CIC Mining Resources Ltd. - s. 144
Headnote
Application by an issuer for a revocation of a cease trade order issued by the Commission - cease trade order issued because the issuer had failed to file certain continuous disclosure materials in the form and with the content required by Ontario securities law - defaults subsequently remedied - cease trade order revoked.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
(THE "ACT")
AND
IN THE MATTER OF
CIC MINING RESOURCES LTD.
ORDER
(Section 144)
WHEREAS the Ontario Securities Commission (the "Commission") on February 6, 2007 issued a cease trade order (the "Cease Trade Order") pursuant to paragraphs 2 and 2.1 of subsection 127(1) of the Act which provided that all trading in and all acquisitions of the securities of CIC Mining Resources Ltd. (the "Applicant"), whether direct or indirect, shall cease until further order of the Commission;
AND WHEREAS the Applicant has applied to the Commission pursuant to section 144 of the Act (the "Application") for a revocation of the Cease Trade Order;
AND WHEREAS the Applicant has represented to the Commission that:
1. The Applicant was incorporated under the Canada Business Corporations Act on June 20, 2003. The Applicant is a reporting issuer in the Province of Ontario.
2. The Applicant is authorized to issue an unlimited number of common shares of which 61,028,161 common shares are issued and outstanding.
3. The Applicant is listed on the CNQ and is not listed or quoted on any other exchange or market in Canada or elsewhere.
4. The Cease Trade Order was issued as a result of the Applicant's failure to file the following continuous disclosure materials in the form and with the content required by Ontario securities law (collectively, the "Default"):
a) management's discussion and analysis ("MD&A") in accordance with Form 51-102F1 Management's Discussion and Analysis ("Form 51-102F1 MD&A") relating to the audited annual financial statements for the year ended January 31, 2006;
b) MD&A in accordance with Form 51-102F1 MD&A relating to the interim financial statements for the three-month period ended April 30, 2006;
c) the interim financial statements for the six-month period ended July 31, 2006;
d) MD&A in accordance with Form 51-102F1 MD&A relating to the interim financial statements for the six-month period ended July 31, 2006;
e) interim financial statements for the nine-month period ended October 31, 2006; and
f) MD&A in accordance with Form 51-102F1 MD&A relating to the interim financial statements for the nine-month period ended October 31, 2006.
5. On March 27, 2007 and April 2, 2007, the Applicant filed or re-filed with the Commission the foregoing continuous disclosure materials in the form and with the content required by Ontario securities law.
6. To the best of its knowledge, the Applicant is not in default of any requirement of Ontario securities law.
AND WHEREAS the Commission is satisfied that the Applicant has remedied the Default and is of the opinion that it would not be prejudicial to the public interest to revoke the Cease Trade Order;
IT IS ORDERED under section 144 of the Act that the Cease Trade Order be revoked.
DATED at Toronto this 11th day of April, 2007