Proceedings

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IN THE MATTER OF
THE SECURITIES ACT, RSO 1990, c S.5

- AND -

IN THE MATTER OF QUADREXX HEDGE CAPITAL MANAGEMENT LTD.,
QUADREXX SECURED ASSETS INC., MIKLOS NAGY AND TONY SANFELICE

REASONS AND DECISION
(Subsection 126.1(1)(b) of the Securities Act)