Mutual Reliance Review System for Exemptive Relief Applications - [Issuer exemptedfrom interim financial reporting requirements for first and third quarter of eachfinancial year. Exemption terminates upon the occurrence of a material change inthe business affairs of the Issuer unless the Decision Makers is satisfied that theexemption should continue].
Applicable Ontario Statutory Provisions
[Securities Act, R.S.O. 1990, c.S.5, as amended, ss. 6(3), s.77(1), 79, 80(b)(iii)]
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
CMP 2000 RESOURCE LIMITED PARTNERSHIP
MRRS DECISION DOCUMENT
WHEREAS the securities regulatory authority or regulator (the "Decision Maker")in each of the Provinces of British Columbia, Alberta, Ontario, Nova Scotia andNewfoundland (the "Jurisdictions") has received the application of CMP 2000 ResourceLimited Partnership (the "Partnership") for a decision pursuant to the securities legislation(the "Legislation") of the Jurisdictions exempting the Partnership from the requirements ofthe Legislation to file with the Decision Makers and send to its securityholders (the "LimitedPartners") comparative interim financial statements for the first and third quarters of eachfinancial year of the Partnership;
AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System"), the Ontario Securities Commission is the principalregulator for such application;
AND WHEREAS the Partnership has represented to the Decision Makers that:
1. the Partnership is a limited partnership formed pursuant to the Limited PartnershipsAct (Ontario) by declaration of partnership filed on February 28, 2000;
2. on June 2, 2000 the Decision Makers issued a receipt for a prospectus dated May31, 2000 (the "Prospectus") of the Partnership with respect to the offering of unitsof the Partnership (collectively "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) and that they intend to incur CanadianExploration Expense;
4. the Partnership Units have not been and will not be listed for trading on a stockexchange;
5. on or about January 16, 2002, or as soon as substantially all statutory resalerestrictions on the Partnership's investments have expired, the Partnership will beliquidated and the Limited Partners will receive their pro rata share of the net assetsof the Partnership, it being the current intention of the general partner of thePartnership to propose prior to such dissolution that the Partnership enter into anagreement with Dynamic CMP Fund Ltd. (the "Mutual Fund"), an open end mutualfund, whereby the assets of the Partnership would be exchanged for shares of theMutual Fund and upon such dissolution, Limited Partners would then receive theirpro rata share of the shares of the Mutual Fund;
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 comparative interim financial statements in respectof the first and third quarters of each financial year of the Partnership will not be ofsignificant benefit to the Limited Partners and may impose a material financialburden on the Partnership;
8. each of the purchasers of Partnership Units will consent to the exemption requestedherein by executing the subscription and power of attorney form in respect of theirpurchase of Partnership Units; and
9. it is disclosed in the Prospectus that the General Partner will apply for the reliefgranted herein;
AND WHEREAS under the System, this MRRS Decision Document evidences thedecision of each Decision Maker (collectively, the "Decision");
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 the Decisionhas been met;
THE DECISION of the Decision Makers under the Legislation is that:
1. the Partnership be and is hereby exempted from the requirement to file with theDecision Makers comparative interim financial statements for the first and thirdquarters of each financial year of the Partnership; and
2. the Partnership be and is hereby exempted from the requirement to send to theLimited Partners comparative interim financial statements for the first and thirdquarters of each financial year of the Partnership,
provided that these exemptions shall terminate upon the occurrence of a material changein the affairs of the Partnership unless the Partnership satisfies the Decision Makers thatthe exemptions should continue, which satisfaction shall be evidenced in writing.
June 29th, 2000.
"J. A. Geller" "David Brown"