The Securities Commission granted an order for Urbangold Minerals Inc. to cease being a reporting issuer under applicable securities laws. The decision was made based on the following key points:
1. Urbangold Minerals Inc. is not an OTC reporting issuer.
2. The company’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 holders worldwide.
3. The company’s securities are not traded on any public marketplace or facility where trading data is publicly reported.
4. Urbangold Minerals Inc. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, determined that the company met the necessary criteria outlined in the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The order was therefore granted, allowing Urbangold Minerals Inc. to cease being a reporting issuer.