Section 144 - revocation of cease trade order
Securities Act, R.S.O. 1990, c.S.5, as am.
Regulation made under the Securities Act R.R.O. 1990, Reg. 1015, as am.
R.S.O. 1990, CHAPTER S.5, AS AMENDED (THE "ACT")
IN THE MATTER OF
WOLLASCO MINERALS INC.
WHEREAS the securities of Wollasco Minerals Inc. ("Wollasco") are subject to aTemporary Order of the Director dated July 21, 2000 made under subsections 127(1)2 and127(5) of the Act directing that trading in the securities of Wollasco cease, which wasextended by the Order of the Director dated August 2, 2000 made under subsection 127(8)of the Act (collectively referred to as the "Cease Trade Order");
AND WHEREAS Wollasco has made application to the Director (the "Director") ofthe Ontario Securities Commission (the "Commission") pursuant to subsection 144(1) ofthe Act for an order revoking the Cease Trade Order;
AND UPON considering the application and the recommendation of the staff of theCommission;
AND UPON Wollasco having represented to the Director as follows:
1. Wollasco was incorporated in the Province of Ontario on June 20, 1995.
2. Wollasco became a reporting issuer in the Province of Ontario on December 18,1997.
3. The authorized capital of Wollasco consists of an unlimited number of commonshares of which 14,792,544 were issued and outstanding as at August 25, 2000.
4. On July 21, 2000, the Commission issued a Temporary Order that trading in thesecurities of Wollasco shall cease due to the failure by Wollasco to file auditedannual financial statements for the year ended December 31, 1999 and interimfinancial statements for the three month period ended March 31, 2000, as requiredby the Act. On August 2, 2000, the Commission issued an Order extending theTemporary Order until such time as it is revoked by a further order of revocation.
5. None of the securities of Wollasco are currently listed on a stock exchange.However, prior to the Cease Trade Order being issued, the common shares ofWollasco were traded on the Canadian Dealing Network, a reporting and quotationsystem for over-the-counter trading in Ontario.
6. Audited annual financial statements for the year ended December 31, 1999 andinterim financial statements for the period ending March 31, 2000 were notpreviously filed with the Commission on a timely basis as a result of financialdifficulties.
7. Except for the Cease Trade Order for failure to file financial statements, Wollascois not in default of any of the continuous disclosure requirements of the Act and theregulation made thereunder.
8. The audited annual financial statements for the year ended December 31, 1999were filed with the Commission on August 2, 2000 and mailed to holders ofWollasco shares and the interim financial statements for the period ended March31, 2000 were filed with the Commission on August 10, 2000 and mailed to holdersof Wollasco shares.
AND UPON the Director being satisfied that Wollasco has now complied with thecontinuous disclosure requirements under Part XVIII of the Act and has remedied itsdefault in respect of such
AND UPON the Director being of the opinion that to do so would not be prejudicialto the public interest;
IT IS ORDERED, pursuant to subsection 144(1) of the Act, that the Cease TradeOrder be and is hereby revoked.
September 1st, 2000.