Subsection 83.1 - issuer deemed to be a reporting issuer in Ontario - issuer had been areporting issuer in Quebec for more than 12 months - issuer's continuous disclosurerecord reviewed and material change report was required.
Securities Act, R.S.O. 1990, c.S.5, as am., s. 83.1(1).
R.S.O. 1990, CHAPTER S. 5, AS AMENDED (the "Act")
IN THE MATTER OF
JET DRILL CANADA INC. (FORMERLY RIDGEPOINT MINERAL CORPORATION)
UPON the application of Jet Drill Canada Inc. ("Jet Drill Canada" or the"Corporation"), formerly Ridgepoint Mineral Corporation, for an order pursuant tosubsection 83.1(1) of the Act deeming Jet Drill Canada to be a reporting issuer for thepurposes of Ontario securities laws;
AND UPON considering the application and the recommendation of the staff of thecommission:
AND UPON Jet Drill Canada representing to the Commission as follows:
1. Jet Drill Canada was incorporated pursuant to the laws of the province of Quebecon February 4, 1958 under the name Bando Oil & Minerals Corporation. Itsubsequently changed its name to Vanguard Explorations Limited on March 2,1958, to Guardian Mines Limited on September 20, 1965, to Green CoastResources Limited on September 27, 1986, to Ridgepoint Resources Ltd. onJanuary 20, 1994, to Ridgepoint Mineral Corporation on February 20, 1994 and toits current name, Jet Drill Canada Inc., in September, 2000.
2. The Corporation has been a reporting issuer under the Securities Act (Quebec) (the"Quebec Act") since before 1979 and is not in default of the requirements of theQuebec Act. Jet Drill Canada is not a reporting issuer or the equivalent under thesecurities legislation of any other jurisdiction in Canada.
3. The continuous disclosure requirements of the Quebec Act are substantially thesame as the requirements under the Act.
4. The continuous disclosure materials filed by Jet Drill Canada under the Quebec Actsince October 31, 1997 are available on the System for Electronic DocumentAnalysis and Review.
5. The authorized share capital of the Corporation consists of an unlimited number ofCommon Shares of which 332,065 Common Shares were issued and outstandingas at August 1, 2000.
6. The Common Shares of the Corporation are not currently listed on any stockexchange or quoted on any quotation system.
7. The Corporation has not been subject to any enforcement action by any securitiesregulatory authority other than the issuance by the Commission des ValueursMobilieres du Quebec of a cease trade order on November 11, 1997 for failure tofile interim financial statements. The cease trade order was lifted on December 2,1997.
8. In connection with the acquisition (the "Acquisition") by Jet Drill Canada of all of theshares of HTL Canada, Inc. ("HTL"), Jet Drill Canada prepared and sent to itsshareholders, and filed with the appropriate securities regulatory authorities, amanagement proxy circular (the "Circular") with respect to the business and affairsof Jet Drill Canada and HTL. The Circular was supplemented and updated by amaterial change report filed by Jet Drill Canada with the appropriate securitiesregulatory authorities. Jet Drill Canada will advise the Continuous DisclosureBranch of the Commission of the completion of the Acquisition immediately uponthe occurrence thereof.
9. Certain shares issued in connection with the Acquisition will be subject to anescrow agreement.
AND UPON the Commission being satisfied that to do so would not be prejudicialto the public interest;
IT IS HEREBY ORDERED under subsection 83.1(1) of the Act, that Jet Drill Canadabe deemed to be a reporting issuer for the purposes of Ontario securities laws effectiveas of the date of the completion of the Acquisition.
October 6th, 2000.
"Morley P. Carscallen" "Robert W. Korthals"