Application by an issuer for a revocation of a cease trade order issued by the Commission -- cease trade order issued because the issuer had failed to file certain continuous disclosure materials required by Ontario securities law -- defaults subsequently remedied by bringing continuous disclosure filings up-to-date -- cease trade order revoked.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127, 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
NORTH AMERICAN NICKEL INC.
WHEREAS the securities of North American Nickel Inc. (the "Applicant") are subject to a Temporary Order of the Director made on behalf of the Ontario Securities Commission (the "Commission"), pursuant to subsections 3 of Section 127 of the Act on June 23, 1992, as extended by a further order of the Director on July 3, 1992 on behalf of the Commission pursuant to subsection 127(3) of the Act (collectively the "Cease Trade Order"), directing that trading in the securities of the Applicant cease until the Cease Trade Order is revoked by a further order of revocation;
AND UPON the Applicant having applied to the Commission for an order pursuant to Section 144 of the Act to revoke the Cease Trade Order;
AND UPON the Applicant having represented to the Commission that:
1. The Applicant was incorporated under the Business Corporations Act (British Columbia) on September 20, 1983 and is a reporting issuer in the Provinces of Ontario and British Columbia;
2. The Registered and Records office of the Applicant is Suite 1750 -- 1185 West Georgia Street, Vancouver, B.C. Canada V6E 4E6;
3. The head office of the Applicant is Suite 208 -- 828 Harbourside Drive, North Vancouver, BC Canada V7P 3R9;
4. The British Columbia Securities Commission is the principal regulator of the Applicant;
5. The authorized capital of the Applicant consists of an unlimited number of common shares, of which 25,441,730 are issued and outstanding; and 100,000,000 Series 1 convertible preferred shares without par value, of which 604,724 are issued and outstanding as of the date hereof;
6. The common shares of the Applicant are quoted on FINRA's Over-the-Counter Bulletin Board in the United States under the symbol WCRFD;
7. The Cease Trade Order was issued by reason of the failure of the Applicant to file with the Commission its audited annual statements for the year ended December 31, 1991 and its interim financial statements for the three-month period ended March 31, 1992 (the "CTO Financial Statements"), as required by the Act;
8. The Applicant has filed the CTO Financial Statements with the Commission and all outstanding continuous disclosure documents that are required to be filed under Ontario securities law;
9. Except for the Cease Trade Order, the Applicant is not otherwise in default of any requirements of the Act or the rules and regulation made thereunder;
10. The Applicant has paid all outstanding fees to the Commission, including all participation and late fees;
11. The Applicant's SEDAR profile and SEDI issuer profile are current and accurate;
12. The Applicant is not considering, nor is it involved in any discussions relating to a reverse-take over, merger, amalgamation or other form of combination or transaction similar to the foregoing;
13. The Applicant held its last annual general meeting of shareholders on April 8, 2010;
14. Upon the issuance of this revocation order, the Applicant will issue a news release;
AND UPON considering the application and the recommendation of staff of the Commission;
AND UPON the Director being satisfied that it would not be prejudicial to the public interest to revoke the Cease Trade Order;
IT IS ORDERED pursuant to section 144 of the Act that the Cease Trade Order is hereby revoked.
DATED this 22nd day of July, 2010.