Mutual Reliance Review System for Exemptive Relief Applications - Reporting Issuerdeemed to have ceased to be a reporting issuer - Issuer having only onesecurityholder.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c.S.5, as am., s.83.
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
WESTERN STAR EXPLORATION LTD.
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatory authority or regulator (the "DecisionMaker") in each of Alberta, British Columbia and Ontario (the "Jurisdictions") hasreceived an application from Western Star Exploration Ltd. ("Western Star") for adecision under the securities legislation of the Jurisdictions (the "Legislation") thatWestern Star be deemed to have ceased to be a reporting issuer under theLegislation;
2. AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System"), the Alberta Securities Commission is theprincipal regulator for this application;
3. AND WHEREAS Western Star represented to the Decision Makers that:
3.1 Western Star is a corporation incorporated under the Business CorporationsAct (Alberta)(the "ABCA");
3.2 the authorized capital of Western Star consists of an unlimited number ofcommon shares (the "Common Shares"), of which 11,961,148 CommonShares are currently issued and outstanding;
3.3 Western Star is a reporting issuer in each of the Jurisdictions;
3.4 Western Star is not in default of any of its obligations as a reporting issuerunder the Legislation;
3.5 pursuant to an offer to purchase dated December 16, 1999 and asubsequent compulsory acquisition under the provisions of the ABCA,EnerMark Income Fund ("EnerMark") became the holder of all of the issuedand outstanding Common Shares;
3.6 EnerMark is the sole security holder of Western Star and there are nosecurities, including debt obligations, currently issued and outstanding otherthan the Common Shares;
3.7 the Common Shares were delisted from The Toronto Stock Exchange onJanuary 25, 2000 and there are no securities of Western Star listed on anystock exchange or traded over the counter in Canada or elsewhere;
3.8 Western Star does not intend to seek public financing by way of an offeringof securities;
4. AND WHEREAS under the System, this MRRS Decision Document evidences thedecision of each Decision Maker (collectively, the "Decision");
5. AND WHEREAS each of the Decision Makers is satisfied that the test contained inthe Legislation that provides the Decision Maker with the jurisdiction to make theDecision has been met;
6. THE DECISION of the Decision Makers under the Legislation is that Western Staris deemed to have ceased to be a reporting issuer under the Legislation.
DATED at Calgary, Alberta on March 31st, 2000."Patricia Johnston"
Director, Legal Services & Policy Development