Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - Decision declaring corporation to be nolonger a reporting issuer following the acquisition of all ofits outstanding securities by another 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, SASKATCHEWAN, ONTARIO,QUEBEC,

NEW BRUNSWICK, NEWFOUNDLANDAND LABRADOR, AND

NOVA SCOTIA

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

SUMMIT RESOURCES LIMITED

 

MRRS DECISION DOCUMENT

1. WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") ineach of Alberta, Saskatchewan, Ontario, Quebec, New Brunswick,Newfoundland and Labrador, and Nova Scotia (the "Jurisdictions")has received an application from Summit Resources Limited("Summit") for a decision under the securities legislationof the Jurisdictions (the "Legislation") deemingSummit to have ceased to be a reporting issuer under the Legislation;

2. AND WHEREAS, unless otherwise defined,the terms used herein have the meaning set out in NationalInstrument 14-101 Definitions;

3. AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Alberta Securities Commission is the principal regulatorfor this application;

4. AND WHEREAS Summit has represented to theDecision Maker that:

4.1 Summit is a public corporation incorporatedpursuant to the provisions of the Business CorporationsAct (Alberta) (the "ABCA");

4.2 the head office of Summit is in Calgary,Alberta;

4.3 the authorized capital of Summit consistsof an unlimited number of common shares (the "CommonShares"), of which, as at May 23, 2002, 32,084,015were issued and outstanding;

4.4 Summit is a reporting issuer under theLegislation, where applicable;

4.5 Summit is not in default of any requirementof the Legislation with the exception of the failure bySummit to file interim financial statements for the periodended June 30, 2002;

4.6 pursuant to an offer to purchase datedMay 23, 2002 and a subsequent compulsory acquisition underthe provisions of the ABCA, Paramount Acquisition Inc. ("Acquisition")acquired all of the issued and outstanding Common Shares;

4.7 Acquisition is the sole security holderof Summit and there are no securities of Summit, includingdebt obligations, currently outstanding other than the CommonShares;

4.8 the Common Shares were delisted fromthe TSX Inc. at the close of market on August 1, 2002 andthere are no securities of Summit listed on any stock exchangeor traded on any market;

4.9 Summit does not intend to seek publicfinancing by way of an offering of securities;

5. AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each DecisionMaker (collectively, the "Decision");

6. 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;

7. THE DECISION of the Decision Makers underthe Legislation is that Summit is deemed to have ceased tobe a reporting issuer.

October 22, 2002.

"Patricia M. Johnston"