OSC Seeking Order to Appoint Receiver Over Affairs of Sextant

News Release
Ontario Securities Commission 20 Queen St. W. Box 55, Suite 1900 Toronto, ON M5H 3S8	Commission des valeurs mobilières de l'Ontario	FOR IMMEDIATE RELEASE March 12, 2009

TORONTO - On March 5, 2009, the Ontario Securities Commission (OSC) filed an application with the Ontario Superior Court of Justice seeking an order appointing a receiver and manager of all the property and assets of Sextant Capital Management Inc. (SCMI), Sextant Capital GP Inc. (Sextant GP) and Sextant Strategic Opportunities Hedge Fund L.P. (Sextant Canadian Fund). On March 10, 2009, the Ontario Superior Court of Justice scheduled the hearing of the application for Thursday, April 30, 2009 at 10:00 a.m.

This follows the issuance by the Commission on December 8, 2008, of a Direction freezing the known bank accounts of SCMI, Sextant GP and the Sextant Canadian Fund, as well as the Sextant Canadian Fund custodial securities trading account. The Direction was continued on December 15, 2008 by Order of the Ontario Superior Court of Justice, as varied or revoked by the Commission, until final resolution of this matter by the Commission or further order of the Court. That Direction remains in place and those funds will continue to be protected in the interim until the application hearing date on April 30, 2009.

In addition, on December 8, 2008, the OSC issued a Temporary Cease Trade Order (TCTO) against SCMI, Sextant GP and the Sextant Canadian Fund, as well as its principals Otto Spork, Robert Levack and Natalie Spork. The Commission extended the TCTO to March 17, 2009, following an appearance before the Commission on December 16, 2008. At a hearing before the Commission scheduled for March 16, 2009, Staff of the OSC will be seeking to have the TCTO continued until June 16, 2009.

Under section 129 of the Securities Act, the OSC may apply to the Court for an order appointing a receiver and manager where it is in the best interests of, among others, security holders or subscribers of the company over which the receiver and manager is appointed, or where it is appropriate for the due administration of Ontario securities law.

Copies of the Commission and Court Orders respecting SCMI, Sextant GP the Sextant Canadian Fund, Otto Spork, Robert Levack and Natalie Spork are available on the OSC's website at www.osc.gov.on.ca

For Media Inquiries:	Wendy Dey Director, Communications & Public Affairs 416-593-8120 Laurie Gillett Manager, Public Affairs 416-595-8913 Carolyn Shaw-Rimmington Assistant Manager, Public Affairs 416-593-2361
For Investor Inquiries:	OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)