Decisions
Geosam Investments Limited and TSX Venture Exchange Inc. [Ruling]
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BCSECCOM #:
2009 BCSECCOM 614
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Document Type:
Ruling
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Published Date:
2009-11-04
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Effective Date:
2009-11-04
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Details:
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2009 BCSECCOM 614
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2009 BCSECCOM 614
Geosam Investments Limited and TSX Venture Exchange Inc.
Section 28 of the Securities Act, RSBC 1996, c. 418
| Panel | Brent W. Aitken | Vice Chair |
 | Don Rowlatt | Commissioner |
| David J. Smith | Commissioner |
| Date of Application | November 3, 2009 | |
| Date of Ruling | November 4, 2009 | |
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| Appearing | | |
| Michael Donaldson | For Geosam Investments Limited | |
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| Mark Skwarok Melanie Harmer | For TSX Venture Exchange Inc. | |
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| J Brent MacLean Morgan Burris | For Cordy Oilfield Services Inc. | |
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| Kristine Mactaggart Wright Shawn McColm | For the Executive Director | |
Ruling
¶ 1 On October 30, 2009 Geosam Investments Limited applied for a hearing and review under section 28(1) of the Securities Act, RSBC 1996, c. 418, of a decision of the TSX Venture Exchange Inc. approving a private placement by Cordy Oilfield Services Ltd.
¶ 2 In its application Geosam asked the Commission, under section 165(5) of the Act, to stay the decision until the disposition of the hearing and review.
¶ 3 At the hearing on November 3, 2009 the Exchange and Cordy argued that the Commission does not have the jurisdiction to hear the matter or, if it has jurisdiction, that it ought to decline to exercise that jurisdiction because the matter ought to be heard by the Alberta Securities Commission.
¶ 4 Geosam argued that the Commission has jurisdiction and, under section 165(3), does not have the discretion to decline the exercise of that jurisdiction. The executive director supported Geosam’s position.
¶ 5 We find that we have jurisdiction to hear Geosam’s application, and that we do not have the discretion to decline that jurisdiction.
¶ 6 Consequently, we will hear Geosam’s request for a stay Monday, November 9, 2009 at 10 am. We have Geosam’s submissions on that matter. We direct the Exchange, Cordy and the executive director to file their submissions before the close of business on Thursday, November 5.
¶ 7 November 4, 2009
¶ 8 For the Commission
Brent W. Aitken
Vice Chair
Don Rowlatt
Commissioner
David J. Smith
Commissioner