The Securities Commission has granted an order for Rockwell Diamonds Inc. to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was based on the company’s compliance with the criteria outlined in the applicable securities legislation, specifically the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii).
Key points leading to this decision include:
– Rockwell Diamonds Inc. is not an OTC reporting issuer as per Multilateral Instrument 51-105.
– The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide.
– There is no trading of the company’s securities on any marketplace or facility where trading data is publicly reported in Canada or any other country.
– The company is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, determined that the company met the necessary conditions to cease being a reporting issuer, as defined by the relevant securities laws and regulations, including National Policy 11-206 and Multilateral Instrument 11-102 Passport System. The order was thus granted, relieving Rockwell Diamonds Inc. from the reporting obligations previously required of it as a reporting issuer.