The Ontario Securities Commission (OSC) granted an application by TMAC Resources Inc. for an order declaring that it has ceased to be a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii).
The application was processed using the OSC as the principal regulator and was made in accordance with the Process for Cease to be a Reporting Issuer Applications, with the intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various Canadian provinces and territories.
The decision was based on several key representations made by TMAC Resources Inc.:
1. The company 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 security holders worldwide.
3. The company’s securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
5. The company is not in default of any securities legislation in any jurisdiction.
The OSC concluded that the application met the legislative requirements for the company to cease being a reporting issuer and therefore granted the requested order.