The Ontario Securities Commission (OSC) has granted a full revocation of the cease trade order against Southern Pacific Resource Corp. (the Filer) contingent upon the Filer no longer being a reporting issuer. The original cease trade order was issued due to the Filer’s failure to file required financial documents and was compounded by additional orders from other Canadian securities regulators.
The Filer, an Alberta corporation, underwent a restructuring process, including creditor protection proceedings and a reorganization that resulted in a change of ownership and the assumption of its debentures by another entity. The Filer’s securities were delisted from the Toronto Stock Exchange and are not traded on any public marketplace.
The Filer has a limited number of security holders and does not intend to seek public financing or maintain a market for its securities. It has also applied for revocation of similar orders in other jurisdictions and for a decision to cease being a reporting issuer.
The OSC’s decision to revoke the cease trade order is based on Section 144 of the Ontario Securities Act, which allows for such an order’s variation or revocation if it is not prejudicial to the public interest. The revocation is effective as of the date the Filer is no longer a reporting issuer.