Proceedings

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

and

IN THE MATTER OF PALADIN CAPITAL MARKETS INC.,
JOHN DAVID CULP, AND CLAUDIO FERNANDO MAYA

NOTICE OF HEARING
Section 127(7) and 127(8)



    WHEREAS on June 2, 2009, the Ontario Securities Commission (the "Commission") issued a temporary cease trade order (the “Temporary Order”) pursuant to sections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act"), ordering that:

1. the registration of Paladin Capital Markets Inc. (“Paladin”) and John David Culp be suspended;

2. all trading in any securities by the respondents cease;

3. all trading in securities of Paladin cease; and

4. all exemptions contained in Ontario securities law do not apply to the respondents.;

    TAKE NOTICE THAT the Commission will hold a hearing pursuant to subsections 127(7) and (8) of the Act at the offices of the Commission, 20 Queen Street West, 17th Floor, commencing on June 15, 2009 at 10:00 a.m. in Hearing Room B, or as soon thereafter as the hearing can be held:

    TO CONSIDER whether it is in the public interest for the Commission:

1. to extend the Temporary Order pursuant to subsections 127(7) and (8) of the Act until the conclusion of the hearing, or until such other time as considered necessary by the Commission; and,

2. to make such further orders as the Commission considers appropriate;

    BY REASON OF the allegations recited in the Temporary Order and by reason of such allegations and evidence as counsel may advise and the Commission may permit;

    AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing;

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

    DATED at Toronto, this 4th day of June 2009.

  "Daisy Aranha"  
Per: John Stevenson