Beau Canada Exploration Ltd. - MRRS Decision
Headnote
Mutual Reliance Review System for Exemptive Relief Applications - corporation deemed to have ceased to be areporting issuer after all of its outstanding securities were acquired by another issuer.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c.S.5, as am., s.83.
IN THE MATTER OF
THE SECURITIES LEGISLATION
OF ALBERTA, SASKATCHEWAN, ONTARIO,
QUÉBEC, NEW BRUNSWICK, NOVA SCOTIA, AND NEWFOUNDLAND
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
BEAU CANADA EXPLORATION LTD.
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of Alberta,Saskatchewan, Ontario, Québec, New Brunswick, Nova Scotia, and Newfoundland (the "Jurisdictions") hasreceived an application from Beau Canada Exploration Ltd. ("Beau Canada") that Beau Canada be deemedto have ceased to be a reporting issuer or the equivalent under the Legislation;
2. AND WHEREAS pursuant to the Mutual Reliance Review Systems For Exemptive Relief Applications (the"System"), the Alberta Securities Commission is the Principal Regulator for this application.
3. AND WHEREAS it has been represented by Beau Canada that:
3.1 Beau Canada was formed on May 14, 1991 pursuant to the Canada Business Corporations Act;
3.2 The authorized capital of Beau Canada consists of an unlimited number of common shares (the"Common Shares")of which 94,922,238 are issued and outstanding and an unlimited number ofpreferred shares without nominal or par value, none of which are issued and outstanding;
3.3 Beau Canada is a reporting issuer or the equivalent in each of the Jurisdictions;
3.4 Beau Canada is not in default of any of its obligations as a reporting issuer or the equivalent underthe Legislation;
3.5 Pursuant to an Offer to Purchase dated October 12, 2000 and a subsequent compulsory acquisition,Murphy Acquisition Company Ltd. ("Murphy") became the holder of the all issued and outstandingCommon Shares;
3.6 Murphy is the sole registered securityholder of Beau Canada and there are no securities, includingdebt obligations, currently issued and outstanding other than the Common Shares;
3.7 The Common Shares were delisted from The Toronto Stock Exchange on November 13, 2000 andthere are no securities of Beau Canada listed on any stock exchange or traded over the counter inCanada or elsewhere;
3.8 Beau Canada does not intend to seek public financing by way of an offering of securities.
4. AND WHEREAS pursuant to the System this Decision Document evidences the decision of each DecisionMaker (collectively, the "Decision");
5. AND WHEREAS each of the Decision Makers is satisfied that tests contained in the Legislation that providesthe Decision Maker with the jurisdiction to make the Decision has been met;
6. THE DECISION of the Decision Makers under the Legislation is that Beau Canada is deemed to have ceasedto be a reporting issuer or the equivalent under the Legislation.
DATED at Calgary, Alberta this 29th day of January, 2001.
Patricia M. Johnston
Director, Legal Services & Policy Development