The Securities Commission has granted an order for Woodbine Resources Corp. (the Filer) to cease being a reporting issuer in British Columbia, Alberta, and Ontario. The decision is based on several key points:
1. The Filer’s securities are owned by fewer than 50 beneficial owners, none of whom are through an exchange or market.
2. The Filer became a reporting issuer by filing a prospectus for an IPO, which did not close due to adverse market conditions.
3. The Filer does not plan to offer its securities publicly and has no securities traded on any marketplace.
4. Securityholders are informed about the Filer’s intention to cease being a reporting issuer.
The order is supported by the relevant legislative provisions, including Section 88 of the Securities Act (R.S.B.C. 1996, c. 418) and Section 1(10)(a)(ii) of the Securities Act (R.S.O. 1990, c. S.5, as amended). The Filer is not in default of any securities legislation. The British Columbia Securities Commission is the principal regulator for this application, and the order also represents the decision of the regulator in Ontario. The Filer has followed the required process, including providing notice of reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in Alberta. The decision was made on the basis that the order meets the test set out in the Legislation for the Decision Makers to grant the order sought.