Cease-trade order revoked where the issuer has remedied its default in respect of disclosure requirements under the Act.
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")
IN THE MATTER OF
HEDMAN RESOURCES LIMITED
WHEREAS the securities of Hedman Resources Limited (the "Corporation") currently are subject to a Temporary Order made by the Director on behalf of the Ontario Securities Commission (the "Commission") dated May 25, 2004 pursuant to paragraph 2 of subsections 127(1) and 127(5) of the Act and extended by a further Order of the Director dated June 4, 2004 made under subsection 127(8) of the Act (collectively, the "Cease Trade Order") directing that trading in the securities of the Corporation cease until the Cease Trade Order is revoked by a further order of revocation;
AND WHEREAS the Cease Trade Order was made by reason of the Corporation's failure to file with the Commission its audited annual statements for the year ended December 31, 2003 (the "Annual Financial Statements");
AND WHEREAS the Corporation has made an application to the Director pursuant to section 144 of the Act for a revocation of the Cease Trade Order;
AND WHEREAS the Corporation has represented to the Director that:
1. The Corporation was incorporated under the Business Corporations Act (Ontario) on August 10, 1956 and is a reporting issuer in the Provinces of Ontario, British Columbia, and Alberta.
2. The Cease Trade Order was issued by reason of the failure of the Corporation to file with the Commission its Annual Financial Statements, as required by the Act.
3. The common shares of the Corporation were halted from trading on the TSX Venture exchange on January 29, 2004 at the request of the Corporation.
4. On August 26, 2004, the Corporation filed the Annual Financial Statements and its interim financial statements for the period ended March 31, 2004 (the "Interim Financial Statements") with the Commission through SEDAR. The Corporation has also filed certificates from the CFO and CEO with respect to the Interim Financial Statements in Form 52-109FT2. The Corporation has now brought its continuous disclosure filings up-to-date.
5. The Corporation was subject to a cease trade order issued by the British Columbia Securities Commission on June 2, 2004, and such order is to be revoked automatically upon the documents listed in paragraph 4 above being filed on SEDAR.
6. The Corporation is subject to a cease trade order issued by the Alberta Securities Commission on June 30, 2004 and application has been made to have that order revoked.
AND UPON considering the application and the recommendation of the staff of the Commission;
AND UPON the Commission being of the opinion that to do so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to section 144 of the Act that the Cease Trade Order is revoked.
September 13, 2004.