La Imperial Resources Inc. - s. 144
Headnote
Section 144 -- full revocation of cease trade order upon remedying of defaults.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127, 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
(the "Act")
AND
IN THE MATTER OF
LA IMPERIAL RESOURCES INC.
ORDER
(Section 144)
WHEREAS the securities of La Imperial Resources Inc. (the "Filer") are subject to a temporary cease trade order made by the Director on August 15, 2008 under paragraph 2.1 of subsection 127(1) and subsection 127(5) of the Act (the "Temporary Order"), directing that all trading in and acquisitions of the securities of the Filer, whether direct or indirect, cease for a period of fifteen days from the date of the Temporary Order;
AND WHEREAS the Filer has applied to the Ontario Securities Commission (the "Commission") pursuant to section 144 of the Act (the "Application") for a revocation of the Temporary Order;
AND UPON the Filer has represented to the Commission that:
1. The Filer was incorporated on October 4, 2004 under the Canada Business Corporations Act. On March 13, 2007, the Filer was extra-provincially registered as a company under the Business Corporations Act (British Columbia).
2. The Filer is a reporting issuer under the securities legislation of the Provinces of British Columbia and Ontario.
3. The authorized share capital of the Filer consists of an unlimited number of common shares with no par value, of which 12,085,970 common shares were issued and outstanding as of August 18, 2008. Other than its common shares, the Filer has no securities, including debt securities, outstanding.
4. The Temporary Order was issued as a result of the Filer's failure to file its interim financial statements for the nine-month period ended May 31, 2008 (the "Interim Statements") and its management's discussion and analysis relating to the Interim Statements.
5. The British Columbia Securities Commission (the "BCSC") also issued a cease trade order (the "BC CTO") dated August 13, 2008 relating to failure to file the Interim Statements.
6. On August 15, 2008, the Filer filed on SEDAR the Interim Statements and the related management's discussion and analysis.
7. On August 15, 2008, the BCSC issued a full revocation of the BC CTO.
8. Except for the Temporary Order, the Filer is not in default of any requirement of the Act or the rules or regulation made under the Act.
AND UPON considering the Application and the recommendation of the staff of the Commission;
AND UPON the Director being satisfied that it would not be prejudicial to the public interest to revoke the Temporary Order;
IT IS ORDERED, under section 144 of the Act, that the Temporary Order is revoked.
DATED this 22nd day of August, 2008.