Proceedings

 

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

AND

IN THE MATTER OF
ALBERTO COPPO, DOUGLAS EACRETT, HANS-JÖRG HUNGERLAND, LINK MURRAY, MARCUS NEW, MICHAEL P.W. SPENGEMANN, LIGHTHOUSE HOLDINGS INC. AND PKM PORTFOLIO SERVICES LTD.

ORDER
(Section 127)

WHEREAS on June 8, 2000 the Ontario Securities Commission (the "Commission")made a temporary order pursuant to subsection 127(5) of the Act, that none of theRespondents shall trade in any securities of Golden Maritime Resources Limited("Golden"), subject to the terms set out in the order, for a period of 15 days from the dateof the order;

AND WHEREAS on June 8, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;

AND WHEREAS it appears to the Commission that:

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

2. Each of Alberto Coppo, Douglas Eacrett, Hans-Jorg Hungerland, Link Murray,Marcus New, Michael P.W. Spengemann, Lighthouse Holdings Inc. and PKMPortfolio Services Ltd. (the "Respondents") is, or was during the financial year ofGolden ended December 31, 1999, a director, officer or significant shareholder(beneficial ownership of 10% or more of the voting rights of Golden) or individualthat has, or may have, access to material undisclosed information of Golden.

3. Golden failed to file annual financial statements for its financial year endedDecember 31, 1999 (the "1999 Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Act.

4. As of the date of this order, Golden 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 Golden shall cease until:

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

(b) further order of the Commission.

June 22nd, 2000.

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