Pancontinental Uranium Corp. - s. 1(11)(b)
Headnote
Subsection 1(11)(b) - Order that issuer is a reporting issuer for the purposes of Ontario securities law - Issuer already a reporting issuer in Alberta and British Columbia - Issuer's securities listed for trading on the TSX Venture Exchange - Continuous disclosure requirements in Alberta and British Columbia substantially the same as those in Ontario.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(11)(b).
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
("the Act")
AND
IN THE MATTER OF
PANCONTINENTAL URANIUM CORP.
ORDER
(Subsection 1(11)(b))
UPON the application of Pancontinental Uranium Corp. (the "Corporation") to the Ontario Securities Commission (the "Commission") for an order pursuant to subsection 1(11)(b) of the Act that the Corporation is a reporting issuer for the purposes of Ontario securities law;
AND UPON considering the application and the recommendation of the staff of the Commission;
AND UPON the Corporation having represented to the Commission as follows:
1. The Corporation is a corporation continued under the Canada Business Corporations Act on September 7, 2007 with its registered and head office at 155 University Avenue, Suite 1701, Toronto, Ontario M5H 3B7.
2. The Corporation's common shares ("Common Shares") have been listed and posted for trading on the TSX Venture Exchange ("TSXV") since September 7, 2007 under the symbol "PUC". The authorized share capital of the Corporation consists of an unlimited number of Common Shares and unlimited number of preferred shares, of which a total of 49,806,492 Common Shares were issued and outstanding as of July 31, 2008.
3. The Corporation became a reporting issuer in British Columbia on July 12, 1997. The Corporation is also a reporting issuer in Alberta.
4. The Corporation is not currently a reporting issuer or the equivalent in any jurisdiction in Canada other than Alberta and British Columbia.
5. The Corporation is not on the lists of defaulting reporting issuers maintained pursuant to section 141 of the Securities Act (Alberta) and section 77 of the Securities Act (British Columbia). To the knowledge of management of the Corporation, the Corporation has not been the subject of any enforcement actions by the Alberta or British Columbia securities commissions or by the TSXV, and the Corporation is not in default of any requirement of the Act, the Securities Act (Alberta) or the Securities Act (British Columbia).
6. The Corporation is not in default of any of the rules, regulations or policies of the TSXV.
7. The continuous disclosure requirements of the Securities Act (Alberta) and the Securities Act (British Columbia) are substantially the same as the continuous disclosure requirements under the Act.
8. The materials filed by the Corporation as a reporting issuer in the Provinces of Alberta and British Columbia are available on the System for Electronic Document Analysis and Retrieval.
9. Neither the Corporation nor any of its officers, directors or, to the knowledge of the Corporation or its officers and directors, any shareholder holding sufficient securities of the Corporation to affect materially the control of the Corporation, has (i) been the subject of any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority, (ii) entered into a settlement agreement with a Canadian securities regulatory authority, or (iii) been subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision.
10. Neither the Corporation, nor any of its officers, directors nor, to the knowledge of the Corporation and its officers and directors, any shareholder holding sufficient securities of the Corporation to affect materially the control of the Corporation, is or has been subject to: (i) any known ongoing or concluded investigations by: (a) a Canadian securities regulatory authority, or (b) a court or regulatory body, other than a Canadian securities regulatory authority, that would be likely to be considered important to a reasonable investor making an investment decision; or (ii) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.
11. Neither any of the officers or directors of the Corporation nor, to the knowledge of the Corporation and its officers and directors, any shareholder holding sufficient securities of the Corporation to affect materially the control of the Corporation, is or has been at the time of such event an officer or director of any other issuer which is or has been subject to: (i) any cease trade or similar order, or order that denied access to any exemptions under Ontario securities law, for a period of more than 30 consecutive days, within the preceding 10 years; or (ii) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.
12. The Corporation will remit all filing fees due and payable by it pursuant to Commission Rule 13-502 Fees by no later than two business days from the date of this Order.
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS HEREBY ORDERED pursuant to subsection 1(11)(b) of the Act that the Corporation is a reporting issuer for the purposes of Ontario securities law.
September 9, 2008