Exemption Orders (Discretionary)
RICH COAST, INC.
2001 BCSECCOM 244
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF RICH COAST, INC.
Order Under Section 88
[para 1]
WHEREAS Rich Coast Inc. (the “Filer”) has applied to the Executive Director for an order under section 88 of the Securities Act, R.S.B.C. 1996, c. 418 that the Filer be deemed to have ceased to be a reporting issuer;
AND WHEREAS the Filer has represented to the Executive Director that:
1. the Filer is a corporation formed under the laws of the State of Nevada in the United States of America;
2. the Filer is a reporting issuer under the Act and is not in default of any of the requirements of the Act;
3. the Filer is subject to the reporting requirements of the Securities Exchange Act of 1934 of the United States (the "1934 Act") and is not in default of any requirements under the 1934 Act;
4. the authorized capital of the Filer consists of 100,000,000 shares of common stock (“Common Stock”) and 10,000,000 shares of preferred stock, of which 11,039,889 shares of Common Stock only were issued and outstanding as of July 14, 2000;
5. the Filer also has CDN $1,500,000 8% Convertible Debentures outstanding, convertible over 5 years at the option of the holder into Common Stock of the Filer, which are beneficially held by one holder that is resident in the Isle of Man;
6. the Filer’s Common Stock is traded on the NASD OTC Bulletin Board and is not listed or quoted on any other exchange or market in Canada or elsewhere;
7. 370,684 shares of the Filer’s Common Stock, representing approximately 3.36% of its total outstanding Common Stock, are shown on the Filer’s books as of July 14, 2000 as being held by 1,843 Canadian holders, including intermediaries, and of these holders, 116 holders have addresses in British Columbia;
8. the management and assets of the Filer are located primarily in the United States and its business is conducted exclusively outside of Canada;
9. there is no market in Canada for the Filer’s Common Stock;
10. the Filer will comply with Rule 14a-13 under the 1934 Act with respect to Canadian intermediaries so that beneficial owners of Common Stock resident in Canada will continue to receive copies of all disclosure materials provided to holders of Common Stock resident in the United States; and
11. the Filer does not intend to seek public financing by way of an offering of its securities in Canada;
[para 2]
AND WHEREAS the Executive Director considers that to do so would not be prejudicial to the public interest;
[para 3]
IT IS ORDERED under section 88 of the Act that the Filer is deemed to have ceased to be a reporting issuer under the Act.
[para 4]
DATED February 23, 2001.
Derek E. Patterson
Manager