The Ontario Securities Commission granted an order that Sunrise Energy Metals Limited (formerly Clean TeQ Holdings Limited) is no longer a reporting issuer in Ontario. The decision was based on the fact that a small percentage of the company’s shares were held by Canadian residents (approximately 2.77% of outstanding shares worldwide) and an even smaller percentage of the company’s shareholders were Canadian (approximately 0.44% worldwide). The company, which is focused on metals recovery and water treatment technologies, is based in Australia with its primary operations and assets located there, and it is subject to Australian securities laws and Australian Stock Exchange (ASX) requirements.
The company has no current plans to offer securities in Canada and has not conducted any Canadian offerings since delisting from the Toronto Stock Exchange (TSX). It has also committed to providing Canadian securityholders with the same disclosure material as Australian residents, as required by Australian laws and ASX rules.
The company could not use the simplified procedure for ceasing to be a reporting issuer due to having more than 50 securityholders worldwide and more than 2% of its shares being owned by Canadians. However, the Commission determined that granting the order would not be against the public interest. The decision was made under subparagraph 1(10)(a)(ii) of the Securities Act (Ontario).