Colossus Minerals Inc. – s. 144(1)
Colossus Minerals Inc. -- S. 144(1)
Section 144(1) -- application to vary a cease trade order -- cease trade order varied to permit beneficial shareholders, who are not insiders or control persons, to sell securities outside of Canada, subject to conditions.
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127 and 144.
IN THE MATTER OF THE SECURITIES ACT R.S.O. 1990, C. S.5, AS AMENDED (the "Act") AND IN THE MATTER OF COLOSSUS MINERALS INC. (the "Issuer")
ORDER (SECTION 144(1) OF THE ACT)
WHEREAS the securities of the Issuer are subject to a temporary cease trade order issued by the Director on April 29, 2014, under paragraph 2 of subsection 127(1) and subsection 127(5) of the Act, as extended by a further cease trade order issued by the Director on May 12, 2014 pursuant to subsection 127(1) of the Act directing that trading in the securities of the Issuer, whether direct or indirect, cease until further order by the Director (the "Cease Trade Order");
AND WHEREAS a cease trade order with respect to the Issuer's securities was also issued by the British Columbia Securities Commission on April 29, 2014, the Alberta Securities Commission on August 11, 2014 and the Manitoba Securities Commission on May 14, 2014.
AND WHEREAS the Issuer's securities are not listed on and do not trade on any exchange in Canada;
AND WHEREAS a shareholder of the Issuer has made an application to the Commission pursuant to section 144(1) of the Act to vary the Cease Trade Order;
AND UPON the Director being satisfied that:
a) the terms and conditions to the Cease Trade Order put Ontario resident shareholders of the Issuer at a disadvantage to certain shareholders who are free to trade their shares over a foreign market; and
b) it is not prejudicial to the public interest to vary the Cease Trade Order under section 144(1) of the Act;
IT IS ORDERED that, pursuant to section 144(1) of the Act, the Cease Trade Order be varied by including the following section:
Despite this order, a beneficial shareholder of Colossus Minerals Inc. who is not, and was not as at April 29, 2014, an insider or control person of Colossus Minerals Inc., may sell securities of Colossus Minerals Inc. acquired before April 29, 2014, if:
1. the sale is made through a market outside of Canada; and
2. the sale is made through an investment dealer registered in Ontario.
DATED this 25th day of June, 2021