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 the following key points:
1. The Filer’s securities are owned by fewer than 50 beneficial owners, with the majority located in British Columbia and none through any exchange or market.
2. The Filer had filed a prospectus for an initial public offering (IPO) but was unable to close the offering due to adverse market conditions.
3. The Filer has no plans for a public offering of its securities in the future.
4. The Filer’s securities, including common shares, warrants, and options, are not traded on any marketplace.
5. The Filer’s securityholders are informed about the intention to cease being a reporting issuer, and no objections were raised following a news release.
6. The Filer is not in default of any securities legislation.
The order is supported by the relevant legislative provisions, including Section 88 of the Securities Act (British Columbia), Section 1(10)(a)(ii) of the Securities Act (Ontario), and is consistent with the Multilateral Instrument 11-102 Passport System and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The British Columbia Securities Commission acted as the principal regulator for this application, and the decision also reflects the concurrence of the Ontario securities regulatory authority.