Hedman Resources Limited - s. 144

Headnote

Section 144 -- full revocation of cease trade order upon remedying of defaults.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127, 144.

IN THE MATTER OF

THE SECURITIES ACT

R.S.O. 1990 C.S.5, AS AMENDED

(THE "ACT")

AND

IN THE MATTER OF

HEDMAN RESOURCES LIMITED

ORDER

(Section 144)

WHEREAS the securities of Hedman Resources Limited ("Hedman") have been subject to a cease trade order (the "Ontario CTO") of the Ontario Securities Commission (the "Commission") pursuant to paragraph 2 of subsection 127(1) of the Act, issued as a temporary cease trade order on December 9, 2005, and as a permanent cease trade order on December 21, 2005, directing that trading in the securities of Hedman cease until the Ontario CTO is revoked by the Director;

AND WHEREAS Hedman has applied to the Commission pursuant to section 144 of the Act (the "Application") for a revocation of the Ontario CTO;

AND WHEREAS Hedman has represented to the Commission that:

1. Hedman was incorporated under the laws of the Province of Ontario and is a reporting issuer in the Province of Ontario, British Columbia and Alberta;

2. The Ontario CTO was issued because Hedman failed to file and deliver unaudited interim financial statements for the third quarter of the fiscal year 2005 as due no later than November 30, 2005, and the management's discussion and analysis relating to such financial statements (collectively the "Interim Statements").

3. Except for the Ontario CTO, Hedman is not, to its knowledge, in default of any of the requirements of the Act or the rules and regulations made thereunder.

4. The Interim Statements were not filed in a timely manner with the Commission because Hedman was experiencing a temporary cash flow problem and was then engaged in negotiations for a new loan.

5. On January 31, 2006, Hedman filed the Interim Statements with the Commission by filing them on Sedar, along with Cdn. $5,000.00 of associated late fees paid through its transfer agent on or about February 8, 2006.

AND UPON considering the application and the recommendation of staff of the Commission;

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 144 of the Act, that the Ontario CTO be revoked.

DATED at Toronto this 21^st day of February, 2006.