Settlements

DALE HOFFMAN [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1999-03-05
Effective Date:
1999-02-25
Details:


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

AND

IN THE MATTER OF DALE HOFFMAN


Agreed Statement of Facts and Undertaking


      The following agreement has been reached between Dale Hoffman (“Hoffman”) and the Executive Director.

1. As the basis for the undertakings referred to in paragraph two and paragraph three of this agreement, Hoffman acknowledges the following facts as correct:
      (a) Hoffman is the current president of JNR Resources Inc. (“JNR”);

      (b) JNR is a reporting issuer in British Columbia;

      (c) while acting as president of JNR, Hoffman participated in the negotiation of a joint venture agreement (the “Agreement”) with Kennecott Canada Exploration Inc.;

      (d) the Agreement constituted a material fact with respect to the operations of JNR;

      (e) the Agreement was officially signed on January 14, 1998 at which time the Agreement became a material change and was disclosed to the public through a news release issued that same day;

      (f) prior to the public disclosure of the Agreement, Hoffman conducted trades in the securities of JNR on January 9, 12, 13 and 14, 1998 (the “Trades”);

      (g) as Hoffman knew of the negotiations of the Agreement when he conducted the Trades, Hoffman was aware of undisclosed information and was therefore in breach of section 86 of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”); and

      (h) Hoffman’s breach of the Act is mitigated by the following facts:
          (i) Hoffman conducted the Trades in the context of his market-making activities on behalf of JNR, for the purpose of maintaining an orderly market, and there was no attempt made by him to obtain any benefit from the Trades;

          (ii) there was no significant attempt by Hoffman to either acquire or dispose of share positions in the securities of JNR prior to the public disclosure of the Agreement;

          (iii) the Trades appear not to have directly prejudiced the investing public; and

          (iv) Hoffman has cooperated fully with the staff of the British Columbia Securities Commission (the “Commission”) in providing information with respect to this matter.
2. Hoffman undertakes and agrees to comply fully with the provisions of the Act and Securities Rules, R.B.C. Reg. 194/97, from the date of this agreement.

3. Hoffman undertakes and agrees to pay to the Commission the sum of $500 in costs and a $2,000 penalty, payable upon execution of this agreement.

4. Hoffman 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 February 12, 1999.


_______________________)
Witness Signature)
Leonard T. Doust, Q.C_____)
Witness Name (Please Print))
McCarthy Tetrault)______________________
1300 - 777 Dunsmuir Street)Dale Hoffman
Vancouver, BC V7Y 1K2)
Address)
Barristers & Solicitors____)
Occupation)
DATED at Vancouver, British Columbia, on February 25, 1999.





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