The Securities Commission granted an order for Roxgold Inc. to cease being a reporting issuer under the applicable securities laws. The decision was based on several key findings:
1. Roxgold Inc. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide.
3. No Roxgold Inc. securities are traded on any marketplace or facility where trading data is publicly reported in Canada or any other country.
4. Roxgold Inc. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The order was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator for this application, and the company indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various other Canadian jurisdictions. The principal regulator concluded that the order met the necessary legislative requirements and therefore granted the relief sought by Roxgold Inc.