Sunorca Development Corp. - s. 144

Headnote

Section 144 -- full revocation of cease trade order upon remedying of defaults.

Statutes Cited

Securities Act, R.S.O., c. S.5, as am., ss. 127, 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990 c. S-5, AS AMENDED

(the "Act")

AND

IN THE MATTER OF

SUNORCA DEVELOPMENT CORP.

ORDER

(Section 144)

WHEREAS a Director of the Ontario Securities Commission (the "Commission") issued a temporary cease trade order dated November 7, 2008 pursuant to paragraphs 2 and 2.1 of subsection 127(1) and subsection 127(5) of the Securities Act (Ontario) (the "Act"), as extended by an order dated November 21, 2008 pursuant to paragraphs 2 and 2.1 of subsection 127(1) of the Act (collectively, the "Ontario Cease Trade Order") which provided that all trading of the securities of Sunorca Development Corp. (the "Applicant") shall cease until further order by the Director;

AND WHEREAS the Applicant has applied to the Commission pursuant to section 144 of the Act for an order revoking the Ontario Cease Trade Order (the "Application");

AND UPON the Applicant having represented to the Commission that:

1. The Applicant was incorporated under the Company Act (British Columbia) on May 18, 1983.

2. The Applicant is a reporting issuer in British Columbia, Alberta and Ontario.

3. The Applicant is authorized to issue an unlimited number of common shares without par or nominal value of which 13,006,770 common shares are issued and outstanding (as of September 30, 2008).

4. The common shares of the Applicant were listed and posted for trading on the Canadian National Stock Exchange (CNSX).

5. The Ontario Cease Trade Order was issued due to the failure by the Applicant to file with the Commission audited financial statements and the management's discussion and analysis for the year ended June 30, 2008 (the "Continuous Disclosure Documents") as required by the Act.

6. The British Columbia Securities Commission (the "BCSC") also issued a cease trade order dated November 6, 2008 (the "BC CTO").

7. On December 1, 2008 the Applicant filed the audited annual financial statements for the year ended June 30, 2008, and the management's discussion and analysis relating to the audited annual financial statements for year ended June 30, 2008 on SEDAR.

8. On December 3, 2008 the BCSC issued a full revocation of the BC CTO.

9. The Applicant is up to date in its continuous disclosure obligations, has paid all outstanding fees, and except for the Ontario Cease Trade Order, is no longer in default of the requirements of the Act or any of the rules or regulations made.

10. Upon issuance of this revocation order, the Applicant will issue and file a news release and a material change report on SEDAR.

AND UPON considering the Application and the recommendation of the staff of the Commission;

AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest to revoke the Ontario Cease Trade Order;

IT IS ORDERED, pursuant to section 144 of the Act that the Cease Trade Order be and is hereby revoked.

DATED this 12th day of December, 2008.