Settlements

Braemount Resources Ltd., et al. [Agreed Statement]

BCSECCOM #:
Document Type:
Agreed Statement
Published Date:
1991-06-21
Effective Date:
1991-06-12
Details:


Braemount Resources Ltd. (Re)
IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Braemount Resources Ltd.
AND IN THE MATTER OF Brad Eckenweiler
Agreed Statement of Facts and Undertaking
W.D. Nesmith
June 12, 1991

Agreed Statement of Facts and Undertaking:-- The following agreement has been reached between Brad Eckenweiler ("Eckenweiler") and the Superintendent of Brokers (the "Superintendent"):

1.Braemount Resources Ltd. ("Braemount") was incorporated according to the laws of Alberta on May 27, 1987 and became a reporting issuer on February 6, 1989, upon obtaining a receipt under the Securities Act, S.B.C. 1985, c. 83 (the "Act") for a prospectus dated January 24, 1989. Braemount subsequently amended its prospectus on May 3, 1989, June 1, 1989 and September 11, 1989;
2.The prospectus disclosed the use of proceeds to be directed to the exploration of an oil and gas prospect located in Alberta;
3.Braemount applied for listing on the Vancouver Stock Exchange (the "Exchange") and its shares were listed and fully trading on the Exchange on September 25, 1989;
4.On September 25, 1989, Braemount entered an agreement (the "Farm-out Agreement") where a third party agreed to perform the exploration work disclosed in the prospectus in return for an interest in the oil and gas prospect;
5.On September 27, 1989, Braemount disclosed the Farm-out Agreement by way of news release;
6.An exploration program was then conducted on the oil and gas prospect in Alberta and the exploration results were not positive. The results were announced by way of news release dated October 4, 1989. Further development of the oil and gas prospect was not pursued;
7.During the period November 1989 to July 1990, advances of prospectus funds were made for the development of 21st Century Vapor Waste Management ("21st Century"), a Nevada corporation company with offices in California;
8.Jerry Allen Jankovic ("Jankovic"), Brad Eckenweiler and Stan Reilly each owned an equal share of 21st Century. Jankovic is president of 21st Century;
9.Jankovic was a director and promoter of Braemount during the material period. Jankovic was also the owner of 500,000 escrow shares;
10.Braemount's Listing Agreement provided that any non-arm's length transaction or any advance to an entity not wholly owned by the listed company require prior approval of the Exchange;
11.Following the prospectus offering Eckenweiler served as Jankovic's agent and was a promoter of the issuer following the prospectus offering. As such, Eckenweiler, was aware of the advances of funds from Braemount to 21st Century;
12.Eckenweiler knew or ought to have known the information contained in items 1 through 10. In addition, Eckenweiler acknowledges the advances were made without Exchange approval and therefore are contrary to the Listing Agreement and Policies of the Exchange.
13.Eckenweiler hereby agrees to
(a)pay to the order of the Minister of Finance and Corporate Relations the sum of $2,500,
(b)not act as a director, officer, or promoter of any reporting issuer in British Columbia other than Braemount for a period of 2 years, and
(c)complete a course acceptable to the Superintendent concerning directors and officers duties prior to acting as a director, officer, or promoter of any reporting issuer other than Braemount; and
14.Eckenweiler waives his right to a hearing and review by the British Columbia Securities Commission with respect to the above matters.
W.D. NESMITH
Superintendent of Brokers

©2024 British Columbia Securities Commission