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R.S.O. 1990, c. S.5, AS AMENDED

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(Section 127)

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), at the offices of the Commission, 20 Queen Street West, 17 th floor, Toronto, Ontario, in the Large Hearing Room on July 26 th, 2005, at 2:30 p.m. or as soon thereafter as the matter may be heard.

TO CONSIDER whether, pursuant to sections 127(1) and 127.1 of the Act, it is in the public interest for the Commission to make an order:

  1. under clause 2 of s. 127(1) of the Act, that trading in securities by the Respondent cease permanently or for such other period as specified by the Commission;
  2. under clause 3 of s. 127(1) of the Act, that any exemptions contained in Ontario securities law do not apply to the Respondent permanently or for such a period as the Commission may order;
  3. under clause 6 of s. 127(1) of the Act, that the Respondent be reprimanded;
  4. under clause 9 of s. 127(1) of the Act, that the Respondent pay an administrative penalty s for each failure to comply with Ontario securities law;
  5. under clause 10 of s. 127(1) of the Act, that the Respondent disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law;
  6. under s. 127.1 of the Act, that the Respondent pay the costs of Staff’s investigation and the costs of, or related to, the proceeding that are incurred by or on behalf of the Commission; and
  7. such further orders as the Commission considers appropriate.

BY REASONOF the allegations set out in the Statement of Allegations, and such additional allegations as counsel may advise and the Commission may permit;

AND FURTHER TAKE NOTICE that any party to the proceeding dated July 26 th, 2005 may be represented by counsel;

AND FURTHER TAKE NOTICE that upon the 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 any further notice of the proceeding.

DATED at Toronto this 20 th day of June, 2005.

“Christos Grivas”
per/John Stevenson
A/Secretary for the Commission