Securities Law & Instruments

Headnote

Cease-trade order revoked where the issuer hasremedied its default in respect of disclosure requirements underthe Act.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.,ss. 127(1)2, 127(5), 127(8), 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5,AS AMENDED (the Act")

AND

IN THE MATTER OF

BLACK PEARL MINERALS CONSOLIDATEDINC.

 

ORDER

(Section 144)

WHEREAS the securities of BLACK PEARLMINERALS CONSOLIDATED INC. (the "Issuer") currentlyare subject to a Temporary Order (the "Temporary Order")made by a Director on behalf of the Ontario Securities Commission(the "Commission"), pursuant to paragraph 2 of subsection127(1) and subsection 127(5) of the Act, on the 23rdday of July, 2002, as extended by a further order (the "ExtensionOrder"), of a Director, made on the 2nd dayof August, 2002 on behalf of the Commission pursuant to subsection127(8) of the Act, that trading in the securities of the ReportingIssuer cease until the Temporary Order; as extended by the ExtensionOrder, is revoked by a further Order of Revocation;

AND WHEREAS the Issuer has made applicationto the Commission pursuant to section 144 of the Act for anorder revoking the Cease Trade Order.

AND UPON considering the applicationand the recommendation of the staff of the Commission;

AND UPON the Issuer having representedto the Commission as follows:

1. the Issuer is a reporting issuer underthe Act and except for the Cease Trade Order, the Issuer isnot in default with the financial and continuous disclosurerequirements of the Act and the regulations made thereunder;

2. the authorised capital of the Issuer consistsof an unlimited number of common shares of which 6,783,604are issued and outstanding as at the date hereof;

3. the Cease Trade Order was issued as a resultof the Issuer's failure to comply with the financial disclosurerequirements of the Act;

4. audited annual financial statements forthe year ended February 28, 2002 (collectively, the "FinancialStatements") and interim financial statements for thethree month period ended May 31, 2002, (the "InterimStatements") were not filed in a timely manner with theCommission or sent to the shareholders of the Issuer becausethe Issuer was inactive .

5. the Financial Statements and Interim FinancialStatements have been prepared and filed with the Commissionon September 3, 2002;

6. except for the Cease Trade Order, the Issueris not otherwise in default of any of the requirements ofthe Act or the Regulation; and

7. the Issuer has been subject to a previoustemporary cease trade order issued by the Commission on July30, 2001, extended August 10, 2001 and rescinded on August13, 2001;

AND UPON the Commission being satisfiedthat the Issuer is now current with the financial disclosurerequirements under Part XVIII of the Act;

AND UPON the Commission being of theopinion that to do so would not be prejudicial to the publicinterest;

IT IS ORDERED, pursuant to section 144of the Act, that the Cease Trade Order be revoked.

October 2, 2002.

"John Hughes"