IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF
SHORELINE ENERGY CORP.
(Subsections 127(7) and 127(8))
1. Shoreline Energy Corp. (the “Reporting Issuer”) is a reporting issuer in Ontario;
2. The Reporting Issuer failed to file the following continuous disclosure materials as required by Ontario securities law (the “Default”):
- interim financial statements for the three-month period ended March 31, 2015;
- management’s discussion and analysis relating to the interim financial statements for the three-month period ended March 31, 2015; and
- certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings;
(collectively, the “Continuous Disclosure Materials”).
- On May 28, 2015, the Corporate Finance Branch (the “CFB”) of the Ontario Securities Commission (the “Commission”) issued a Temporary Cease Trade Order (the “TCTO”) pursuant to paragraph 2 of subsection 127(1) and subsection 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), ordering that, effective immediately, all trading in the securities of the Reporting Issuer, whether direct or indirect, cease for a period of 15 days from the date of the TCTO;
- On May 28, 2015, the CFB issued a Notice of Temporary Order and Hearing (the “Notice”);
- The Notice gave written notice that, if the Default continued, a hearing would be held pursuant to section 127 of the Act to consider whether an order should be made under paragraph 2 of subsection 127(1) of the Act that all trading in the securities of the Reporting Issuer, whether direct or indirect, cease permanently or for such period as would be specified in the order by reason of the continued Default;
- A hearing, in writing, was held on June 9, 2015 to consider extending the TCTO on the consent of the Reporting Issuer and staff (“Staff”) of the Commission;
- On June 9, 2015, the Commission ordered that:
- the TCTO be extended pursuant to subsections 127(7) and 127(8) of the Act until July 3, 2015; and
- the hearing in this matter be adjourned to June 29, 2015 at 10:00 a.m. or as soon as possible after that time;
- On June 26, 2015, the Reporting Issuer filed the Continuous Disclosure Materials and cured the Default, and Staff requested the Commission vacate the hearing date scheduled for June 29, 2015;
- By Authorization Order made April 21, 2015, pursuant to subsection 3.5(3) of the Act, each of Howard I. Wetston, Monica Kowal, James D. Carnwath, Mary G. Condon, Edward P. Kerwin, Alan J. Lenczner, Timothy Moseley, and Christopher Portner, acting alone, is authorized to make orders under section 127 of the Act; and
- The Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED that:
- The hearing date scheduled for June 29, 2015 be vacated; and
- The TCTO continue in effect until July 3, 2015.
DATED at Toronto, Ontario this 29th day of June, 2015.