Settlements

BARRY GREGORY WILSON [Sec. 161 & Agreed Stmt]

BCSECCOM #:
Document Type:
Sec. 161 & Agreed Stmt
Published Date:
1997-10-24
Effective Date:
1997-10-16
Details:


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

AND

IN THE MATTER OF BARRY GREGORY WILSON


Order Under Section 161


WHEREAS an Agreed Statement of Facts and Undertaking was executed by Barry Gregory Wilson (“Wilson”) and the Executive Director, a copy of which is attached hereto as Schedule “A” ( the “Agreed Statement”);

NOW THEREFORE the Executive Director, considering that it would be in the public interest to do so, orders, BY CONSENT, that:

1. under section 161(1)(c) of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”), the exemptions described in any of sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to Wilson for a period of six months from the date of this order; and

2. under section 161(1)(d) of the Act, Wilson is prohibited from becoming or acting as a director or officer of any reporting issuer for a period ending on the later of:
      (a) the date Wilson satisfied his obligation described in paragraph 3(b) of the Agreed Statement;

      (b) the date Wilson completes a course of study satisfactory to the Executive Director concerning public companies and the duties and responsibilities of directors and officers of public companies; and

      (c) six months from the date of this order.

DATED at Vancouver, British Columbia, on October 16, 1997.



Paul C. Bourque
Executive Director


Schedule “A”
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF BARRY GREGORY WILSON


Agreed Statement of Facts and Undertaking


The following agreement has been reached between Barry Gregory Wilson (“Wilson”) and the Executive Director:

1. As the basis for the order and undertakings in paragraphs 2 and 3 of this agreement, Wilson acknowledges the following facts as correct:
      (a) International Silver Ridge Resources Inc. (“Silver Ridge”) is an exchange issuer incorporated under the Company Act, R.S.B.C. 1996, c. 62;

      (b) Silver Ridge became a reporting issuer on February 1, 1985;

      (c) Wilson has been a director of Silver Ridge since October 23, 1984;

      (d) on May 2, 1997, Wilson informed staff of the British Columbia Securities Commission of his failure to comply with section 87(4) of the Act and filed insider reports disclosing for the first time his balance of securities held in Silver Ridge, and the following changes in his beneficial ownership of the securities of Silver Ridge, during the period from July 1, 1991, to date:
          (i) during 1991, Wilson allowed options to purchase 40,000 shares expire;

          (ii) during 1992, Wilson sold 1,000 shares through the Vancouver Stock Exchange (the “Exchange”);

          (iii) during 1993, Wilson:
            • acquired options to purchase 60,000 shares;
            • purchased 60,000 shares by exercising options;
            • sold 60,000 shares through the Exchange; and
            • purchased under an exempt offering 74,712 shares and warrants;
          (iv) during 1994, Wilson:
            • sold 25,000 shares through the Exchange;
            • allowed warrants to purchase 74,712 shares expire; and
            • purchased under an exempt offering 37,083 shares and warrants;
          (v) during 1995, Wilson:
            • purchased 32,916 shares by exercising warrants;
            • sold 32,916 shares through the Exchange; and
            • allowed warrants to purchase 4,167 shares expire; and
          (vi) during 1996, Wilson acquired options to purchase 189,010 shares;
      (collectively, the “Transactions”); and
      (e) Wilson’s direct or indirect beneficial ownership of, or control or direction over, Silver Ridge shares has not changed, other than as disclosed above, since July 1, 1991.
2. In respect of his failure to disclose the Transactions in compliance with section 87(4) of the Act, Wilson consents to an order of the Executive Director (the “Order”) that:
      (a) under section 161(1)(c) of the Act, the exemptions described in any of sections 44 to 47, 74, 75, 98 and 99 do not apply to Wilson for a period of six months;

      (b) under section 161(1)(d) of the Act, Wilson is prohibited from becoming or acting as a director or officer of any reporting issuer for a period ending on the later of:
          (i) the date Wilson satisfies his obligation described in paragraph 3(b) below;

          (ii) the date Wilson completes a course of study satisfactory to the Executive Director concerning public companies and the duties and responsibilities of directors and officers of public companies; and

          (iii) six months from the date of the Order.
3. Wilson consents and undertakes to:
      (a) comply with the provisions of the Act and the Securities Rules, R.B.C. Reg. 194/97, from the date of this agreement; and

      (b) pay to the British Columbia Securities Commission the sum of $500 and late filing fees in the amount of $300.
4. Wilson 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 Vancouver, British Columbia, on September 24, 1997.



Barbara Butler______________)
Witness (Please print))
)
)_________________________
Box 225)Barry Gregory Wilson
New Denver, BC V0G 1S0___)
Address)

DATED at Vancouver, British Columbia, on October 16, 1997.





Paul C. Bourque
Executive Director
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