Mutual Reliance Review System for ExemptiveRelief Applications - Application to be deemed to have ceasedto be a reporting issuer.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c. S.5, as am.,s. 83.
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
ALBERTA, ONTARIO AND QUÉBEC
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
STANDARD MINING CORPORATION
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") inAlberta, Ontario and Québec (the "Jurisdictions")has received an application from Standard Mining Corporation("Standard") for a decision under the securitieslegislation of the Jurisdictions (the "Legislation")that Standard be deemed to have ceased to be a reporting issuerunder the Legislation;
2. AND WHEREAS under the Mutual Reliance ReviewSystem for Exemptive Relief Applications (the "System")the Alberta Securities Commission is the principal regulatorfor this application;
3. AND WHEREAS Standard has represented tothe Decision Makers that:
3.1 Standard was formed by the amalgamation(the "Amalgamation") of Standard Mining Corporation("Old Standard") and Brightstar Minerals Ltd.("Brightstar") under the Yukon Business CorporationsAct (the "YBCA") effective November 1, 2001 undera plan of arrangement (the "Arrangement") underSection 195 of YBCA involving Old Standard, Brightstar andDoublestar Resources Ltd. ("Doublestar");
3.2 the head office of Standard is locatedin Vancouver, British Columbia;
3.3 Old Standard was a reporting issuerin the Jurisdictions and British Columbia before the Amalgamationand Arrangement;
3.4 Doublestar was a reporting issuer inBritish Columbia and Alberta before the Amalgamation andArrangement and became a reporting issuer in Ontario andQuébec as a result of the Amalgamation and Arrangement;
3.5 Standard became a reporting issuer inthe Jurisdictions and British Columbia as a result of theAmalgamation and Arrangement;
3.6 other than its failure to file in theJurisdictions its annual financial statements for the periodended December 31, 2001 and its interim financial statementsfor the period ended March 31, 2002, Standard is not indefault of any of the requirements of the Legislation;
3.7 the authorized capital of Standard consistsof an unlimited number of shares designated as common shares(the "Common Shares") of which there is currentlyone Common Share outstanding;
3.8 under the terms of the Arrangement:
3.8.1 Brightstar and Old Standard wereamalgamated and combined as one corporation under thename of Standard Mining Corporation;
3.8.2 the one issued share of Brightstarwas cancelled and Standard issued to Doublestar, as theholder of the cancelled share of Brightstar, the outstandingCommon Share;
3.8.3 all of the issued and outstandingshares of Old Standard were cancelled and Doublestar issuedto each holder of cancelled Old Standard shares, one-fifthof one Doublestar common share for each cancelled OldStandard share held by such holder;
3.9 other than the outstanding Common Shareheld by Doublestar, Standard has no securities, includingdebt securities, outstanding;
3.10 the Common Shares were delisted fromTSX Inc., formerly, The Toronto Stock Exchange Inc. on November6, 2001 and no securities of Standard are listed or quotedon any exchange or market; and
3.11 Standard does not intend to seek publicfinancing by way of an offering of its securities;
4. AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each DecisionMaker (collectively, the "Decision");
5. AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to makethe Decision has been met;
6. THE DECISION of the Decision Makers underthe Legislation is that Standard is deemed to have ceasedto be a reporting issuer.
August 6, 2002.
"Patricia M. Johnston"