Notices of Hearing & Temporary Orders
Ross Stanfield, Bul River Mineral Corporation and Gallowai Metal Mining Corporation [Notice of Hearing]
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BCSECCOM #:
2010 BCSECCOM 238
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Document Type:
Notice of Hearing
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Published Date:
2010-05-07
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Effective Date:
2010-05-06
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Details:
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2010 BCSECCOM 238
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2010 BCSECCOM 238
Notice of Hearing
Ross Stanfield, Bul River Mineral Corporation and
Gallowai Metal Mining Corporation
Sections 161 and 172 of the Securities Act, RSBC 1996, c. 418
¶ 1 The Commission will hold a hearing (Hearing) at which the Executive Director will tender evidence, make submissions and apply for orders applicable to Ross Stanfield, Bul River Mineral Corporation and Gallowai Metal Mining Corporation (the Respondents) under sections 161(1)(e)(ii) and 172 of the Securities Act, RSBC 1996, c. 418, based on the following facts:
Background
1. Bul River Mineral Corporation (Bul River) and Gallowai Metal Mining Corporation (Gallowai) are non-reporting British Columbia mining companies that were originally incorporated in Alberta.
2. Bul River was incorporated on March 17, 1977 and continued into British Columbia on December 21, 1992.
3. Gallowai was incorporated on December 2, 1980 and continued into British Columbia on September 26, 1986.
4. Ross Stanfield (Stanfield) is the President and a director of both Bul River and Gallowai. Stanfield is a resident of Alberta.
Raising money for 30 years
5. The principal business of Bul River and Gallowai is the development of certain mineral properties they own in south eastern British Columbia, including the Gallowai Bul River mine property (the Property).
6. Bul River and Gallowai have issued a total of approximately 19.5 million shares to almost 3,000 shareholders.
7. Stanfield, through other companies he owns, controls all the voting shares of both Bul River and Gallowai.
8. Bul River and Gallowai together have raised approximately $229 million since about 1980 by relying on certain exemptions from the registration and prospectus requirements of the Act.
9. The mineral Property is still not in commercial production.
Order Sought
10. The executive director considers it to be in the public interest that the Commission issue an order (the Order) under section 161(1)(e)(ii) and 172 of the Act that:
(a) within 45 days of the Order, the Respondents provide to Staff of the Commission a technical report for the Property, prepared by an independent qualified person, that is fully compliant with National Instrument 43-101(the Technical Report); and
(b) upon Staff confirming the Technical Report complies with National Instrument 43-101, the Respondents:
- (i) disseminate the Technical Report to any person before selling them securities of either Bul River or Gallowai; and
(ii) within 15 days, disseminate the Technical Report to all existing security holders of Bul River and Gallowai;
Hearing Process
¶ 2 At the Hearing, the Respondents may be represented by counsel, make submissions and tender evidence. The Respondents are requested to advise the Commission of their intention to attend the Hearing by informing the Secretary to the Commission at PO Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC V7Y 1L2 phone: (604) 899-6500; email: commsec@bcsc.bc.ca.
¶ 3 The Respondents or their counsel are required to attend at the 12th Floor Hearing Room, 701 West Georgia Street, Vancouver, British Columbia, on May 27, 2010, at 10:00 am if they wish to be heard before the Commission sets a date for the Hearing.
¶ 4 If the Respondents or their counsel do not appear at the Hearing, determinations adverse to the Respondents may be made in their absence.
¶ 5 May 6, 2010
Martin Eady
¶ 6 Martin Eady
Acting Executive Director