TVI Pacific Inc. - s. 144

Headnote

Application by an issuer for a revocation of a cease trade order issued by the Commission -- cease trade order issued because the issuer had failed to file certain continuous disclosure materials in the form and with the content required by Ontario securities law -- defaults subsequently remedied -- cease trade order revoked.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(THE "Act")

AND

IN THE MATTER OF

TVI PACIFIC INC.

ORDER

(Section 144)

WHEREAS a Director of the Ontario Securities Commission (the "Commission") issued a temporary cease trade order dated October 24, 2007 pursuant to paragraph 2 and paragraph 2.1 of subsection 127(1) and subsection 127(5) of the Act, as extended by an order dated November 5, 2007 (together, the "Cease Trade Order") pursuant to paragraphs 2 and 2.1 of subsection 127(1) of the Act which provided that all trading in and all acquisitions of the securities of TVI Pacific Inc. (the "Applicant"), whether direct or indirect, 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 a revocation of the Cease Trade Order;

AND WHEREAS the Applicant has represented to the Commission that:

1. The Applicant was incorporated under the Business Corporations Act (Alberta) on January 12, 1987 and is a valid and subsisting corporation under the laws of the Province of Alberta.

2. The Applicant is a reporting issuer under securities legislation in force in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and Quebec.

3. The Applicant is authorized to issue an unlimited number of common shares of which 406,240,640 common shares are issued and outstanding.

4. The Cease Trade Order was issued as a result of the Applicant's failure to file unaudited interim financial statements and management discussion and analysis (MD&A) for the second quarter of 2007 as required by Ontario securities law (the "Continuous Disclosure Documents").

5. The Continuous Disclosure Documents were not filed as a result of the Applicant learning of accounting errors, which necessitated filing of restated audited financial statements for the years 2005 and 2006, and restated unaudited statements for the first quarter of 2007 and updated MD&A for each relevant period.

6. The Applicant has also been subject to similar cease trade orders issued by the British Columbia Securities Commission, Alberta Securities Commission and Autorité des marchés financiers (Quebec) for failure to file the Continuous Disclosure Documents. A cease trade order previously issued by the British Columbia Securities Commission was revoked on December 19, 2007. On January 4, 2008, the Alberta Securities Commission revoked the cease trade order previously issued by it on October 16, 2007. On January 9, 2008, the Autorité des marchés financiers (Quebec) revoked the cease trade order previously issued by it on November 2, 2007.

7. The restated audited financial statements of the Applicant as at and for the years ended 2005 and 2006, the restated unaudited interim financial statements of the Applicant as at and for the three month period ended March 31, 2007, the unaudited interim financial statements of the Applicant as at and for the three and six month periods ended June 30, 2007 and the unaudited interim financial statements of the Applicant as at and for the three and nine month periods ended September 30, 2007, and the accompanying MD&A, have all been filed with the Commission through SEDAR.

8. The Applicant is up-to-date with its other continuous disclosure obligations, has paid all outstanding participation fees associated therewith, and is no longer in default of the requirements of the Act or any of the regulations made pursuant thereto.

9. The Applicant's common shares are listed and posted for trading on the TSX; however, the common shares are currently not trading.

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

AND WHEREAS the Director is satisfied that it would not be prejudicial to the public interest to revoke the Cease Trade Order;

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

DATED at Toronto this 10th day of January, 2008.