Bema Gold Corporation - s. 147

Headnote

Section 147 – relief granted from the requirement that a period of ten days elapse between the issuance of a receipt for a preliminary prospectus and the issuance of a receipt for a (final) prospectus

Statutes Cited

Securities Act, R.S.O. 1990, c.S.5. as am, ss. 65(1), 147.

Rules Cited

National Instrument 44-101 – Short Form Prospectus Distributions (2000) 23 OSCB (Supp) 867.

WHEREAS Bema Gold Corporation (the "Applicant") filed a preliminary prospectus dated January 15, 2001 in accordance with National Instrument 44-101 -- Short Form Prospectus Distributions (the "Short Form Rule") relating to the distribution of common shares of the Applicant (the "Offering") and received a receipt therefor dated January 16, 2001;

AND WHEREAS the Applicant intends to file a (final) prospectus in accordance with the Short Form Rule and is desirous of receiving a receipt therefor before January 25, 2001;

AND WHEREAS the Short Form Rule may not provide for relief from the requirement contained in subsection 65(1) of the Act that a period of ten days elapse between the issuance by the Director of a receipt for a preliminary prospectus relating to the offering of a security and the issuance of a receipt for a (final) prospectus (the Waiting Period Requirement);

AND WHEREAS the Applicant has applied to the Ontario Securities Commission (the "Commission") for an order pursuant to section 147 of the Act that the Offering be exempt from the Waiting Period Requirement;

AND WHEREAS the Commission has considered the application and the recommendation of staff to the Commission and is satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED pursuant to section 147 of the Act that:

(a)the Waiting Period Requirement shall not apply in connection with the Offering; and

(b)no fee shall be payable in connection with the making of this application.

January 19, 2001.

J. A. Geller, R. S. Paddon