Policy Documents
Decisions & Orders

Document Sub-category:Settlements (Without a Hearing)
Document No.:1993/06/08
Subject:Gordon Brent Pierce [Sec. 144 & Agreed Stmt]
Amendments:
Published Date:06/18/1993
Effective Date:06/08/1993

______________________________

IN THE MATTER OF the Securities Act, S.B.C. 1985, chapter 83
AND IN THE MATTER OF Gordon Brent Pierce
Order Under Section 144
D.E. Holley
June 8, 1993

   ORDER:--  WHEREAS an Agreed Statement of Facts and Undertaking was executed between Gordon Brent Pierce ("Pierce") and the Superintendent of Brokers (the "Superintendent"), a copy of which is attached hereto as Schedule "A";

   NOW THEREFORE, the Superintendent, considering that it would be in the public interest to do so, orders that:

1.
pursuant to section 144(1)(c) of the Securities Act, S.B.C. 1985, c. 83 (the "Act") the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Pierce for a period of 15 years;
2.
pursuant to section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 15 years; and
3.
under section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any issuer that provides management and administrative, promotional or consulting services to a reporting issuer for a period of 15 years.
D.E. HOLLEY
Superintendent of Brokers


* * * * *
SCHEDULE "A"
Agreed Statement of Facts and Undertaking

   The following agreement has been reached between Gordon Brent Pierce ("Pierce") and the Superintendent of Brokers (the "Superintendent"):

1.
As the basis for orders pursuant to section 144 of the Securities Act, S.B.C. 1985, c. 83, (the "Act"), Pierce acknowledges the following:
(a)
Pierce was the control person behind Valet Video and Pizza Services Ltd. ("Valet"), a private company incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59 (the "Company Act");
(b)
Venessa Ellwyn ("Ellwyn") was the President and sole director of Valet as a nominee for Pierce;
(c)
Bu-Max Gold Corp. ("Bu-Max") was a reporting issuer incorporated in British Columbia under the Company Act and its common shares were listed, posted and called for trading on the Vancouver Stock Exchange (the "Exchange") on July 17, 1989;
(d)
by a prospectus dated May 1, 1989 (the "Bu-Max Prospectus") Bu-Max offered 700,000 common shares to the public at 35 cents per share (the "Bu-Max Offering") for the stated purpose of raising money to finance an exploration program;
(e)
the Bu-Max Offering raised $210,000 net to Bu-Max (the "Bu-Max Proceeds") which were received by Bu-Max on July 18, 1989;
(f)
on July 18, 1989 $100,000 of the Bu-Max Proceeds were paid by directors of Bu-Max to Valet for purposes which did not benefit Bu-Max and were not disclosed in the Bu-Max Prospectus.  Some of these funds were applied to the benefit of Pierce and Ellwyn;
(g)
trading in the shares of Bu-Max was halted by the Exchange on July 21, 1989.  Bu-Max was delisted on March 1, 1991; and
(h)
during the course of an investigation by staff of the Commission into the affairs of Bu-Max, Valet and Pierce, Pierce tendered documents to the staff of the Commission which were not genuine.
2.
Pierce consents to an order of the Superintendent that:
(a)
pursuant to section 144(1)(c) of the Act, the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Pierce for a period of fifteen years;
(b)
pursuant to section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of fifteen years; and
(c)
under section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any issuer that provides management and administrative, promotional or consulting services to a reporting issuer for a period of 15 years.
3.
Pierce agrees to pay the sum of $15,000 to the Minister of Finance and Corporate Relations.
4.
Pierce waives any right he may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement and any related orders.
DATED at Vancouver, British Columbia, on June 4, 1993.

Witness:

George Angelomatis)
601 - 134 Abbott Street)GORDON BRENT PIERCE
Vancouver, B.C. V6B 2K4 )
DATED at Vancouver, British Columbia, on June 8, 1993.

D.E. HOLLEY
Superintendent of Brokers