Notice of Hearing: In the Matter of MacDonald Oil Exploration Ltd. et al.

Notice of Hearing

 

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
MACDONALD OIL EXPLORATION LTD., FRANK C. SMEENK, MARIO A. MIRANDA,ALLAN C. KENT and CUBACAN EXPLORATION INC.

NOTICE OF HEARING
(Section 127)

 

TAKE NOTICE that the Ontario Securities Commission (the "Commission") willhold a hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, asamended (the "Act") at its offices on the 8th Floor, 20 Queen Street West, Toronto,Ontario commencing on the 14th day of February, 2000, at 10:00 a.m. or as soonthereafter as the hearing can be held;

 

TO CONSIDER whether, pursuant to section 127(1) of the Act, it is in the publicinterest for the Commission to make an order:

(i) that trading in securities of MacDonald Oil Exploration Ltd. ("MacDonald Oil")cease permanently or for such other period as the Commission may determine;

(ii) that trading in securities of MacDonald Oil by any of the respondents Frank C.Smeenk, Mario A. Miranda, Allan C. Kent and Cubacan Exploration Inc. ceasepermanently or for such other period as the Commission may determine; and/or

(iii) such other order as the Commission may deem appropriate;

BY REASON OF the allegations set out in the Statement of Allegations of Staffof the Commission and such additional allegations as counsel may advise and theCommission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding may berepresented by counsel if that party attends or submits evidence at the hearing;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at thetime and place aforesaid, the hearing may proceed in the absence of that party andsuch party is not entitled to any further notice of the proceeding.

February 9th, 2000.

"John Stevenson"

 

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the "Act")

AND

IN THE MATTER OF
MACDONALD OIL EXPLORATION LTD.

TEMPORARY ORDER
(Paragraph 127(1)2 and subsection 127(5))

 

 

WHEREAS it appears to the Ontario Securities Commission (the "Commission")that:

 

 

1. MacDonald Oil Exploration Ltd. ("MacDonald Oil") is a reporting issuer whosesecurities are being traded in Ontario;

2. Frank C. Smeenk, Mario A. Miranda, Allan C. Kent and Cubacan Exploration Inc.(collectively, the "Respondents") are insiders of MacDonald Oil;

3. MacDonald Oil failed to file its annual audited financial statements for its financialyear ending August 31, 1999 (the "1999 Annual Statements") on or before January18, 2000, contrary to subsection 78(1) of the Act;

4. MacDonald Oil has not filed the 1999 Annual Statements as of the date of thisOrder;

AND WHEREAS the Commission is of the opinion that it is in the public interest tomake this Order;

AND WHEREAS the Commission is of the opinion that the length of time requiredto conclude a hearing could be prejudicial to the public interest;

AND WHEREAS by Commission Order made February 17, 1999 pursuant tosubsection 3.5(3) of the Act, any one of David A. Brown, John A. Geller and HowardWetston, acting alone, is authorized to make orders under section 127 of the Act;

IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) and subsection127(5) of the Act that all trading by the Respondents in the securities of MacDonald Oilcease for a period of fifteen days from the date hereof unless this Order is extended.

February 2nd, 2000.

"J. A. Geller"