The Ontario Securities Commission (OSC) has granted consent to Shoal Point Energy Ltd. to continue as a corporation under the laws of British Columbia, as per the company’s application. This decision is based on the Business Corporations Act (Ontario) and the relevant Ontario Regulation 398/21, which requires offering corporations to obtain such consent when applying for continuance in another jurisdiction.
Key points leading to this decision include:
– Shoal Point Energy Ltd., an amalgamated entity since October 10, 2012, is currently based in Ontario with plans to continue under the Business Corporations Act (British Columbia) (BCBCA).
– The company’s management and head office are located in British Columbia, and it has no significant ties to Ontario.
– Shoal Point Energy Ltd. is an offering corporation and a reporting issuer in both Ontario and British Columbia, with its common shares listed on the Canadian Securities Exchange.
– The company is not in default of any provisions of the Ontario Business Corporations Act or securities legislation and is not involved in any related proceedings.
– A special resolution for the continuance was overwhelmingly approved by shareholders at a meeting, with no dissenting rights exercised.
– The rights, duties, and obligations under the BCBCA are substantially similar to those under the Ontario equivalent.
The OSC’s consent is contingent on the belief that this change will not adversely affect the public interest. The decision was formalized on January 20, 2023.