Proceedings

 

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

AND

IN THE MATTER OF
CLIFFORD M. JAMES, NEIL D.S. WESTOLL, WILFRID A. LOUCKS, JAN R. HOREJSI AND RONALD J. SIMPSON

ORDER
(Section 127)

WHEREAS on June 2, 2000 the Ontario Securities Commission (the "Commission")made a temporary order pursuant to subsection 127(5) of the Act (the "Temporary CeaseTrading Order"), that none of the Respondents shall trade in any securities of RiftResources Ltd.("Rift"), subject to the terms set out in the order, for a period of 15 days fromthe date of the order;

AND WHEREAS on June 2, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;

AND WHEREAS Rift has represented to the Commission that Rift has substantialinterests in Eritrea, which are affected by the war between Eritrea and Ethiopia, which inturn affects Rift's ability to finalize the 1999 Financial Statements;

AND WHEREAS staff of the Commission do not contest the truth of theseassertions;

AND WHEREAS it appears to the Commission that:

1. Rift is incorporated under the laws of Canada and is a reporting issuer in theProvince of Ontario.

2. Each of Clifford M. James, Neil D.S. Westoll, Wilfrid A. Loucks, Jan R. Horejsi andRonald J. Simpson Nanna (the "Respondents") is, or was during the financial yearof Rift ended December 31, 1999, a director, officer or significant shareholder(beneficial ownership of 10% or more of the voting rights of Rift) or individual thathas, or may have, access to material undisclosed information of Rift.

3. Rift failed to file annual financial statements for its financial year ended December31, 1999 (the "1999 Financial Statements") on or before May 19, 2000, contrary tosubsection 78(1) of the Act.

4. As of the date of this order, Rift has not filed its 1999 Financial Statements.

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

IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) of the Act that alltrading by the Respondents in the securities of Rift shall cease until:

(a) two full business days following the receipt by the Commission of all filings Rift isrequired to make pursuant to Ontario securities law; or

(b) further order of the Commission.

June 16th, 2000.

"J. A. Geller"
"Morley P. Carscallen"
"R. Stephen Paddon"