The Securities Commission issued a decision regarding Superior Gold Inc.’s (the Filer) application to cease being a reporting issuer. The Filer sought this order under the securities legislation of Ontario, where the Ontario Securities Commission acted as the principal regulator. The application was made in accordance with National Policy 11-206 for the process of ceasing to be a reporting issuer.
The Filer’s application was supported by several key representations:
1. The Filer was not classified as an OTC reporting issuer under Multilateral Instrument 51-105.
2. The Filer’s securities were held by fewer than 15 security holders in each jurisdiction in Canada and less than 51 worldwide.
3. The Filer’s securities were not traded on any public marketplace or facility in Canada or internationally.
4. The Filer sought to cease being a reporting issuer in all Canadian jurisdictions where it held this status.
5. The Filer was not in violation of any securities legislation in any jurisdiction.
Based on these representations and the compliance with relevant legislative provisions, including the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii), the principal regulator agreed that the Filer met the necessary criteria and granted the order for the Filer to cease being a reporting issuer. This decision allows the Filer to stop adhering to the reporting obligations that come with this status in Canada.