Section 144 -- Revocation of cease trade order -- Issuer subject to cease trade order as a result of its failure to file interim financial statements -- Issuer has brought filings up to date and is otherwise not in default of Ontario securities law.
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127(1)2, 127(5), 127(1), 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
WEDGE ENERGY INTERNATIONAL INC.
WHEREAS the securities of Wedge Energy International Inc. (the "Filer") are subject to a Temporary Order made by the Director dated May 31, 2007 under paragraphs 2 and 2.1 of subsection 127(1) and subsection 127(5) of the Act, as extended by an Order made by the Director dated June 12, 2007 under paragraphs 2 and 2.1 of subsection 127(1) of the Act (together, the Cease Trade Order) directing that trading in and acquisitions of the securities of the Filer cease until the Cease Trade Order is revoked by the Director;
AND WHEREAS the Filer has made an application to the Ontario Securities Commission (the "Commission") for a revocation of the Cease Trade Order pursuant to subsection 144(1) of the Act;
AND UPON the Filer representing to the Commission that:
(a) The Filer was incorporated under the laws of the Province of Ontario on July 5, 1996.
(b) The Filer is a reporting issuer in Ontario. The Filer is not a reporting issuer in any other jurisdiction in Canada.
(c) The authorized capital of the Filer consists of an unlimited number of common shares and unlimited number of preferred shares of which 14,212,700 common shares are currently issued and outstanding.
(d) There are no securities of the Filer currently listed or posted for trading or quoted on any exchange or market in Canada.
(e) The Cease Trade Order was issued due to the failure to file interim financial statements for the three-month period ended March 31, 2007 and management's discussion and analysis relating to the interim financial statements for the three- month period ended March 31, 2007 as required by Ontario securities law (the "Continuous Disclosure Documents").
(f) The Filer has filed the Continuous Disclosure Documents with the Commission through SEDAR and is up-to-date on all its other continuous disclosure obligations, has paid all outstanding filings fees and has complied with National Instrument 51-102 Continuous Disclosure Obligations regarding delivery of financial statements and except for the Cease Trade Order, is not otherwise in default of any requirement of Ontario securities law.
(g) There have been no material changes to the Filer's business or operations since the date of the Cease Trade Order, and there are currently no such material changes planned.
AND UPON considering the application and the recommendation of the staff of the Commission;
AND WHEREAS the Commission is of the opinion that it would not be prejudicial to the public interest to revoke the Cease Trade Order;
IT IS ORDERED, pursuant to section 144 of the Act, that the Cease Trade Order is revoked.
DATED at Toronto this 14th day of August, 2007.