The Ontario Securities Commission (OSC) has consented to the corporate re-domiciliation of Toubani Resources Inc. from Ontario, Canada, to Australia under the Corporations Act 2001 (Cth) of Australia. This decision is based on the Business Corporations Act, R.S.O. 1990, c. B.16, specifically section 181, and the relevant Ontario Regulation 398/21, section 21(b).
Key facts include Toubani Resources Inc. being an offering corporation with common shares listed on the Australian Securities Exchange (ASX). The company is not in default under any relevant Canadian or Australian regulations and will continue to be a reporting issuer in Ontario and other Canadian jurisdictions post-continuance.
The reasoning for the consent includes the company’s intention to improve administration and efficiency, significant cost savings, and advantages for shareholders. The OSC determined that the continuance would not be prejudicial to the public interest.
The outcome is that the OSC has provided consent for Toubani Resources Inc. to continue under Australian jurisdiction, with the company undertaking to file an Issuer Form of Submission to Jurisdiction and Appointment of Agent for Service of Process with the OSC through SEDAR+ following the effective date of the continuance. The company will also change its name to Toubani Resources Limited and relocate its head office to Mount Pleasant, Western Australia, Australia.