financiers acting as the principal regulator. The company met the necessary conditions, which included not being an OTC reporting issuer, having fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and not having its securities traded on any public marketplace. Additionally, the company was not in default of any securities legislation. The outcome was based on the test set out in the applicable legislation, specifically the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii). The order is evidence of the decision by the securities regulatory authority or regulator in Ontario and is also recognized in Alberta and British Columbia through the reliance on subsection 4C.5(1) of Regulation 11-102 respecting Passport System.
