The Ontario Securities Commission (OSC) granted an order for TrueContext Corporation to cease being a reporting issuer in all Canadian jurisdictions. This decision was based on National Policy 11-206 and relevant provisions of the Securities Act, R.S.O. 1990, c. S.5, as amended. The application was processed under the Multilateral Instrument 11-102 Passport System, with reliance intended in British Columbia and Alberta.
Key facts supporting the decision include:
1. TrueContext Corporation is not an OTC reporting issuer.
2. The company has fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.
3. Its securities are not traded on any marketplace.
4. TrueContext Corporation is not in default of any securities legislation.
The OSC concluded that the application met the necessary legislative requirements, and thus, the order was granted.