Settlements

ERNEST JOHN V. MCLEAN, et. al. [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1998-04-03
Effective Date:
1998-03-19
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF ERNEST JOHN V. MCLEAN, NUGGET CREEK MINING LTD.
AND DAVENPORT CREEK MINING LIMITED PARTNERSHIP


Agreed Statement of Facts and Undertaking


The following agreement has been reached between Ernest John V. McLean (“McLean”), Nugget Creek Mining Ltd. (“Nugget Creek”) and Davenport Creek Mining Limited Partnership (“Davenport Creek”) and the Executive Director:

1. As the basis for the orders set out in paragraph 2 of this agreement, McLean, Nugget Creek and Davenport Creek acknowledge the following facts as correct:
      (a) McLean is, and has been at all material times, the president, only officer and director and sole shareholder of Nugget Creek;

      (b) Nugget Creek is the general partner of Davenport Creek and neither the said company nor the limited partnership was, at times relevant hereto, a reporting issuer;

      (c) during the period 1994 to 1995 McLean sold shares (the “Shares”), in Davenport Creek to 171 investors (the “Investors”) and raised approximately $1, 383,000.00 (the “Proceeds”) for the purpose of development of a mining property near Atlin, British Columbia;

      (d) none of McLean, Nugget Creek or Davenport Creek is registered under the Securities Act, R.S.B.C. 1996, c. 418 ( the “Act”), or its predecessor, a prospectus has not been filed in respect of the Shares, and no exemption from the registration and prospectus requirements under the Act applied to the distribution of Shares to the majority of the Investors;

      (e) McLean, Nugget Creek and Davenport Creek distributed Shares to the majority of the Investors contrary to sections 34 and 61 of the Act; and

      (f) the Proceeds have been spent in the development of the mining property as represented to the Investors.
2. McLean and Nugget Creek consent to an order of the Executive Director (the “Order”) that for a period of 5 years from the date of this agreement:
      (a) under section 161(1)(c) of the Act, the exemptions described in sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to McLean and Nugget Creek; and

      (b) under section 161(1)(d) of the Act, McLean is prohibited from becoming or acting as a director or officer of any issuer.
3. McLean agrees to pay the British Columbia Securities Commission the sum of $5,000.00.

4. McLean 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 the Order.

DATED at New Westminster, British Columbia, on March 13, 1998.



___________________________)
Witness Signature)
Fred M. Philps)
Notary Public________________)
Witness Name (please print))_________________________
334 Sixth Street)Ernest John V. McLean
New Westminster, B.C. V3L 3A8)
Address)
DATED at New Westminster, British Columbia, on March 13, 1998.


__________________________)NUGGET CREEK MINING LTD.
Witness Signature)
Fred M. Philps)
Notary Public_______________)
Witness Name (please print))Per:________________________
334 Sixth Street) Authorized Signatory
New Westminster, B.C. V3L 3A8)
Address)

DATED at New Westminster, British Columbia, on March 13, 1998.



___________________________)DAVENPORT CREEK MINING
Witness Signature)LIMITED PARTNERSHIP
Fred M. Philps)
Notary Public________________)
Witness Name (please print))Per: ______________________
334 Sixth Street) Authorized Signatory
New Westminster, B.C. V3L 3A8)
Address)
DATED at Vancouver, British Columbia, on March 19, 1998.





Michael J. Watson
A/Executive Director
©2024 British Columbia Securities Commission