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Securities law

British Columbia Securities Commission Grants Cease to be a Reporting Issuer Order to Sabre Gold Mines Corp.

Strategic Insights

— 1 min read

The British Columbia Securities Commission has issued a decision granting Sabre Gold Mines Corp. an order to cease being a reporting issuer in all jurisdictions of Canada. This decision comes after the company fulfilled the necessary conditions, including being owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not having its securities traded on any exchange or market. The application was made under the Process for Cease to be a Reporting Issuer Applications.

Key Takeaways:

  • The British Columbia Securities Commission has granted Sabre Gold Mines Corp. an order to cease being a reporting issuer in all jurisdictions of Canada.
  • The company fulfilled the necessary conditions, including being owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.
  • The application was made under the Process for Cease to be a Reporting Issuer Applications and was granted after satisfying the test set out in the Securities Act.
  • Sabre Gold Mines Corp. is not an OTC reporting issuer and does not have its securities traded on any exchange or market.
  • The company is not in default of securities legislation in any jurisdiction.
  • The order is based on the representations provided by Sabre Gold Mines Corp., including its ownership structure and trading activity.
  • The Decision Makers are satisfied that the order meets the test set out in the Legislation for the Decision to make the order.

Statistics:

  • 15: the number of securityholders in each Canadian jurisdiction.
  • 51: the number of securityholders worldwide.
  • 4: the number of Decision Makers who granted the Order Sought.
  • 1: the instrument used by the Filer to rely on in Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, and Newfoundland and Labrador.

Sources:

  • Securities Act, R.S.B.C. 1996, c. 418, s. 88
  • Multilateral Instrument 11-102 Passport System
  • National Policy 11-206 Process for Cease to be a Reporting Issuer Applications
  • National Instrument 14-101 Definitions
  • National Instrument 21-101 Marketplace Operation
  • Multiateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets

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