Silk Road Energy Inc.
Headnote
National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions -- Application by an issuer for a revocation of cease trade orders issued by the Commission and Alberta Securities Commission -- cease trade order issued because the issuer had failed to file certain continuous disclosure materials required -- defaults subsequently remedied by bringing continuous disclosure filings up-to-date -- Ontario opt-in to revocation order issued by Alberta Securities Commission, as principal regulator.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127 and 144.
National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
ALBERTA SECURITIES COMMISSION
REVOCATION ORDER
Under the securities legislation of Alberta and Ontario (the Legislation)
Citation: Re Silk Road Energy Inc., 2021 ABASC 153
October 1, 2021
Silk Road Energy Inc.
Background
1. Silk Road Energy Inc. (the Issuer) is subject to a failure-to-file cease trade order (the FFCTO) issued by the regulator or securities regulatory authority in each of Alberta (the Principal Regulator) and Ontario (each a Decision Maker) respectively on 1 February 2019.
2. On 24 October 2019, the Principal Regulator issued a partial revocation order in respect of the FFCTO (the PRO), and the PRO also evidenced the decision of the Decision Maker in Ontario.
3. The Issuer has applied to each of the Decision Makers under National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions (NP 11-207) for an order revoking the FFCTOs.
4. This order is the order of the Principal Regulator and evidences the decision of the Decision Maker in Ontario.
Interpretation
5. Terms defined in National Instrument 14-101 Definitions or in NP 11-207 have the same meaning if used in this order, unless otherwise defined.
Representations
6. This decision is based on the following facts represented by the Issuer:
(a) It is a reporting issuer in Alberta, British Columbia, and Ontario.
(b) It has filed with the Principal Regulator all continuous disclosure that it is required to file under the Legislation, except any continuous disclosure that the Principal Regulator elected not to require as contemplated in sections 25 and 26 of NP 11-207, and has paid all activity, participation and late filing fees that it is required to pay in each jurisdiction in which it is a reporting issuer.
(c) It has an up-to-date SEDAR profile and SEDI issuer profile supplement.
Order
7. Each of the Decision Makers is satisfied that the order to revoke the FFCTO meets the test set out in the Legislation for the Decision Maker to make the decision.
8. The decision of the Decision Makers under the Legislation is that the FFCTO is revoked.