Issuer exempted from interim financial reporting requirements for first and third quarterof each financial year. Exemption terminates upon the occurrence of a material changein the business affairs of the Issuer unless the Commission is satisfied that theexemption should continue.
Securities Act, R.S.O. 1990, c.S.5, as amended, ss. 6(3), s.77(1), 79, 80(b)(iii)
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the "Act")
IN THE MATTER OF
CMP 1999 RESOURCE LIMITED PARTNERSHIP
(Subsection 80(b)(iii) of the Act)
UPON the application of CMP 1999 Resource Limited Partnership (the"Partnership") to the Ontario Securities Commission (the "Commission") for an orderpursuant to subclause 80(b)(iii) of the Act exempting the Partnership from the requirementsof subsection 77(1) and section 79 of the Act to file with the Commission and send to itssecurityholders (the "Limited Partners") interim financial statements for the first and thirdquarters of each fiscal year of the Partnership;
AND UPON considering the application and the recommendation of the staff of theCommission;
AND UPON the Partnership having represented to the Commission that:
1. the Partnership is a limited partnership formed pursuant to the Limited PartnershipsAct (Ontario) by declaration of partnership filed on November 17, 1999;
2. on December 22, 1999 the Director issued a receipt for a prospectus of thePartnership dated December 20, 1999 with respect to the offering of units of limitedpartnership interests in the Partnership (collectively, the "Partnership Units");
3. the Partnership was formed for the purpose of investing the proceeds from the issueand sale of the Partnership Units primarily in flow-through shares of corporationsthat represent to the Partnership that they are principal business corporations asdefined in the Income Tax Act (Canada), that they intend to incur CanadianExploration Expense and that they are listed or quoted on a stock exchange inCanada;
4. the Partnership Units have not been and will not be listed for trading on a stockexchange;
5. on or about January 16, 2001, or as soon as substantially all resale restrictions onthe Partnership's investments have expired, the Partnership will be liquidated andthe Limited Partners will receive their pro rata share of the net assets of thePartnership;
6. unless a material change takes place in the business and affairs of the Partnership,the Limited Partners will obtain adequate financial information concerning thePartnership from the semi-annual financial statements and the annual reportcontaining audited financial statements of the Partnership together with theauditors' report thereon distributed to Limited Partners;
7. given the limited range of business activities to be conducted by the Partnershipand the nature of the investment of the Limited Partners in the Partnership, theprovision by the Partnership of interim financial statements in respect of the firstand third quarters of each fiscal year of the Partnership will not be of significantbenefit to the Limited Partners and may impose a material financial burden on thePartnership; and
8. each of the purchasers of Partnership Units has consented to the exemptionrequested herein by executing the subscription and power of attorney form inrespect of their purchases of Partnership Units;
AND UPON the Commission being of the opinion that to do so would not beprejudicial to the public interest and that in the circumstances of this case there isadequate justification for so doing;
IT IS ORDERED pursuant to subclause 80(b)(iii) of the Act that the Partnership beand is hereby exempted from the requirement to file with the Commission pursuant tosubsection 77(1) of the Act and from the requirement to send to the Limited Partners,pursuant to section 79 of the Act, interim financial statements for the first and third quartersof each fiscal year of the Partnership, provided that this exemption shall terminate thirtydays after the occurrence of a material change in the affairs of the Partnership unless thePartnership satisfies the Commission that the exemption should continue.
April 4th, 2000.
"J. A. Geller" "Theresa McLeod"