Pennine Petroleum Corporation
Pennine Petroleum Corporation
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., s. 144.
National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Citation: Re Pennine Petroleum Corporation, 2021 ABASC 83
ALBERTA SECURITIES COMMISSION
REVOCATION ORDER Under the Securities Legislation of Alberta and Ontario (the Legislation)
PENNINE PETROLEUM CORPORATION
May 27, 2021
Background
1. Pennine Petroleum Corporation (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 22 June 2020.
2. 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 FFCTO.
3. This order is the order of the Principal Regulator and evidences the decision of the Decision Maker in Ontario.
Interpretation
4. 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
5. This decision is based on the following facts represented by the Issuer:
a) The Issuer is a reporting issuer in the provinces of Alberta, British Columbia and Ontario.
b) There are no other applications for a revocation of a cease trade order in progress in other jurisdictions.
c) The Issuer has confirmed to the Principal Regulator that all continuous disclosure documents required to be filed under applicable securities law have been filed on SEDAR.
d) The Issuer has an up-to-date SEDAR profile and SEDI issuer profile supplement.
Order
6. 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.
7. The decision of the Decision Makers under the Legislation is that the FFCTO is revoked, as it applies to the Issuer.
27 May 2021