Global Resource Champions Split Corp. – s. 1(6) of the OBCA

Order

Headnote

Applicant deemed to have ceased to be offering its securities to the public under the OBCA.

Statutes Cited

Business Corporations Act (Ontario), R.S.O. 1990, c. B.16, as am., s. 1(6).

IN THE MATTER OF
THE BUSINESS CORPORATIONS ACT (ONTARIO) R.S.O. 1990, c. B.16, AS AMENDED
(the OBCA)

AND

IN THE MATTER OF
GLOBAL RESOURCE CHAMPIONS SPLIT CORP.
(the Applicant)

ORDER
(Subsection 1(6) of the OBCA)

                WHEREAS the Applicant has applied to the Ontario Securities Commission (the Commission) for an order pursuant to subsection 1(6) of the OBCA to be deemed to have ceased to be offering its securities to the public;

                AND WHEREAS the Applicant has represented to the Commission that:

1.             the Applicant is an “offering corporation” as defined in the OBCA;

2.             on May 30, 2019, the Applicant sent a notice of redemption to the registered shareholder of all of its outstanding Class A Preferred Shares, Series 1 (the Shares) indicating that such Shares will be redeemed (the Redemption) on June 14, 2019 and de-listed from trading on the Toronto Stock Exchange (TSX);

3.             as a result of the Redemption, (1) no shares in the capital of the Applicant trade on the TSX or any other stock exchange and (2) the Applicant’s issued and outstanding shares are owned by Partners Value Investments Inc. (10 Voting Shares), and no other shares are issued and outstanding;

4.             the Applicant has no intention to seek public financing by way of an offering of securities;

5.             on June 20, 2018, the Commission granted an application under National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and ordered, pursuant to subclause 1(10) (a) (ii) of the Securities Act (Ontario) that the Applicant is not a reporting issuer; and

6.             as a result of the Commission’s order, the Applicant is not a reporting issuer or the equivalent in any jurisdiction of Canada.

                AND WHEREAS the Commission being satisfied that to do so would not be prejudicial to the public interest;

                IT IS ORDERED by the Commission pursuant to subsection 1(6) of the OBCA, that the Filer is deemed to have ceased to be offering its securities to the public.

                DATED at Toronto on June 25, 2019.

“M.Cecilia Williams”
Commissioner
Ontario Securities Commission

“Craig Hayman”  
Commissioner
Ontario Securities Commission